CT SB00011

Requires health insurance rate filings for individual and group policies to be submitted at least 120 days before the proposed effective date and approved by the Insurance Commissioner before taking effect, effective January 1, 2012.

Establishes that rates are excessive if unreasonably high relative to underlying risks and costs, inadequate if unreasonably low and threatening to solvency, and unfairly discriminatory if premiums for classifications are not reasonably related to risks and costs.

Requires filers to disclose proposed rate increases to insureds in writing, provide certified actuarial memoranda, and allows for 30-day public comment periods with posting of all rate filings on the Insurance Department website within three business days.

Authorizes the Healthcare Advocate or Attorney General to request symposiums for rate increases exceeding 10 percent (capped at 10 symposiums annually) or any increase for certain coverage types (capped at 5 annually), with decisions issued within 30 days of the symposium.

Removes previous loss ratio guarantee provisions and Medicare supplement policy exceptions, establishes uniform rate approval standards across individual policies, group policies, health care centers, and hospital/medical service corporations, and appropriates additional funds to the Insurance Department for implementation.