HB 5009 - Rate Approval Process for Health Insurance Policies

• Requires Insurance Commissioner approval of rates for individual health insurance policies, long-term care policies, group policies for small employers, and health care center agreements before they become effective, effective January 1, 2013.

• Establishes a 120-day advance filing requirement for rate increases on certain health insurance coverage types and mandates insurers disclose proposed increases to insureds at time of filing.

• Creates a public comment process with 30-day review period and requires the Insurance Department to post all rate filing documents on its website within three business days of receipt.

• Authorizes the Healthcare Advocate or Attorney General to request public symposiums for rate increases exceeding 10 percent, with commissioner decision required within 45 days of filing or 30 days after symposium.

• Requires insurers to retain earned premium and incurred benefit records for seven years and mandates annual reporting to the legislature on all rate filings, including filed versus approved increases.