CT HB05479

Requires insurers to file individual health insurance policies, risk classifications, and premium rates with the Insurance Commissioner for review and approval before delivery or issuance.

Establishes loss ratio guarantees requiring insurers to maintain minimum medical loss ratios of at least 85 percent (with exceptions for nonprofit and cooperative insurers) and provide proportional refunds to Connecticut policyholders if actual loss ratios fall below guaranteed levels.

Mandates independent audits by certified public accountants or actuaries to verify loss ratio compliance, with results reported to the Insurance Commissioner by June 30th following each experience period.

Prohibits insurers from moving individuals to substandard classifications after issuance, increasing rates based on individual claim history or health status (except for classification-wide increases), or using short-term anxiety medication usage as an underwriting factor.

Authorizes the Insurance Commissioner to audit insurers and impose penalties and fines up to exceeding one million dollars for violations of these provisions, effective July 1, 2012.