SB 9 - Health Insurance Rate Approval Process

• Requires health insurance rate filings for certain coverage types to be submitted 120 calendar days before the proposed effective date and includes mandatory disclosure to insureds of proposed rate increases and their right to submit public comment.

• Establishes that the Insurance Commissioner must approve, disapprove, or modify rate filings within 45 days, with written decisions specifying all factors and posted online within two business days.

• Creates a public comment period of 30 calendar days following posting of rate filings on the Insurance Department's website, with all related documents and correspondence posted within three business days of submission.

• Mandates automatic hearings for rate increases exceeding 10 percent or upon request by the Healthcare Advocate, with decisions issued within 30 days after hearing; gives the Healthcare Advocate the right to intervene and present evidence.

• Defines "excessive," "inadequate," and "unfairly discriminatory" rates by specific actuarial standards and requires the Insurance Department to post annual reports to the legislature listing all filed rates, approved changes, and market segments.