CT SB00413

Requires health insurance rate filings for certain coverage types to be submitted 120 calendar days before the proposed effective date, effective January 1, 2016.

Mandates insurers disclose proposed rate increases to policyholders in writing on the filing date, including the dollar amount of increase, percentage change, and information on how to submit public comments to the Insurance Department.

Establishes a 30-day public comment period for all rate filings posted on the Insurance Department's website, with the commissioner issuing written approval or disapproval decisions within 45 days of filing.

Requires a public symposium if a rate increase exceeds 12 percent and is requested by the Healthcare Advocate or Attorney General, to be held at least 90 days before the effective date, with the commissioner issuing a decision within 30 days after the symposium.

Defines "excessive" rates as unreasonably high relative to risks and costs, considering filer experience, costs, profitability compared to similar companies, reasonable profit margins, and public comments; defines "inadequate" and "unfairly discriminatory" rates; requires annual reporting to the legislature on all rate filings.