CT SB00347

Establishes state medical loss ratio requirements for individual health insurance policies (minimum 80%) and group health insurance policies for small employers (minimum 85%), effective January 1, 2021.

State medical loss ratios apply only if the federal medical loss ratio requirements under the Patient Protection and Affordable Care Act are repealed or rendered ineffective by law.

Requires insurers and health care centers to pay rebates to insureds, subscribers, or enrollees when policies fail to meet applicable state medical loss ratio thresholds.

Mandates insurers include written notice with insurance applications disclosing both state and federal medical loss ratios as reported in the Consumer Report Card on Health Insurance Carriers in Connecticut.

Updates the Consumer Report Card to include state and federal medical loss ratios for all licensed health care centers and the fifteen largest licensed health insurers using provider networks.