HB0471 Summary

• Defines "unreasonable rate increase" as one the Director determines to be excessive, unjustified, or unfairly discriminatory in accordance with federal regulation 45 CFR 154.205.

• Requires individual and small group accident and health policies compliant with the Patient Protection and Affordable Care Act to file rates with the Department for approval, with unreasonable rate increases subject to disapproval.

• Establishes a 60 calendar day deadline for the Department to approve or deny filed rate increases, with automatic approval on the 61st day if no action is taken.

• Requires the Department to publish a report on its website at least 30 days after federal Centers for Medicare and Medicaid Services certification of policies, explaining rates for the subsequent calendar year's certified policies.

• Mandates the Department submit a report to the General Assembly on or after January 1, 2021, regarding both on and off exchange individual and small group rates in the Illinois market.