HB0815 - Freedom from Aggressive Insurance Increases Review Act

• Creates an independent, quasi-judicial Health Insurance Rate Review Board with 5 members appointed by the Governor and confirmed by the Senate to review and approve all health insurance rates and rate schedules filed by health carriers.

• Requires health carriers to file all current and proposed rates with the Board, including financial information, rate increase justification, medical loss ratio data, and supplementary rating information before delivering any health benefit plans.

• Establishes the Board must approve or disapprove rates within 30 days (extendable to 60 days for good cause), with automatic approval if no decision is made within the timeframe.

• Sets rate standards prohibiting rates that are excessive (unreasonably high profit), inadequate (insufficient to cover losses), or unfairly discriminatory based on unsound actuarial principles or protected characteristics like race or ethnicity.

• Requires the Board to issue public notice of filings within 7 days and allow consumers and public officials to request hearings on rate changes within 30 days, with the Board mandated to hold hearings within 30 days if grounds are justified.