SB1419 - Health Insurance Rate Review Act

• Creates an independent, quasi-judicial Health Insurance Rate Review Board consisting of 5 members appointed by the Governor with Senate confirmation to ensure insurance rates are reasonable and justified.

• Establishes a Health Insurance Rate Review Board Nomination Panel to recommend 10 nominees for Board appointments; Governor selects 5 from these nominees or Panel makes appointments if Governor fails to act within 30 days.

• Requires health carriers to file all current and proposed rates and rate schedules with the Board for approval before delivering or issuing health benefit plans, including detailed financial information, rate change explanations, and supplementary rating information.

• Mandates Board approval or disapproval of rates within 30 days of filing (extendable 30 additional days for good cause); rates are automatically approved if Board does not act within the timeframe.

• Defines standards for disapproving rates as excessive (unreasonably high profits), inadequate (insufficient to cover losses/expenses or threatening solvency), or unfairly discriminatory (not based on sound actuarial principles or based on race, creed, color, ethnicity, or national origin).