IL SB3732

Requires all individual and small group accident and health insurance policies subject to federal standards (45 CFR Part 154) to file rate increases with the Department of Insurance for approval before use.

Establishes that the Director must approve or deny rate filings within 45 calendar days of submission, with an optional extension of up to 30 additional days upon written notice; rates not acted upon by the deadline are automatically approved on the following calendar day.

Defines "inadequate rate" as a rate insufficient to sustain projected losses and expenses that endangers insurer solvency, and "unreasonable rate increase" as one the Director determines to be excessive, unjustified, or unfairly discriminatory under 45 CFR 154.205.

Mandates the Department report to the General Assembly by January 1, 2022 on both on and off exchange individual and small group rates in the Illinois market.

Requires the Department to publish on its website within 30 days after federal Centers for Medicare and Medicaid Services certification a report explaining rates for certified health care plans for the upcoming plan year.