HB 5461 Summary

• Removes automobile insurance from the file-and-use rate system, requiring insurers to file rate manuals and plans with the director at least 15 days before using them.

• Home insurance continues under the file-and-use system, allowing rates to be used immediately upon filing with the director.

• Creates a new review process for automobile insurance rates filed under the 15-day advance requirement, with the director able to extend review up to an additional 15 days.

• Automobile insurance rates become effective after the 15-day period unless the director disapproves them during that time, with insurers able to request early approval before the period expires.

• Maintains existing requirements that insurers must file rate manuals, rating plans, and modifications with supporting information, and may satisfy filing obligations through membership in licensed rating organizations.