MO HB1796

Requires insurers proposing premium rate increases or decreases of 15% or more to notify the Department of Insurance at least 60 days before the effective date, including detailed descriptions and actuarial justification.

Mandates the Director of Insurance set a public hearing date within 30 days of receiving notice and publish hearing details, while providing requested insurer information to the public.

Allows insurers and the public to present supporting or opposing information at the hearing regarding the proposed premium rate change.

Requires the Director to review all submitted information within 20 days after the hearing and determine if the rate is justified, prohibiting rates that are excessive, inadequate, or unfairly discriminatory.

Permits insurers to appeal the Director's decision denying a proposed rate change under Missouri's administrative procedure laws.