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MO SB979
Bill
AI Summary
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Insurance companies licensed in Missouri must file long-term care insurance rates and risk classifications with the director for approval before issuing policies or certificates
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Rates must not be excessive, inadequate, or unfairly discriminatory, with annual increases capped at 15 percent unless the insurer documents material and significant changes in risk characteristics
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Rate determinations must consider past and prospective loss experience, past and prospective expenses, adequate contingency reserves, and all other relevant factors within and without the state
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Director has 45 days to approve or disapprove rate filings; failure to act within this period constitutes automatic approval until the director notifies the company of disapproval in writing
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Disapproval notices must state reasons in writing and inform the company that a hearing will be granted upon request
Legislative Description
Requires long-term care insurance rates to be approved by the Director of the Department of Insurance as a condition of issuance of such policies within Missouri
Last Action
Referred H Special Standing Committee on Health Insurance Committee
4/1/2010