MO HB547

Requires health carriers to file rates with the Department of Insurance concurrent with submission of health benefit plan forms for approval, effective July 1, 2011, unless no rate change is needed.

Mandates rate filings include an actuarial memorandum detailing the anticipated loss ratio (ratio of expected benefits to expected premiums) and a qualified actuary certification that rates comply with Missouri law and that benefits are reasonable in relation to premiums.

Requires health carriers to notify all affected enrollees in writing of any "significant rate increase" (exceeding federal limits under 42 U.S.C. Section 300gg-94) with specific details of the increase and ranking of factors responsible for it.

Establishes that the Director must hold a public hearing within 30 days of receiving a significant rate increase filing, post public comments on the department website, and issue an order within 20 days of the hearing approving or disapproving the rate increase as justified, excessive, inadequate, or unfairly discriminatory.

Declares the act an emergency measure effective upon passage and approval to ensure efficient rate review operations and compliance with federal law.