MO HB934

Insurance companies licensed in Missouri must obtain director approval of risk classifications and premium rates before issuing any long-term care insurance policy or certificate.

Long-term care insurance rates cannot increase more than 15 percent annually unless the insurer documents a material and significant change in risk characteristics across all in-force policies.

Rates must not be excessive, inadequate, or unfairly discriminatory and must consider past and prospective loss experience, expenses, adequate contingency reserves, and other relevant factors.

Director must approve or disapprove rate filings within 45 days; failure to act within this timeframe constitutes automatic approval until the director issues written disapproval.

Any rate disapproval must include written reasons and notice that a hearing will be granted upon request.