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MO HB988
Bill
Status
3/31/2011
Primary Sponsor
Paul Wieland
Click for details
AI Summary
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Insurance companies licensed in Missouri must file and receive director approval for long-term care insurance risk classifications and premium rates before delivery or issuance.
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Long-term care insurance rates are prohibited from being excessive, inadequate, or unfairly discriminatory.
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Annual premium rate increases for policyholders cannot exceed 15 percent unless the insurer documents a material and significant change in risk characteristics across all in-force long-term care policies.
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Rate calculations must consider past and prospective loss experience, past and prospective expenses, adequate contingency reserves, and all other relevant factors.
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The director must approve or disapprove rate filings within 45 days; failure to act within this timeframe constitutes automatic approval until the director provides written notice of disapproval with reasons stated.
Legislative Description
Prohibits a licensed insurance company from issuing any policy or certificate of long-term care insurance unless the risks and rates have been approved by the Director of the Department of Insurance
Last Action
Referred: General Laws (H)
5/26/2011