MO HB1095

Insurance companies must obtain director approval for classification of risks and premium rates before delivering or issuing long-term care insurance policies or certificates in Missouri.

Long-term care insurance rates are prohibited from being excessive, inadequate, or unfairly discriminatory.

Rate increases are capped at 15 percent annually unless the insurer documents a material and significant change in risk characteristics across all in-force long-term care policies.

Rate determinations must consider past and prospective loss experience, past and prospective expenses, adequate contingency reserves, and all other relevant factors within and outside the state.

The director must approve or disapprove rate filings within 45 days, with failure to act constituting automatic approval until the director provides written disapproval with stated reasons.