MO HB1546

Health carriers must file premium rates and risk classifications with the Department of Insurance, Financial Institutions and Professional Registration at least 60 days before the rates become effective, beginning July 1, 2012.

Rate filings must include the product form numbers, actuarial justification statement, and detailed information supporting the proposed rates including all relevant factors and their explanations.

A qualified actuary who is a member of the American Academy of Actuaries must certify that rates are not excessive, inadequate, or unfairly discriminatory, and submit supporting documentation.

The director must review proposed rates and express an opinion on whether they are excessive, inadequate, or unfairly discriminatory within 30 days of filing.

All filed rates and supplementary rate information shall be open to public inspection, and the director may adopt rules to implement the rate review process.