MO HB1594

Insurance companies must file long-term care insurance rates and risk classifications with the director for approval before delivering or issuing policies or certificates in Missouri.

Long-term care insurance rates cannot be excessive, inadequate, or unfairly discriminatory, and annual rate increases are capped at 15 percent unless the insurer documents material and significant changes in risk characteristics.

Rate-setting must consider past and prospective loss experience, past and prospective expenses, adequate contingency reserves, and all other relevant factors.

The 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.

Disapproval notices must state the reasons in writing and inform the company that a hearing will be granted upon request.