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MO HB2056
Bill
Status
3/29/2012
Primary Sponsor
Joe Aull
Click for details
AI Summary
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Requires insurers to notify the Director of Insurance in writing at least 60 days before implementing premium rate increases or decreases of 15% or more, including detailed descriptions and actuarial justification
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Mandates the Director schedule a public hearing within 30 days of receiving notice and publish the hearing date within 10 days of receipt
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Allows insurers and members of the public to present information supporting or opposing the proposed rate change at the hearing
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Requires the Director to issue an order within 20 days after the hearing, authorizing the rate only if it is not excessive, inadequate, or unfairly discriminatory
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Permits insurers to appeal the Director's order through chapter 536 procedures
Legislative Description
Requires an insurer to obtain approval from the Department of Insurance, Financial Institutions and Professional Registration before changing any insurance premium rate by 15% or more
Last Action
Referred: Health Insurance (H)
4/26/2012