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MO HB282
Bill
Status
1/7/2015
Primary Sponsor
William White
Click for details
AI Summary
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Health carriers must file classification of risks and premium rates with the Director of Insurance before delivering, issuing, or renewing any health benefit plan on or after July 1, 2016
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Premium rates cannot be used until at least 30 days after filing, and rates cannot be excessive, inadequate, unfairly discriminatory, or unjustified
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Rate increases of 10% or more trigger additional disclosure requirements, including medical cost trends, utilization changes, administrative costs, medical loss ratio, and compensation of top five executive officers
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The Director must post rate filings on the department's website within 10 business days and provide a public comment period of at least 20 days
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Violations constitute level two violations under section 374.049, with each use of an unfiled premium rate counting as a separate violation
Legislative Description
Requires health carriers to file and the Department of Insurance, Financial Institutions and Professional Registration to approve the classification of risks and premium rates of all health benefit plans
Last Action
Referred: Health Insurance(H)
4/14/2015