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MO HB954
Bill
Status
2/12/2015
Primary Sponsor
Jon Carpenter
Click for details
AI Summary
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Insurance companies must file risk classifications and premium rates for long-term care insurance policies with the Director of the Department of Insurance, Financial Institutions and Professional Registration for approval before issuing policies in Missouri
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Annual rate increases are capped at 10% unless the insurer documents a material and significant change in risk characteristics across all in-force long-term care policies
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Rates must not be excessive, inadequate, or unfairly discriminatory, and must account for past and prospective loss experience, expenses, contingency reserves, and other relevant factors
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The director must approve or disapprove rate filings within 45 days; failure to act within this period constitutes automatic approval until the director issues a disapproval notice
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Disapproved rate filings must include written reasons, and insurers are entitled to a hearing upon request
Legislative Description
Requires long-term care insurers to file their premium rates with the Department of Insurance, Financial Institutions and Professional Registration and annual rate increases over 10% to be approved by the department director
Last Action
Referred: Property, Casualty, and Life Insurance(H)
5/15/2015