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MO SB89
Bill
AI Summary
- Health carriers must file premium rates with the Missouri Director of Insurance for approval before issuing, delivering, or renewing health benefit plans, effective July 1, 2015
- Premium rates may be disapproved if determined to be excessive, inadequate, unjustified, or unfairly discriminatory, with health carriers bearing the burden of proving rates are appropriate by clear and convincing evidence
- Carriers must submit extensive supporting documentation including medical cost trends, utilization changes, administrative costs, medical loss ratio, three-year rate history, and actuarial certification from an American Academy of Actuaries member
- Premium rate filings must be posted on the department's website within 10 business days, with a minimum 20-day public comment period; the director has 60 days to approve or disapprove filings
- Executive compensation disclosure required: names and total compensation packages for the top five executives must be included in filings and made available as public records
Legislative Description
Requires health carriers to file their premium rates and accompanying information with the Department of Insurance for approval
Last Action
Hearing Conducted S Small Business, Insurance and Industry Committee
3/4/2015
Committee Referrals
Small Business, Insurance And Industry1/22/2015
Full Bill Text
No bill text available