MO SB1500

Requires all long-term care insurance premium rate schedules to be filed with and approved by the Director of the Department of Commerce and Insurance before implementation, effective August 28, 2026

Authorizes the director to disapprove or modify premium rates if benefits are unreasonable in relation to premiums, rates are inadequate, discriminatory, or excessive, or if underlying assumptions are unreasonable

Mandates denial of rate increases for Missouri if the annualized rate increase exceeds that of other states, even when actuarially justified

Requires the director to act on premium rate filings within 90 days, with rates deemed approved if no action is taken; additional 90-day review periods may be granted with written notice

Requires public hearings or solicitation of public comments as part of the rate filing review process, with director decisions subject to judicial review