MS HB816

Defines "small employer" and "small group" as entities employing at least one but no more than 50 eligible employees, expanding to 100 employees beginning January 1, 2016.

Authorizes the Insurance Commissioner to approve or disapprove premium rates for individual and small group accident and sickness insurance policies based on criteria established by state or federal law, including whether rates are excessive, unjustified, or unfairly discriminatory.

Requires the Commissioner to conduct a hearing within 30 days if an insurer requests one in writing following disapproval of a proposed premium rate change.

Establishes penalties ranging from $10,000 to $200,000 for insurers failing to pay clean claims within required timeframes (25-35 days depending on submission method).

Applies rate review requirements to individual and small group policies issued by health maintenance organizations, nonprofits, mutual companies, and other health insurers, effective July 1, 2012.