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OK SB1969
Bill
AI Summary
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Insurers with accident and health policies must file new premium rates with the Insurance Commissioner if their loss ratio falls below 75%, with rate filings required to demonstrate that rates are not excessive
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"Loss ratio" is defined as direct claims incurred for the calendar year divided by direct premiums earned for the same year, expressed as a percentage
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Small employer health benefit plans must return at least 75% of aggregate premiums to policyholders as benefits, increased from the previous requirement of 60%
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Rate filings must include a demonstration that anticipated loss ratios and lifetime anticipated loss ratios meet or exceed minimum standards
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The act has an effective date of November 1, 2010
Legislative Description
Insurance; requiring certain insurers to file new rates under certain conditions; increasing certain percentage of benefits returned to policyholders. Effective date.
Insurance
Last Action
Second Reading referred to Retirement and Insurance
2/2/2010