An Act promoting insurance rate review transparency
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to increase transparency in how insurance companies determine and file rates. It requires insurance companies to provide more detailed information about the factors they consider when setting premiums, allowing for greater public scrutiny and potential review. The goal is to ensure that insurance rates are fair and justified, and to give consumers a better understanding of how their premiums are calculated. The bill seeks to improve accountability in the insurance rate-setting process.
Key provisions
- Requires insurance companies to provide detailed justifications for rate increases.
- Mandates the Department of Insurance to review rate filings for transparency and fairness.
- Establishes a process for consumers to challenge insurance rate increases.
- Promotes public access to information about insurance rate-setting practices.
- Requires insurers to disclose the methodology used in rate calculations.
- Focuses on transparency in rate review processes.
- Addresses concerns about potentially excessive or unjustified rate hikes.
Who is affected
- Insurance consumers
- Insurance companies
- The Department of Insurance
- Rate Review Committees
Notable changes
- Increases public access to information regarding insurance rate determinations.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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