HB 657 — Requires long-term care insurers to file their premium rates with the Department of Insurance, Financial Institutions and Professional Registration and annual rate increases over 20% to be approved by director.

Bill Text

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends 1 section(s) of the Missouri Revised Statutes: Section 376.1110, RSMo.

• Section 376.1110, RSMo

  thus → deliver or issue for delivery in this state any policy or certificate of long-term care insurance,unlesstheclassificationofrisksandthepremiumratespertainingtosuchpolicy or certificate have been filed with the director of the department of insurance, financial institutions and professional registration. 2. Ratesforlong-termcareinsuranceshallnotbeexcessive,inadequate,orunfairly discriminatory. In the event rates charged to any policyholder or certificate holder increase by more than twenty percent during any annual period, the insurer shall clearly document a material and significant change in the risk characteristics of the impacted policy series of in-force, long-term care insurance policies or certificates. All rates for long-term care insurance shall be made in accordance with the following provisions and due consideration shall be given to: (1) Past and prospective loss experience; (2) Past and prospective expenses; and (3) All other relevant factors within and without the state. bold-face 3. If an insurance company implements a rate that the director has determined is unreasonable under subsections 1 and 2 of this section, the department shall make such determination public in a form and manner determined by rule.

  amended

Action History

1. May 17, 2019

   Referred: Insurance Policy(H)

2. January 24, 2019

   Read Second Time (H)

3. January 23, 2019

   Introduced and Read First Time (H)

Sponsors

• Jon Carpenter · Primary

Subjects