General Assembly Proposed Bill No. 311
January Session, 2011 LCO No. 1737
Referred to Committee on Insurance and Real Estate
Introduced by:
SEN. MUSTO, 22nd Dist.
General Assembly
Proposed Bill No. 311
January Session, 2011
LCO No. 1737
Referred to Committee on Insurance and Real Estate
Introduced by:
SEN. MUSTO, 22nd Dist.
AN ACT CONCERNING INSURANCE RATE INCREASES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to: (1) Require the Insurance Department, for any insurance rate increase request, to (A) approve such request before an increase may take effect, (B) provide notice to the public of and a public comment period for such request, (C) allow consumer representatives to take part in any hearing held for such request, and (D) as part of the approval process, receive from the insurer requesting a rate increase (i) publicly available documents supporting such increase, including a summary in plain English, (ii) data of increased medical costs justifying such increase, (iii) information regarding company profits and surplus, and (iv) a rate increase history of such insurer and information regarding the impact of such increases on policyholders; (2) prohibit any insurance rate increase from taking effect earlier than sixty days after the approval of such increase; and (3) require the Insurance Department to create a standard form to be used for insurance rate increase requests.
Statement of Purpose:
To require prior approval of insurance rate increase requests and impose certain requirements on the Insurance Department regarding such requests.