Connecticut Senate Bill SB00076

Connecticut 2013 Regular Session

• Introduced: 1/10/13
• Refer: 1/10/13

Caption

An Act Concerning The Insurance Department's Review Of Health Insurance Premium Rates.

Impact

If enacted, SB00076 would have significant implications for the way health insurance premiums are assessed and adjusted in Connecticut. By introducing more comprehensive criteria for review, the bill is expected to lead to greater scrutiny over premium increases. It could potentially result in lower costs for consumers as insurers may have to justify their rates more thoroughly. Additionally, the direct monitoring of provider network adequacy aims to ensure that consumers have access to sufficient healthcare options, which is a growing concern in the insurance industry.

Summary

SB00076 aims to modify the review process of health insurance premium rates by the Insurance Department in Connecticut. This legislation seeks to enhance consumer protections by requiring the Department to take into account additional factors beyond the standard metrics used in rate reviews. Among these factors are the out-of-pocket costs for consumers, the affordability of premiums, the reimbursement rates provided to healthcare providers, and the compensation packages of insurance company executives. The core intention of the bill is to make the health insurance market more transparent and equitable for consumers.

Contention

Discussions surrounding SB00076 highlight a few notable points of contention. Supporters assert that the bill is a necessary step toward enhancing consumer protection and ensuring fair treatment within the health insurance market. They believe that examining additional factors will lead to stronger oversight and accountability. On the flip side, some opponents may express concerns regarding the administrative burdens this could place on the Insurance Department and insurance companies. There may also be apprehensions about how these changes could influence insurer competition and the overall health market dynamics.