Connecticut Senate Bill SB00810

Connecticut 2013 Regular Session

• Introduced: 1/31/13
• Refer: 1/31/13

Caption

An Act Requiring The Insurance Department To Consult With The Connecticut Health Insurance Exchange For Rates Or Amounts For Health Plans Offered Through Said Exchange.

Impact

With the passage of SB00810, the role of the Insurance Commissioner is significantly enhanced, as the Commissioner will now be required to engage with the Health Insurance Exchange when it comes to the approval of health insurance rates. This impacts the regulatory landscape for health insurance in Connecticut, fostering a collaborative approach between state agencies and health insurers to safeguard consumer interests. Additionally, it will provide a structured mechanism to assess whether proposed rates are excessive, inadequate, or discriminatory, thereby promoting transparency in how health plan costs are set.

Summary

SB00810, introduced in the Connecticut General Assembly, mandates that the Insurance Department must consult with the Connecticut Health Insurance Exchange before approving any rates or amounts for health plans offered through the exchange. This requirement aims to integrate the oversight of health plan rates with the state's efforts to provide affordable healthcare solutions. The bill seeks to ensure that insurance rates are not only competitive but also fair and reflective of the needs of the state's insurance market.

Contention

While supporters of SB00810 argue that it will enhance consumer protections and accountability within the health insurance market, detractors may raise concerns about potential delays in the rate approval process. The added layer of consultation might lead to longer wait times for policies to be approved, which could affect the availability of insurance options for consumers. There may also be debates on whether this increased regulatory oversight could discourage some insurers from participating in the health exchange, thereby limiting choices for consumers seeking affordable options.