Mississippi 2023 Regular Session

Mississippi Senate Bill SB2618

Introduced
1/16/23  
Refer
1/16/23  

Caption

Health insurance; Commissioner of Insurance must approve rate filings containing an increase in premiums.

Impact

The introduction of SB2618 is likely to enhance regulatory oversight over health insurance premiums, creating a more controlled environment for rate changes. Insurers will be required to justify their rates, which is designed to protect consumers from excessive premiums that do not correlate with the benefits offered. This could potentially lead to a more equitable insurance market, where policyholders are better protected from sudden and unverified rate increases. Conversely, insurers may feel constrained by the regulatory process, which could affect their operational flexibility in adjusting rates to remain competitive.

Summary

Senate Bill 2618 mandates that insurers issuing health insurance policies in Mississippi must file their premium rates and the classification of risks with the Commissioner of Insurance prior to utilizing these rates. The bill requires that any proposed increase in premium rates be approved by the Commissioner before becoming effective. This is intended to ensure that the rates charged by insurers are justified and reasonable in relation to the benefits provided to policyholders. Furthermore, it incorporates a system of checks that allows for administrative hearings to review the proposed increases and to evaluate their impacts.

Contention

Notable points of contention surrounding SB2618 include concerns from insurers about the potential bureaucratic delays in the approval process for rate changes. Insurers may argue that the requirement for prior approval could hinder their ability to respond swiftly to market dynamics. Moreover, there could be pushback regarding the resources required to comply with the new filing processes, creating concerns about the administrative burden on both insurers and the regulatory body. Lawmakers may also debate the balance between consumer protection and the operational autonomy of insurance companies, which may impact the bill's reception within the legislature.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2324

Health insurance; Commissioner of Insurance must approve rate filings containing an increase in premiums.

MS AB791

Approval of certain rate increases for health insurance. (FE)

MS SB85

Relating to prior approval of certain insurance rates.

MS SB2808

Relating to approval of premium rate increases by the commissioner of insurance.

MS SB00194

An Act Concerning Rate Approvals For Certain Health Insurance Policies.

MS SB00011

An Act Concerning The Rate Approval Process For Certain Health Insurance Policies.

MS HB05009

An Act Concerning The Rate Approval Process For Certain Health Insurance Policies.

MS SB244

Provides with respect to rate filings with the commissioner of insurance. (gov sig)

MS HB908

Provides relative to health insurance rate review and approval (OR +$476,679 SG EX See Note)

MS SB00009

An Act Concerning The Rate Approval Process For Certain Health Insurance Policies.

Similar Bills

CT SJ00007

Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.

CT HJ00041

Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims.

CT HJ00023

Resolution Granting The Claims Commissioner Extensions Of Time To Dispose Of Certain Claims Against The State.

CT HJ00038

Resolution Concerning The Disposition Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.

CA AB2009

California Travel and Tourism Commission.

CA AB1920

California Travel and Tourism Commission.

CA AB2323

Insurance: covered communications.

CT HJ00029

Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.