Bill Text: IL HB4147 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Insurance Code. Provides that issuers of all long-term care policies issued, amended, renewed, or delivered after the effective date of the amendatory Act must submit all proposed rate changes to the Director of Insurance for approval. Provides that the Director shall disapprove of rate increases he or she does not find to be reasonable in relation to benefits under the policy and that all rates are subject to all minimum loss ratio requirements under the Illinois Administrative Code. Requires the Department of Insurance to accept comments on specified rates and, on and after January 1, 2021, to submit an annual report regarding long-term rate changes in the Illinois market to the General Assembly. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-22 - Referred to Rules Committee [HB4147 Detail]

Download: Illinois-2019-HB4147-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4147 Introduced , by Rep. Jennifer Gong-Gershowitz SYNOPSIS AS INTRODUCED:
215 ILCS 5/351A-7.5 new
Amends the Illinois Insurance Code. Provides that issuers of all long-term care policies issued, amended, renewed, or delivered after the effective date of the amendatory Act must submit all proposed rate changes to the Director of Insurance for approval. Provides that the Director shall disapprove of rate increases he or she does not find to be reasonable in relation to benefits under the policy and that all rates are subject to all minimum loss ratio requirements under the Illinois Administrative Code. Requires the Department of Insurance to accept comments on specified rates and, on and after January 1, 2021, to submit an annual report regarding long-term rate changes in the Illinois market to the General Assembly. Effective immediately.
LRB101 16168 BMS 65537 b
A BILL FOR
HB4147 LRB101 16168 BMS 65537 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Insurance Code is amended by adding
Section 351A-7.5 as follows:
(215 ILCS 5/351A-7.5 new)
Sec. 351A-7.5. Rate approval and transparency.
(a) Issuers of all long-term care policies issued, amended,
renewed, or delivered after the effective date of this
amendatory Act of the 101st General Assembly must submit all
proposed rate changes for Director approval. The Director shall
disapprove of rate increases he or she does not find to be
reasonable in relation to benefits under the policy provided.
Additionally, all rates are subject to all minimum loss ratio
requirements as outlined in the Illinois Administrative Code
pursuant to Section 351A-11 of this Code.
(b) The Department shall accept comments on all rates
subject to this Section and, on and after January 1, 2021,
shall submit an annual report to the General Assembly regarding
long-term rate changes in the Illinois market.
Section 99. Effective date. This Act takes effect upon
becoming law.