Bill Text: MS SB2547 | 2020 | Regular Session | Introduced
Bill Title: Health insurance; Commissioner of Insurance must approve rate filings containing an increase in premiums.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2020-03-03 - Died In Committee [SB2547 Detail]
Download: Mississippi-2020-SB2547-Introduced.html
MISSISSIPPI LEGISLATURE
2020 Regular Session
To: Insurance
By: Senator(s) Norwood
Senate Bill 2547
AN ACT TO REQUIRE EACH INSURER ISSUING HEALTH INSURANCE POLICIES FOR DELIVERY IN THIS STATE TO FILE WITH THE COMMISSIONER OF INSURANCE ITS PREMIUM RATES AND CLASSIFICATION OF RISKS PERTAINING TO THE POLICIES; TO REQUIRE APPROVAL BY THE COMMISSIONER OF INSURANCE BEFORE RATE FILINGS CONTAINING AN INCREASE IN PREMIUM RATES MAY BECOME EFFECTIVE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Each insurer issuing health insurance policies for delivery in this state shall, before use thereof, file with the Commissioner of Insurance its premium rates and classification of risks pertaining to such policies. The insurer shall adhere to its rates and classifications as filed with the commissioner. The insurer may change such filings from time to time as it deems proper.
(2) No filing under subsection (1) of this section that contains an increase in premium rates shall become effective until the commissioner has issued an order approving the filing. The commissioner may hold a hearing within thirty (30) days after receiving a filing under this section containing a rate increase, and after the hearing shall issue a final order approving or disapproving the filing.
(3) In approving or disapproving a filing under subsection (1) of this section, the commissioner shall consider:
(a) Whether the benefits provided are reasonable in relation to the premium charged;
(b) Previous premium rates for the policies to which the filing applies; and
(c) The effect of the increase on policyholders.
(4) No insurer receiving the commissioner's approval of a filing under this section shall submit a new filing containing a rate increase for any of the same policies until at least six (6) months have elapsed following the effective date of the approved increase.
(5) At any time, the commissioner, after an administrative hearing, may withdraw approval of rates previously approved under this section if he or she determines that the benefits are no longer reasonable in relation to the premium charged.
SECTION 2. This act shall take effect and be in force from and after July 1, 2020.
