Majority Report – Committee Amendment “B” – H-650
LD 1294 – Health Care Bill of Rights
More informed consumers
• Helps policy holders compare health insurance policies and be informed consumers. Bureau of Insurance will work with Public Advocate to develop education materials comparing insurance policies and rates.
Better notice of changes
• Provides additional 30 days notice to policyholders when insurance proposed for rate increase (from 60 to 90 days) to assist consumers in finding alternative insurance policies and requesting a hearing on the rate increase.
Attorney General involvement
• Requires Bureau of Insurance to hold a hearing on individual policy rate increases when requested by Attorney General.
Consumer representation at hearings


• An “advocacy panel” will review details of rate filings and represent consumer interests at Bureau of Insurance hearings.

Holds insurers to clear standard and requires proof of need for increase
• Clarifies standard for approving rate increases, and requires supporting documentation from insurers to be public (except compensation and other confidential information).
Sponsor’s Floor Amendment

 

 
Reduces cost to insurers
• Eliminates $50,000 fee assessed on insurers when Attorney General intervenes in rate hearing.
Transparency – compare apples to apples
• Requires insurers to post the five individual and five small group policies with the largest enrollment on the web, linked to the Bureau of Insurance website.

 

Distributed by Rep. Sharon Treat, sponsor of LD 1294