Following on the heels of double digit health insurance rate approvals last year, the Connecticut Legislature is considering S.B. 11, An Act Concerning the Rate Approval Process for Certain Health Insurance Policies, which would expand the current rate approval process administered by the Connecticut Department of Insurance (the “Department”). The bill, as it is currently structured, mandates a public hearing for any rate increase of 10% or more for health and long-term care insurance. In addition, the bill also proposes to allow the state Healthcare Advocate and the Connecticut Attorney General to be a party to each hearing and have the ability to call witnesses to testify.
The Connecticut Office of Fiscal Analysis estimates that the additional resources needed to carry out the new rate approval process under S.B. 11 will cost approximately $2.245 million annually. The estimated cost is composed of the salaries and fringe benefits for approximately seven additional staff, outside hearing officers, and transcription expenses.
