HB 1796 -- Insurance Premium Rates
This bill requires insurers to obtain approval from the
Department of Insurance, Financial Institutions and Professional
Registration before adjusting the insurance premium rate for any
line or class of insurance by 15% or more. Before approving or
disapproving the rate change, the department must hold a public
hearing within 30 days of receiving notice from the insurer of a
proposed rate change. Any member of the public may provide
information in support or in opposition at these hearings. The
department must issue an order either authorizing or prohibiting
the rate change within 20 days after the close of the hearing.
No rate may be excessive, inadequate, or unfairly discriminatory.
Insurers may appeal any department order under Chapter 536, RSMo.