Synopsis As Introduced Creates the Health Insurance Rate Review Act. Creates the independent quasi-judicial Health Insurance Rate Review Board to ensure insurance rates are reasonable and justified. Sets forth duties and prohibited activities concerning the Board. Creates the Health Insurance Rate Review Board Nomination Panel to provide a list of nominees to the Governor for appointment to the Health Insurance Rate Review Board. Sets forth the procedures for nomination. Provides requirements and procedures for health carriers to file current and proposed rates and rate schedules with the Health Insurance Rate Review Board. Provides that the Board shall review and approve or disapprove all rates and rate schedules filed or used by a health carrier. Sets forth provisions concerning rate standards, public notice, hearings, and the disapproval and approval of rates and rate schedules.
Fiscal Note (Dept of Insurance)
As currently drafted it is difficult to quantify the fiscal impact associated with this legislation. However, the legislation would create and undue administrative burden to the Illinois Department of Insurance and is duplicative of the regulatory functions the Department performs.
Senate Committee Amendment No. 3 Replaces everything after the enacting clause. Creates the Short-Term, Limited-Duration Health Insurance Coverage Act. Provides disclosure requirements for policies, applications, and sales and marketing materials for short-term, limited-duration health insurance policies. Requires coverage subject to the Act to be approved by the Department of Insurance before it is issued or delivered. Requires a health issuer who intends to deliver or issue a short-term, limited-duration health insurance policy to file certain documents with the Department. Authorizes the Department to adopt rules to carry out the provisions of the Act. Effective January 1, 2019.