HB1037

Indiana HB1037 mandates the insurance commissioner to review and approve or disapprove insurance rate changes, ensuring fairness and affordability.

Indiana HB1037 requires the insurance commissioner to review specific factors before approving or disapproving insurance rate changes. The commissioner must consider the products affected, number of covered lives, benefits provided, underlying costs, and implementation date. The commissioner can disapprove a rate increase if it exceeds the Consumer Price Index for All Urban Consumers: All Items Less Food and Energy percentage increase plus 1%. The commissioner must also consider whether the current rate is appropriate for achieving the insurer's target loss ratio.