Bill > HB06897

This bill extends the sunset date for personal risk insurance rate filings from July 1, 2025 to July 1, 2030, allowing insurance companies to continue filing rates with the Insurance Commissioner under specific conditions. Under this provision, insurers can file a rate that takes effect immediately upon filing, provided the rate represents an overall state-wide rate increase or decrease of no more than 6% in the aggregate, and no more than a 15% increase in any individual territory for all covered insurance types. The bill limits insurers to one such filing per twelve-month period, unless additional filings, when combined, still do not exceed the 6% state-wide and 15% territorial increase thresholds. The bill maintains existing exceptions for residual market rates and continues to allow these flexible rate filing procedures that were originally established in 2006, providing insurance companies with continued flexibility in rate adjustments while protecting consumers from excessive increases.

Business and Industry

Insurance and Real Estate Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06897&which_year=2025