Bill > HB2612

This bill requires insurers offering long-term care insurance policies in Missouri to submit their premium rate schedules to the Department of Commerce and Insurance (DCI) for prior approval beginning August 28, 2026. Insurers must receive director approval before implementing new rates or changing existing rates, and the director can disapprove rates if they are deemed unreasonable, inadequate, discriminatory, or excessive. The director must respond to rate filings within 30 days, and if no action is taken within 90 days, the rates are automatically approved. The bill mandates that the DCI director consider factors such as past loss experiences, underwriting practices, expenses, and reserve needs when reviewing rates. Additionally, the director must hold public hearings or solicit public comments on rate filings and can request additional review time if needed. The bill also specifies that the director has the authority to disapprove previously approved rates and must promulgate rules and regulations to implement these provisions. Each rate decision is subject to judicial review, ensuring transparency and oversight of long-term care insurance premium rates in the state.

https://house.mo.gov/Bill.aspx?bill=HB2612&year=2026&code=R