Bill > SB1500

This bill establishes new provisions for long-term care insurance in Missouri, effective August 28, 2026, which will govern over conflicting existing laws regarding the approval of policy forms and premium rates. The bill defines "Department" as the department of commerce and insurance and "Director" as its head. It mandates that all premium rate schedules for long-term care insurance must be filed with and approved by the Director before an insurer can implement them or change existing premiums. The Director must disapprove or modify rates if benefits are unreasonable for the premiums, if rates are inadequate, unfairly discriminatory, or excessive, or if assumptions are unreasonable. When requesting a rate increase, insurers must provide data comparing their rate increase in Missouri to other states, and if the Missouri increase is higher, it will be denied even if actuarially justified. The Director has 90 days to approve or disapprove a filing, with extensions possible, and if no action is taken, the rates are deemed approved. The Director can also disapprove previously approved rates after providing notice. In reviewing rate filings, the Director will consider factors like past and prospective loss experience, underwriting practices, reserve needs, expenses, prior rate changes, and other relevant factors. Importantly, the Director must hold a public hearing or solicit public comments on rate filings, and premium rate decisions are subject to judicial review. The Director is also tasked with promulgating necessary rules and regulations for this section, which will be subject to legislative review.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=74591