Bill > H812

This bill aims to ensure stable group base premium insurance rates for eligible small employers in Massachusetts. Specifically, it allows insurance carriers to adjust these base premiums for eligible small employers based on enrollment or renewal timing between January 1, 2014, and December 31, 2017, and requires carriers to file these adjusted premiums quarterly. During this period, carriers can also use certain pre-existing rate adjustment factors, such as those related to industry, participation, group size, intermediaries, or group purchasing cooperatives, in addition to those already permitted by law, with the Commissioner of Insurance to create regulations for their use. Furthermore, the bill mandates that the Commonwealth formally request a federal waiver to prevent negative impacts on the Massachusetts insurance market from changes in federal rating and rule requirements, thereby protecting consumers and businesses by preserving current Massachusetts rating factors and annual rate-setting practices. The Governor, in consultation with legislative appointees, will lead these waiver negotiations and must submit a detailed report on the waiver application and any received waivers to the legislature by October 1, 2015, with monthly status updates provided to relevant committees.