As per the legislation, health insurers will be required to file rates with the insurance commissioner at least 30 days before their proposed effective date
Jack Markell, Governor of Delaware, has signed a legislation into law that allows the state insurance commissioner the power to regulate group health insurance rates in US – reported in Business Insurance.
As per the legislation the governor signed, health insurers will be required to file rates with the insurance commissioner at least 30 days before their proposed effective date.
The suggested health insurance rates would go into effect automatically unless the insurance commissioner decides they are excessive or discriminatory.
Karen Weldin Stewart, Insurance Commissioner, said: “In Delaware, the top five companies hold approximately 88% of the health insurance market. With few companies holding such a large percentage of the market, it is critical for the Insurance Department to supervise rates.”
The new Delaware law goes into effect November 1.