Green Mountain Care Board sets new health insurance policy filing guidelines

On April 17, 2025, the Vermont State Legislature introduced Senate Bill 30, a significant piece of legislation aimed at reforming the health insurance policy approval process in the state. The bill seeks to enhance oversight of health insurance rates and policy forms, ensuring that they are thoroughly reviewed before being issued to consumers.

The primary provision of Senate Bill 30 mandates that no health insurance policy or related documents can be delivered or issued in Vermont without prior approval from the Green Mountain Care Board. This includes a requirement for health insurers to file both the policy forms and premium rates with the Department of Financial Regulation and the Green Mountain Care Board. The Board is tasked with reviewing these filings and must issue a decision—approving, modifying, or disapproving the proposed rates—within 90 days of receiving the initial filing. If insurers fail to provide necessary information promptly, the review period may be extended by an additional 30 days.

This bill addresses ongoing concerns regarding the affordability and transparency of health insurance in Vermont. By instituting a structured review process, it aims to protect consumers from excessive rate increases and ensure that insurers maintain adequate solvency and reserves. The Department of Financial Regulation is also required to analyze the potential impact of proposed rates on insurers' financial health before the Board makes its decision.

Debate surrounding Senate Bill 30 has highlighted differing opinions on the balance between regulatory oversight and the operational flexibility of health insurers. Proponents argue that the bill is essential for consumer protection and will lead to more equitable health insurance pricing. Critics, however, express concerns that increased regulation may stifle competition and innovation within the health insurance market.

The implications of this legislation could be far-reaching. If successful, it may lead to more stable health insurance premiums for Vermonters, potentially improving access to healthcare services. Conversely, if insurers find the regulatory environment too burdensome, it could result in fewer options for consumers.

As Senate Bill 30 moves forward in the legislative process, its outcomes will be closely monitored by stakeholders across the healthcare sector, with potential ramifications for both policyholders and insurers in Vermont.