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Committee adopts rate‑transparency report requirement for insurers' filings
Summary
Senate Bill 136, as amended, will require insurers to submit a rate‑transparency report with each rate filing showing projected costs (including claims projection) and other clarifying information. The committee adopted amendment set 2855 to refine report items and moved the bill forward without objection.
The House Insurance Committee adopted amendments and reported Senate Bill 136 favorably. The measure requires insurers to submit a rate‑transparency report along with rate filings to the Department of Insurance.
Chief Deputy Barrow Peacock said the report will be a projected, aggregated description of claims and other cost drivers used in a company’s rate filing. “This is more of a transparency report and it won't be unique to everybody's individual policy, but the overall rate filing of how they project cost to be in their rate filing,” Peacock said.
Amendments adopted in set 2855 narrowed several requirements: changing “cost of claims” to “projected cost of claims,” removing a requirement to report changes in a homeowner’s total insured value from last issuance, adding an express statement that the instrument does not create a private right of action for insurers, and delaying the effective date to July 1, 2026 to give companies time to comply.
Committee members asked about enforcement; Peacock said the commissioner would use existing statutory authority, including fines, if companies failed to comply. The amendment set was adopted without objection and the bill was reported favorably.
