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Panel backs streamline for experience-rated group disability filings; OIC and insurers support bill
Summary
House Bill 1230 would require experience-rated group disability insurers to include full rating formulas, factors and credibility calculations in filings and allow a single annual filing for all group clients; the Office of the Insurance Commissioner and major insurers backed the change as a consumer- and regulator-friendly simplification.
The Consumer Protection & Business Committee heard testimony Jan. 24 on House Bill 1230, which would require insurers that issue experience-rated group disability income policies to include their experience-rating formulas, all rating factors and credibility formulas in rate manual filings and to provide enough detail so the insurance commissioner can replicate a group's premium given that group's experience and demographics.
Tyler Langford, policy analyst with…
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