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Commerce & Insurance explains rate review, solvency oversight, PBM audits and mental-health parity findings
Summary
Officials from the Tennessee Department of Commerce and Insurance briefed the House Insurance Committee on Feb. 25 about rate-review procedures, solvency monitoring, consumer complaints, PBM audits and the department’s mental-health parity report.
Commissioner and senior staff from the Tennessee Department of Commerce and Insurance on Feb. 25 briefed the House Insurance Committee on how the state regulates insurance rates, solvency and market conduct, and on recent work on pharmacy benefit manager (PBM) audits and mental-health parity enforcement.
Commissioner (Department of Commerce and Insurance) said Tennessee’s insurance division handles about $75 billion in premium volume with roughly 28 personnel directly in the insurance division and emphasized state-based regulation through the National Association of Insurance Commissioners. He described Tennessee as a competitive, pro-market state that focuses on solvency and consumer protection.
Zach Crandall, director of the department’s policy analysis section, summarized rate- and form-review procedures. "Prior approval means that any form or rate that an insurance…
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