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Committee hears bill to streamline experience-rated group disability rate filings
Summary
House Bill 12-30 would let insurers submit a single filing with replicable rating formulas for experience-rated group disability income coverage, reducing repetitive filings and preserving OIC oversight; insurers told the committee the change would improve access to affordable coverage for employers.
House Bill 12-30 (companion to SB 5141) would clarify rate-filing requirements for insurers that develop experience-rated rates for group disability income policies. Committee staff said the change allows insurers to submit one filing that includes rating formulas and sufficient detail for the Office of the Insurance Commissioner to reproduce rates for each experience-rated group, instead of making multiple group-by-group filings.
John Mangan, regional vice president for state relations at the American Council of Life Insurers, testified remotely in support. He said the change will let insurers tailor premium rates to group demographics and history and will improve access and competitiveness for employers seeking disability coverage. “This streamlining of our ability to file experience rates for groups who want disability coverage is very important,” Mangan said, adding that the bill maintains OIC oversight and protections.
Staff said the bill has no fiscal impact and that companion legislation passed earlier in the session. The committee closed public testimony on the measure with no recorded committee vote at the hearing.
