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Committee hears bill requiring insurers to file experience‑rating formulas for group disability plans
Summary
Senate Bill 5,141 would require experience‑rated group disability income insurers to include full experience-rating formulas, rating factors and credibility formulas in rate filings so the insurance commissioner can replicate group premiums. Sponsors and industry representatives said the change streamlines review and protects consumers.
Senate Bill 5,141 would require experience‑rated group disability income insurers to include their full experience‑rating formulas, all rating factors and credibility formulas in their rate manuals and filings so the Office of the Insurance Commissioner can replicate a group’s premium calculation. The bill is a companion to House Bill 1230 and contains no changes from the house version,…
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