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Committee advances Insurance Consumer Protection Act with amendment requiring public posting of approved rate increases
Summary
The committee approved a substitute to create an insurance consumer advocate who would participate in rate reviews; a last-minute amendment requires the insurance department to clearly post any approved rate increases on its website with the insurer's name and an explanation.
Committee adds advocate role and a public-posting requirement for approved rate hikes.
The House Budget and Fiscal Affairs Oversight Committee advanced a substitute version of the Insurance Consumer Protection Act, a bill that creates an insurance consumer advocate to represent consumer interests in rate filings and to report to the legislature. Representative Tanya Miller (sponsor) told the committee the advocate would not cap rates or change the commissioner's ultimate authority but would add a consumer perspective early in rate negotiations.
Miller described the…
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