The Illinois Department of Insurance announced new reporting requirements for premium increases proposed by Illinois health insurers. The federal Affordable Care Act requires the state to review all unreasonable health insurance premium increases. The department has outlined a process to ensure all proposed premium increases are reported and made available to the public.
The reporting process requires health insurers to submit rate changes, and information justifying any rate increases, beginning Dec. 1, 2010. By Feb. 1, 2011, health insurers will be able to submit the required information electronically through the department’s Web site.
On August 16, the U.S. Department of Health and Human Services awarded the department a $1 million federal grant under the Affordable Care Act to enhance the Department’s review of health insurance premium increases.
Details of the Department’s federally supported rate review program are available at www.insurance.illinois.gov/HIRIC.
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