SPOTLIGHT: Rule could trigger up to 1,400 more rate reviews per year

The new proposed insurance rate review regulations could lead to reviews of about 40 percent of the increase requests in the small group market and 60 percent of the requests in the individual market, reports National Underwriter. HHS officials are proposing that state or federal regulators should review requests for rate hikes greater than 10 percent for non-grandfathered individual and small group coverage, and they have suggested that regulators could end up adding reviews of requests for large-group rate hikes. The total number of filings subject to review could range from 371 to 1,396, with a mid-range value of 773, officials report. If that mid-range figure is correct, the total insurer startup-year cost of reporting rate data to regulators, keeping relevant records, and posting rate hike request information on the Web could be about $14 million, or about $18,000 per report and $34,000 per issuer, officials estimate. Article