The intent of this subchapter is to: (1) Promote the availability of health insurance coverage to small employers; (2) Prevent abusive rating practices; and (3) Improve the efficiency and fairness of the small group health insurance marketplace.
(1) “Actuarial certification” means a written statement by a member of the American Academy of Actuaries or other individuals acceptable to the Insurance Commissioner that a small employer carrier is in compliance with the provisions of § 23-86-204 based upon the person’s examination, including a review of the appropriate records and of the actuarial assumptions […]
(a) Except as provided in subsection (b) of this section, the provisions of this subchapter apply to any health benefit plan that provided coverage to two (2) or more employees of a small employer. (b) The provisions of this subchapter shall not apply to individual health insurance policies that are subject to policy form and […]
(a) Premium rates for health benefit plans subject to this subchapter shall be subject to the following provisions: (1) The index rate for a rating period for any class of business shall not exceed the index rate for any other class of business by more than twenty percent (20%). This subdivision (a)(1) shall not apply […]
(a) Each small employer carrier shall maintain at its principal place of business a complete and detailed description of its rating practices and renewal underwriting practices, including information and documentation which demonstrate that its rating methods and practices are based upon commonly accepted actuarial assumptions and are in accordance with sound actuarial principles. (b) Each […]
The Insurance Commissioner may suspend all or any part of § 23-86-204 as to the premium rates applicable to one (1) or more small employers for one (1) or more rating periods upon a filing by the small employer carrier and a finding by the commissioner that either the suspension is reasonable in light of […]
(a) The provisions of this subchapter shall apply to each health benefit plan for a small employer that is delivered, issued for delivery, renewed, or continued in this state after July 1, 1997. (b) For purposes of this section, the date a plan is continued is the first rating period which commences after July 1, […]
