Connecticut Administrative Code
Title 38a - Insurance Department
474 - Submission and Review of Rates for Medicare Supplement Insurance
Section 38a-474-3 - Rate review standards
Universal Citation: CT Reg of State Agencies 38a-474-3
Current through March 14, 2024
(a) The commissioner shall not approve a rate for a Medicare supplement policy that is excessive, inadequate, unreasonable in relation to the benefits provided or unfairly discriminatory.
(b) Rates for Medicare supplement policy or certificate forms shall not be approved unless the form can be expected, as estimated for the entire period for which rates are computed to provide coverage, to return to policyholders or certificate holders in the form of aggregate benefits (not including anticipated refunds or credits) provided under the policy form or certificate form:
(1) at least seventy-five (75%) of the
aggregate amount of premiums earned in the case of group policies, or
(2) at least sixty-five percent (65%) of the
aggregate amount of premiums earned in the case of individual policies,
calculated on the basis of incurred claims experience, or incurred health care
expenses where coverage is provided by a health care center, and earned
premiums for such period and in accordance with accepted actuarial principles
and practices. All rate filings shall demonstrate that expected claims in
relation to premiums comply with these loss ratio requirements when combined
with actual experience to date. Filings of rate revisions shall also
demonstrate that the anticipated loss ratio over the entire future period for
which the revised rates are computed to provide coverage can be expected to
meet the appropriate required loss ratio.
Disclaimer: These regulations may not be the most recent version. Connecticut may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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