Illinois Administrative Code
Title 50 - INSURANCE
Part 2026 - PREMIUM INCREASE JUSTIFICATION AND REPORTING
Section 2026.50 - Submission of Rate Filing Justification
Current through Register Vol. 48, No. 12, March 22, 2024
a) If any product is subject to a rate increase, a health insurance issuer must submit a Rate Filing Justification for all products in the single risk pool, including new or discontinuing products, to the Director on a form and in a manner prescribed by the Secretary in 45 CFR 154.215(a).
b) The Rate Filing Justification must consist of the following Parts (as required in 45 CFR 154.205(b) ):
c) A health insurance issuer must complete and submit Parts I and III of the Rate Filing Justification described in subsections (b)(1) and (b)(3) to the Director as required by 45 CFR 154.215(c). If a rate increase is subject to review, the health insurance issuer must also complete and submit to the Director Part II of the Rate Filing Justification described in subsection (b)(2).
d) Content of unified rate review template (Part I): The unified rate review template must include the following, as determined appropriate by the Director and in accordance with 45 CFR 154.215(d):
e) Content of written description justifying the rate increase (Part II): The written description of the rate increase must include a simple and brief narrative describing the data and assumptions that were used to develop the rate increase and must include the following as required by 45 CFR 154.215(e):
f) Content of rate filing documentation (Part III) as required by 45 CFR 154.215(f): The rate filing documentation must include an actuarial memorandum that contains the reasoning and assumptions supporting the data contained in Part I of the Rate Filing Justification. Parts I and III must be sufficient to conduct an examination satisfying the requirements of 45 CFR 154.301(a)(3) and (4) and to determine whether the rate increase is an unreasonable increase.
g) If the level of detail provided by the issuer for the information under subsections (d) and (f) does not provide sufficient basis for the Director to determine whether the rate increase is an unreasonable rate increase, the Director will request the additional information necessary to make a determination, as allowed by 45 CFR 154.215(g).