The proposed legislation, General Assembly Raised Bill No. 6897, aims to extend the sunset date for personal risk insurance rate filings from July 1, 2025, to July 1, 2028. This change is reflected in the amendment to subsection (a) of section 38a-688a of the general statutes, where the current sunset date is deleted and replaced with the new date. The bill allows insurers to file rates with the Insurance Commissioner, which will take effect upon filing, provided that the overall state-wide rate change does not exceed six percent and individual territory increases do not surpass fifteen percent.

Additionally, the bill maintains the existing stipulations that limit insurers to one filing within a twelve-month period unless the combined filings do not exceed the specified percentage limits. The intent of this legislation is to provide a more extended timeframe for insurers to adjust their rates while ensuring that rate changes remain within reasonable limits to protect consumers.