Substitute House Bill No. 6897, also known as Public Act No. 25-86, extends the sunset date for personal risk insurance rate filings. The bill amends subsection (a) of section 38a-688a of the general statutes by repealing the existing sunset date of July 1, 2025, and replacing it with a new date of July 1, 2030. This change allows insurers to continue filing rates with the Insurance Commissioner under specific conditions until the new sunset date.

Under the amended law, insurers can file rates that take effect immediately upon filing, provided that the overall state-wide rate change does not exceed six percent in the aggregate and does not exceed a fifteen percent increase in any individual territory for all coverages subject to the filing. Additionally, insurers are limited to one filing per twelve-month period unless the combined filings do not exceed the specified percentage limits. This legislation aims to provide stability and predictability in the personal risk insurance market while ensuring regulatory oversight.