Substitute House Bill No. 6897, also known as Public Act No. 25-86, extends the sunset date for personal risk insurance rate filings from July 1, 2025, to July 1, 2030. The bill modifies subsection (a) of section 38a-688a of the general statutes, allowing insurers to file rates with the Insurance Commissioner that take effect immediately upon filing, provided they adhere to specific limits on overall state-wide rate changes and individual territory increases. Specifically, the bill stipulates that the overall state-wide rate increase or decrease must not exceed six percent, and any individual territory may not see an increase greater than fifteen percent.

Additionally, the bill maintains that no more than one filing may be made by an insurer within a twelve-month period unless the combined filings do not exceed the aforementioned percentage limits. This legislative change aims to provide insurers with more flexibility in adjusting their rates while still protecting consumers from excessive rate increases.