The bill amends several sections of the General Laws related to health insurance rates, specifically targeting insurance companies that merge with or acquire significant control over nonprofit hospital service corporations, nonprofit medical service corporations, or health maintenance organizations. The key changes include the insertion of a new provision that prohibits these companies from paying a rate that is less than the approved Medicaid rate set by the executive office of health and human services. Additionally, the bill removes the previous language that allowed companies to file proposed rates for review or approval by state agencies and to charge rates that reflect contributions made to charitable foundations associated with these nonprofit entities.

The bill mandates that any rate charged to policyholders must be accompanied by a detailed accounting submitted to the commissioner of insurance at least thirty days prior to implementation, ensuring transparency and compliance with the new regulations. This act is set to take effect on January 1, 2026, reinforcing the state's commitment to maintaining fair health insurance practices and protecting the interests of policyholders.