The bill amends several sections of the General Laws related to health insurance rates for insurance companies. It specifically 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. This new requirement aims to ensure that insurance companies align their rates with Medicaid standards.

The bill also includes provisions that prevent insurance companies from filing proposed rates for state review or approval and from charging rates that reflect contributions to charitable foundations. Additionally, 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. This accounting must document the cost structure on which the rate is based, ensuring transparency and adherence to the new regulations.

The act is set to take effect on January 1, 2027.

Statutes affected:
2108: 27-18-54, 27-19-30.1, 27-20-25.2, 27-41-27.2