This bill amends the Code of West Virginia by adding a new section, 33-16B-5, which focuses on accident and sickness insurance rates. It defines "insurer" as any entity that is subject to the state's insurance laws and regulations, including various types of insurance companies and health organizations. The bill mandates that if the commissioner approves a rate change, the insurer must provide written notice to affected policyholders at least 30 days before open enrollment. This notice must include specific details such as the dollar amount of the premium increase, the percentage increase, the effective date of the new rate, and any changes in plan design or benefits, all highlighted in a clear and understandable format.

Additionally, the bill establishes that any rate changes approved by the commissioner will take effect only after the open enrollment period has closed. This aims to ensure that policyholders are adequately informed about any changes to their insurance rates and benefits, promoting transparency and allowing them to make informed decisions regarding their health insurance coverage.

Statutes affected:
Introduced Version: 33-16B-5