Rate Increases homeowner's And Auto Insurance
| Type | Bill |
|---|---|
| Session | 2022 Regular Session |
| Subjects |
Concerning the oversight of insurance rates, and, in connection therewith, requiring insurers who issue private passenger motor vehicle insurance or homeowner's insurance to file requested rate increases with the commissioner of insurance for approval prior to implementing the rates.
Bill Summary:
The bill reclassifies private passenger motor vehicle insurance and homeowner's insurance as type I kinds of insurance for rate filing increases, thereby requiring insurers to file and obtain prior approval of requests for rate increases before implementing increased rates for those lines of insurance. The rate filings remain on file for 60 days and must not be approved or disapproved, and must not become effective, during the 60-day period except after a public hearing. If the commissioner of insurance fails to make a determination on the rate filing within the 60-day period, the rate filing is deemed approved as of 12:01 a.m. on the sixty-first day, unless during the 60-day period the commissioner determines that a public hearing is in the public interest.
(Note: This summary applies to this bill as introduced.)
Prime Sponsors
Representative
Mike Weissman
Committees
House
Finance
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 04/01/2022 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Refer House Bill 22-1357 to the Committee on Appropriations. | The motion failed on a vote of 3-8. | Vote summary |
| Postpone House Bill 22-1357 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 8-3. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 04/25/2022 | House | House Committee on Finance Postpone Indefinitely |
| 04/01/2022 | House | Introduced In House - Assigned to Finance |