CID: New Releases (08/23/2017) - Insurance Department Asks Exchange Carriers To Submit Supplemental Rate Filings

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
Katharine L. Wade
Commissioner
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
August 23rd, 2017


Insurance Department Asks Exchange Carriers
To Submit Supplemental Rate Filings

Filings To Account for Potential Loss of Federal Cost Sharing Reduction Payments


As the Insurance Department continues its actuarial review of health insurance rate filings for the 2018 coverage year, the long-term funding of Cost Sharing Reduction (CSR) payments to provide financial assistance for consumers has created market uncertainty. As a result, the Department is asking exchange carriers – Anthem and ConnectiCare Benefits, Inc. – to submit a supplemental filing that contemplates the absence of CSR payments for 2018 and to apply that impact only on Silver exchange plans.

“The Department has not made a final determination on rates for 2018. This supplemental filing will give the Department maximum flexibility in making final determinations for health insurance rates on the exchange within the tight time limits and have rates set for open enrollment in November,” Commissioner Katharine L. Wade said.

This supplemental filing is for the CSR issue only. Carriers are not permitted to make changes to any other factors in their existing filings. The supplemental filings must be submitted to the Department by the close of business on Wednesday, August 30.


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About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
 
 
For help with all your insurance issues:
  • Email us at insurance@ct.gov
  • Ask a question or file a complaint online
  • Call the Consumer Helpline at 800-203-3447 or 860-297-3900.
  • Sign up for e-alerts to get the latest news, warnings and rate changes that may affect your premium
  • Download consumer FAQs on health, homeowner and auto coverage
  • Use the Department’s Speakers Bureau for public events.
  • Visit our Web site and follow the Department on Facebook, Twitter or YouTube
 


Content Last Modified on 8/23/2017 2:56:07 PM