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Rate Increases homeowner's And Auto Insurance

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.
2022 Regular Session
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.)




Bill Text


Sponsor Type Legislators
Prime Sponsor

Rep. M. Weissman



The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details