Oregon Senate approves bill to require health insurers to warn customers about rate hikes

Oregonian:

The Oregon Senate approved a bill to require health insurers to warn customers about looming rate increases.

Under SB 718, when an insurer files a request to boost rates by seven percent or more and it effects 1,000 or more people, the company must alert those customers. The bill applies to insurers selling coverage to individuals and small employers, markets in which the state regulates prices.

The bill also requires state insurance regulators to consider additional criteria before approving rate hikes, including whether the requested increase is based on reasonable and sound accounting of administrative and other expenses. The Reasonable Insurance Premium Coalition, a group of small business owners, backed the legislation, which now moves to the Oregon House.

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