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Legislative Year: 2022 Change
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Bill Detail: HB22-1357

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Title Rate Increases homeowner's And Auto Insurance
Status House Committee on Finance Postpone Indefinitely (04/25/2022)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
House Sponsors M. Weissman (D)
Senate Sponsors
House Committee Finance
Senate Committee
Date Introduced 04/01/2022
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.

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