Missouri would require state approval of long-term care insurance rates

Insurers would file long-term care insurance rates with Missouri’s Department of Commerce and Insurance and obtain approval before charging or changing premiums. Coverage would also include policies or added coverage advertised, marketed, or offered as long-term care or nursing home insurance. The director would reject or adjust rates when benefits do not reasonably match premiums, rates are too low, unfairly discriminatory, or excessive, or the underlying assumptions are unreasonable. Other applicable insurance laws would still apply unless they conflict with these provisions. Rules designed for Medicare supplement insurance would not apply to long-term care insurance. The requirement for coverage advertised, marketed, or offered as long-term care or nursing home insurance would also apply on or after August 28, 2026.

The insurance director would review rate filings and send insurers written decisions as soon as practical, within 30 days of receiving a filing. These procedures would cover insurers’ filings for long-term care insurance rates under this section. The director would give written notice when more review time is needed, with each additional period lasting no more than 90 days. An insurer could ask in writing to use a reviewed rate before an additional review period ends. The director could authorize that request. The director could later withdraw approval after written notice and under department rules. Insurers could appeal rejected rates, and rate decisions would be open to court review. When appropriate, the director would consider insurers’ past and expected claims, expenses, money needed for future claims, previous rate changes, and other relevant factors. The 30-day deadline would run from receipt of the filing. Automatic approval would follow 90 days without action to approve or reject the filed rates.

The insurance director would hold a public hearing or invite public comments when reviewing covered rate filings. The requirement would cover reviews of long-term care insurance rate filings submitted under this section. Everyone present at a hearing would have an opportunity to speak or submit written comments. The director could limit speaking time. Some or all parts of a filing could be available for public inspection when federal and state law allow disclosure. Public input would occur as part of the rate review.