Milestone: Adopt a systematic rate review process
By creating greater oversight and accountability, a systematic rate review process aims to prevent unreasonable premium increases and to keep health insurance premiums affordable.
*Milestone details:
*Full name: Adopt a systematic rate review process.
*Relevance to the ACA:
The ACA requires the Secretary of HHS and states to collaborate on a rate review process. Relevant sections include:
§1003 - Creates a premium rate review process established by the Secretary of HHS in collaboration with states, beginning with plan year 2010. Insurance issuers are required to justify to the Secretary of HHS and to the state any “unreasonable premium increase” prior to its implementation. Establishes premium review grants for states from 2010 through 2014. States that receive grants must provide the Secretary of HHS with data on premium increases in the state as well as recommend plans to be excluded from the Exchange due to a pattern of excessive rate increases.
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Virgin Islands
The Department of Health and Human Services has determined that the USVI has an effective rate review program.
Virgin Islands
The Virgin Islands are embarking on a rate review project to strengthen its rate review program, which was just recently designated an effective rate review program by CCIIO.
The project includes establishing an actuarial baseline, implementing SERRF and HIOS and revamping the Division of Banking and Insurance's website.