NAIC Vows to Continue to Support State Regulators in Wake of Supreme Court Decision
NovaRest is continuing to work with the Office of the Commissioner (OCI) in Puerto Rico to establish a standardized rate review process. Donna was recently in Puerto Rico to present the standardized template that all carriers in Puerto Rico will soon be required to use. She will also train the providers on how to use the templates.
The Affordable Care Act requires a new level of scrutiny and transparency to health insurance rate increases. The Act ensures that, in any State, any proposed rate increase by individual or small group market insurers at or above 10 percent will be reviewed by independent experts to make sure it is justified. This analysis aims to help moderate premium hikes and lower costs for individuals, families, and businesses that buy insurance in these market.
Puerto Rico now has effective rate review in both the individual and small group markets. But while the laws are in place, Puerto Rico currently has no process in place to implement the rate review process. That’s where NovaRest comes in. Donna Novak and her team are currently working to help Puerto Rico improve their rate review process.