Insurance rate bill gets committee nod
(AP) – A Nevada bill to demystify health insurance rate hikes is moving forward.
Las Vegas Democratic Assembly Speaker John Oceguera is sponsoring AB309, which adds transparency to certain health insurance rate data that current law protects as trade secrets.
A committee passed the bill Friday. It now heads to the Assembly floor.
Insurers would have to post information online indicating their loss ratio, or how much money they are taking in versus the amount they are paying out in claims.
They would also be subject to a public hearing in certain cases if they raise rates.
The amended bill concedes to insurers by requiring a shorter public notification period when they change rates.
Oceguera said similar laws in Colorado, Pennsylvania and Maine have curbed health care cost increases in those states.