§ 27-41-27.2 - Health insurance rates. - Rhode Island Statutes

SECTION 27-41-27.2

   § 27-41-27.2  Health insurance rates.– No insurance company organized as a stock or mutual corporation which merges orconsolidates with, acquires ownership or control or possession of twentypercent (20%) or greater of the operating assets of, or acquires control of anon-profit hospital service corporation organized under chapter 19 of thistitle, a non-profit medical service corporation organized under chapter 20 ofthis title or a health maintenance organization organized under chapter 41 ofthis title: (1) may file with any state agency for review or approval anyproposed rate to be used by the company in the state, or (2) may charge to anyparty in the state any rate or premium, which takes into account or reflects inany manner the value of any contribution, distribution or allocation thecompany expends or incurs in establishing or funding a charitable foundationorganized to maintain or account for the assets of a non-profit hospitalservice corporation, non-profit medical service corporation or healthmaintenance organization. For any rate that is to be charged to policy holders,regardless of whether this rate is subject to approval by a state agency underthis or another chapter, the company shall at least thirty (30) days beforeimplementing the rate submit under oath to the commissioner of insurance anaccounting that documents the cost structure on which the rate is based anddemonstrates the company's compliance with this section.