Indiana § 27-8-15-16 Premium rates

Indiana Statutes

§ 27-8-15-16 — Premium rates

Indiana·Title 27 INSURANCE·Art. 8 LIFE, ACCIDENT, AND HEALTH·Ch. 15 Small Employer Group Health Insurance

Premium rates for a health insurance plan are subject to the following:

(1)For all small employer business, the premium rates charged during a rating period to small employers with similar case characteristics for the same or similar benefit design characteristics, or the rates that could be charged to small employers under the rating system may not vary from the midpoint rate by more than thirty-five percent (35%) above or below the midpoint rate.

(2)The percentage increase in the premium rate charged to a small employer for a new rating period may not exceed the sum of the following:

(A)The percentage change in the new business premium rate for a plan with the same or similar benefit design characteristics measured from the first day of the prior rating period to the first day of the

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Premium rates for a health insurance plan
are subject to the following:
(1) For all small employer business, the premium rates charged
during a rating period to small employers with similar case
characteristics for the same or similar benefit design
characteristics, or the rates that could be charged to small
employers under the rating system may not vary from the
midpoint rate by more than thirty-five percent (35%) above or
below the midpoint rate.
(2) The percentage increase in the premium rate charged to a
small employer for a new rating period may not exceed the sum
of the following:
(A) The percentage change in the new business premium rate
for a plan with the same or similar benefit design characteristics
measured from the first day of the prior rating period to the first
day of the new rating period. For a plan for which the small
employer insurer is not issuing new policies, the insurer shall
use the percentage change in the base premium rate.
(B) An adjustment, not to exceed fifteen percent (15%)
annually and adjusted pro rata for rating periods of less than
one (1) year, due to the claim experience, health status, or
duration of coverage of the employees or dependents of the
small employer.
(C) Any adjustment due to change in benefit design
characteristics or change in the case characteristics of the small
employer.
(3) For health insurance plans issued before July 1, 1992, a
premium rate for a rating period may exceed the ranges described
in subdivisions (1) and (2) for five (5) years following July 1,
1992. The percentage increase in the premium rate charged to a
small employer in such a class of business for a new rating period
may not exceed the sum of the following:
(A) The percentage change in the new business premium rate
measured from the first day of the prior rating period to the first
day of the new rating period. For a plan for which the small
employer insurer is not issuing new policies, the insurer shall
use the percentage change in the base premium rate.
(B) Any adjustment due to change in benefit design
characteristics or change in the case characteristics of the small
employer.