§ 27-18-54. Health insurance rates.
No insurance company organized as a stock or mutual corporation that merges or consolidates
with, acquires ownership or control or possession of twenty percent (20%) or greater
of the operating assets of, or otherwise acquires control of a nonprofit hospital
service corporation organized under chapter 19 of this title, a nonprofit medical
service corporation organized under chapter 20 of this title, or a health maintenance
organization organized under chapter 41 of this title may:
(1)File with any state
agency for review or approval any proposed rate to be used by the company in the state;
or (2) Char
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§ 27-18-54. Health insurance rates.
No insurance company organized as a stock or mutual corporation that merges or consolidates
with, acquires ownership or control or possession of twenty percent (20%) or greater
of the operating assets of, or otherwise acquires control of a nonprofit hospital
service corporation organized under chapter 19 of this title, a nonprofit medical
service corporation organized under chapter 20 of this title, or a health maintenance
organization organized under chapter 41 of this title may: (1) File with any state
agency for review or approval any proposed rate to be used by the company in the state;
or (2) Charge to any party in the state any rate or premium, that takes into account
or reflects in any manner the value of any contribution, distribution, or allocation
the company expends or incurs in establishing or funding a charitable foundation organized
to maintain or account for the assets of a nonprofit hospital service corporation,
nonprofit medical service corporation, or health maintenance organization. For any
rate that is to be charged to policy holders, regardless of whether the rate is subject
to approval by a state agency under this or another chapter, the company shall at
least thirty (30) days before implementing the rate submit under oath to the commissioner
of insurance an accounting that documents the cost structure on which the rate is
based and demonstrates the company's compliance with this section.