Maryland Rate Review Grants Award
Cycle I Grant Application Summary
Maryland Grantee: The Maryland Insurance Administration
Award Date: August 16, 2010
Award Amount: $1,000,000
- Improve the Review Process: Currently, Maryland conducts prospective actuarial review of all health insurance premium filings. To build upon its current process, Maryland plans to contract for consulting services to provide recommendations on which data elements should be included in rate filing submissions, which markets should require additional data elements in their rate filings, and the implementation of policies and procedures to carry out a more robust rate review process.
- Increase Transparency and Accessibility: Today, only the portions of health insurance premium filings that exclude confidential information are publicly disclosed. To enhance consumer access to premium information, Maryland will contract for recommendations on how to best present premium increase information to consumers and policymakers.
- Develop and Upgrade Technology: Maryland will improve electronic reporting functions to facilitate the electronic submission of data.
Cycle II Grant Application Summary
Maryland Grantee: Maryland Insurance Administration
Award Date: September 20, 2011
Total Award: $3,961,072
Baseline Award: $3,000,000
Workload Award Amount: $361,072
Performance Award Amount: $600,000
- Introduce legislation: The Maryland Insurance Administration will propose a statutory change to gain authority to disclose a carrier's proposed rate for a new or current policy and the worksheet for the filing and final rate approved by Maryland Insurance Administration.
- Expand scope of rate review: Maryland will work with the Maryland Health Care Commission and Maryland Health Services Cost Review Commission to determine how shared data can or will be useful in the State's rate review process.
- Improve rate filing requirements: Following the Maryland Insurance Administration plan from Cycle I, Maryland plans to require insurers to submit Part I of the Preliminary Justification Worksheet, and will report premium changes over time by market and insurer to the Exchange. Maryland will also identify how to incorporate average actuarial risk in rate review.
- Improve transparency and consumer interfaces: Maryland will continue its efforts from its Cycle I grant to publicly disclose information about rate filings (requiring a statutory change). Maryland will additionally provide information about the rate filing process on its website and through public comment.
- Hire new staff: Maryland will create 3 new positions from this funding, to add to the 4 positions created under Cycle I.
- Improve IT: Maryland plans to enhance its website to allow for public comment and the disclosure of filing information.
Last updated: September 21, 2012