For Immediate Release: Monday, July 22, 2013
Media Contact: Dawn Dovre, 605-773-3094
Insurance Division Reviewing 2014 Market Regulation Rates and Forms
PIERRE, S.D. -- The Division of Insurance is reviewing all market regulation rates and forms submitted by individual and small group insurers to participate in the federally facilitated health insurance exchange.
The review allows the state to maintain as much insurance regulation over plans sold on the exchange as possible.
Applications filed for within the exchange were due June 15. The Division must have all insurers who wish to participate in the exchange certified by July 31. All approved or disapproved rates and forms are available on the Division's website.
The Division's review consists of ensuring the plans meet the standards of a qualified health plan. A qualified health plan must provide for the essential health benefits package, meet actuarial value standards and include a sufficient network among various other criteria.
The deadline to file rates and forms for carriers who wish to only sell plans outside the exchange was midnight on July 19. This review is consistent with the Division's role as a regulatory agency to ensure companies are in compliance with the 2014 Market Reforms.
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