Vermont § 4026 - Filing and approval of policy forms and premiums

§ 4026. Filing and approval of policy forms and premiums

• (a)(1) No policy of health insurance or certificate under a policy filed by a health insurer
  and not exempted by subdivision 3368(a)(4) of this title shall be delivered or issued for delivery in this State, nor shall any endorsement,
  rider, or application that becomes a part of any such policy be used, until a copy
  of the form and of the rules for the classification of risks has been filed with the
  Department of Financial Regulation and a copy of the premium rates has been filed
  with the Green Mountain Care Board, and the Green Mountain Care Board has issued a
  decision approving, modifying, or disapproving the proposed rate. (2)(A) The Green Mountain Care Board shall review rate requests and shall approve, modify,
  or disapprove a rate request within 90 calendar days after receipt of an initial rate
  filing from a health insurer. If a health insurer fails to provide necessary materials
  or other information to the Board in a timely manner, the Board may extend its review
  for a reasonable additional period of time, not to exceed 30 calendar days. (B) Prior to the Board’s decision on a rate request, the Department of Financial Regulation
  shall provide the Board with an analysis and opinion on the impact of the proposed
  rate on the insurer’s solvency and reserves. (3) The Board shall determine whether a rate is affordable; promotes quality care; promotes
  access to health care; protects insurer solvency; and is not unjust, unfair, inequitable,
  misleading, or contrary to the laws of this State. In making this determination, the
  Board shall consider the analysis and opinion provided by the Department of Financial
  Regulation pursuant to subdivision (2)(B) of this subsection. (b)(1) In conjunction with a rate filing required by subsection