Attorney General Tong Seeks Postponement of Insurance Rate Hearing as Senate Debates "Game Changer" Tax Credit Extension(Hartford, CT) – Attorney General William Tong today urged the Connecticut Insurance Department to halt all consideration and planning for the August 15 public hearing on requested insurance rate adjustments for on-exchange policies offered by ConnectiCare and Anthem as the U.S. Senate debates extension of the Federal Advance Premium Tax Credit.
At CID’s request, these insurers built into their on-exchange rates an assumption that these tax credits would expire on January 1, 2023. That assumption was identified as a significant driver behind the double-digit request rate hikes.
“The tax credit extension would be a game changer, and may significantly reduce the need for an increase. It would be a dereliction of our duty to consumers to proceed with a hearing on rates built on what now appears to be a bad guess. Should Congress, as expected, vote to extend the Federal Advance Premium Tax Credits, requests must be revised—reflecting substantial savings to consumers—before any further steps are taken,” Attorney General Tong states in his letter.
Full text of the letter can be viewed here.