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Press Releases - August 23, 2017

 Contact: Donna Tommelleo, 860-297-3958
Insurance Department Asks Exchange Carriers
To Submit Supplemental Rate Filings
Filings To Account for Potential Loss of Federal Cost Sharing Reduction Payments

As the Insurance Department continues its actuarial review of health insurance rate filings for the 2018 coverage year, the long-term funding of Cost Sharing Reduction (CSR) payments to provide financial assistance for consumers has created market uncertainty. As a result, the Department is asking exchange carriers – Anthem and ConnectiCare Benefits, Inc. – to submit a supplemental filing that contemplates the absence of CSR payments for 2018 and to apply that impact only on Silver exchange plans.

“The Department has not made a final determination on rates for 2018. This supplemental filing will give the Department maximum flexibility in making final determinations for health insurance rates on the exchange within the tight time limits and have rates set for open enrollment in November,” Commissioner Katharine L. Wade said.

This supplemental filing is for the CSR issue only. Carriers are not permitted to make changes to any other factors in their existing filings. The supplemental filings must be submitted to the Department by the close of business on Wednesday, August 30.

About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
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