AN ACT REDUCING INSURANCE RATE PREMIUM REQUESTS.

SB 1253 allows Connecticut's Insurance Commissioner to reduce health insurance premium rate requests by up to 2 percentage points if a health carrier's average approved premium increase exceeded the state's health care cost growth benchmark for two consecutive years. This applies to both individual and small group health insurance policies (for businesses with fewer than 50 employees), directly affecting health insurance companies and their policyholders. The bill modifies existing rate review processes by giving the Commissioner authority to impose this specific reduction when premium hikes outpace cost growth, without changing the overall regulatory framework. It does not require new state funding and takes effect January 1, 2026.