Rate Review

A process that allows state insurance departments to review rate increases before insurance companies can apply them to you.

Review by insurance regulators of proposed premiums and premium increases. During the rate review process, regulators examine proposed premiums to ensure that they are sufficient to pay all claims, that they are not unreasonably high in relation to the benefits being provided, and that they are not unfairly discriminatory to any individual or group of individuals. Minnesota's health insurance rate review requirement is outlined in Minn. Stat. 62A.02 and 62A021.