Notification of Issuers Rate Filing Extension

[LOGO] # MISSISSIPPI INSURANCE DEPARTMENT MIKE CHANEY Commissioner of Insurance State Fire Marshal J. MARK HAIRE Deputy Commissioner of Insurance 501 N. WEST STREET, SUITE 1001 WOOLFOLK BUILDING JACKSON, MISSISSIPPI 39201 www.mid.ms.gov MAILING ADDRESS Post Office Box 79 Jackson, Mississippi 39205-0079 TELEPHONE: (601) 359-3569 FAX: (601) 359-2474 WATS: 1-800-562-2957 (Incoming-USA) # MISSISSIPPI INSURANCE DEPARTMENT BULLETIN 2022-4 TO: ALL ISSUERS ON THE FEDERALLY-FACILITATED MARKETPLACE (FFM) IN MISSISSIPPI FROM: MIKE CHANEY COMMISSIONER OF INSURANCE DATE: AUGUST 16, 2022 SUBJECT: NOTIFICATION OF ISSUERS RATE FILING EXTENSION # I. Purpose This Bulletin provides further guidance for filers of individual plans offered inside the Federally-Facilitated Marketplace (FFM) that wish to issue or renew plans for Plan Year 2023. The United States Congress passed The Inflation Reduction Act on August 12, 2022 and it has been sent to President Biden for his signature. The Inflation Reduction Act maintains the Affordable Care Act (ACA) monthly premium subsidies for plans purchased through the Health Insurance Marketplace. The subsidies will be extended for an additional 3 years through 2025. With the extension of the subsidies, issuers may find it necessary to refile their proposed rate filings for plan year 2023. The Mississippi Insurance Department will allow issuers to refile their proposed rates no later than August 22, 2022. # II. Filing Process Plan rate filings for applicable products should be made via the System for Electronic Rate and Form Filing (SERFF), with rate filings submitted no later than August 22, 2022. Plan Rate filings are expected to comply with the submission requirements outlined in MID Bulletin 2011-7. Please note that companies are encouraged to submit their filings with the Mississippi Insurance Department (MID) in advance of the August 22, 2022 deadline. Companies that wait until the deadline need to understand their filings could fall into a compressed review timeline. Many times during MID's review, companies are asked to respond to questions as well as provide additional information. If the companies are not able to provide the additional information in a timely manner, they run the risk of MID's review of their filing not being complete before the updated HIOS deadline for uploading the rates. Please direct any questions to the Life and Health Actuarial Division at 601-359-2012. Issued this, 16th day of August, 2022. Commissioner Mike Chaney