3106

A Health Plan and Insurance Rates Reviewing Board is hereby created, which shall have the power to regulate, supervise and approve the rates on account of premiums charged by persons, providers, health services organizations and health plans. If the negotiation between the parties involved should lead to an increase in deductibles or co-payments, premiums or rates, the parties shall notify the Insurance Commissioner, the Advocate for Patients, the Ombudsman, and the Department of Health, and obtain authorization for such an increase before the same is rendered effective. This panel shall also have the authority to address any unilateral act which entails an increase in premiums or a reduction in coverage and/or services, which shall be reviewable in its entirety by the Board created in this chapter. All of these entities are to approve such an increase.\nHistory —Ins. Code, added as § 31.060 on Aug. 8, 2008, No. 203, § 1, eff. 90 days after Aug. 8, 2008.