The ASB recently approved an exposure draft of a revision of ASOP No. 8 now titled Regulatory Filings for Health Benefits, Health Insurance, and Entities Providing Health Benefits. Due to the significant number of changes in the rate filing and rate review process due to the Affordable Care Act, revisions to the current ASOP No. 8, Regulatory Filings for Health Plan Entities, were needed as the current ASOP No. 8 did not provide adequate guidance in the current environment.
Revisions to ASOP No. 8 will give guidance to actuaries that must prepare rate filings under more rigorous state and federal requirements for filing health insurance premium rate increases. It also provides further guidance to actuaries reviewing regulatory filings either as peer reviewers or as regulatory actuaries. The comment deadline for the exposure draft is October 15, 2013 and can be viewed under the tab “Exposure Drafts.”