How often must an insurance company re-file their rates with the Connecticut Commissioner of Insurance?

In Connecticut, insurance companies must re-file their rates with the Commissioner of Insurance as necessary to remain compliant with state regulations. The practice typically occurs at least every five years, allowing the Department to monitor and ensure rates are adequate, not discriminatory, and aligned with overall market conditions. This process is crucial for maintaining a competitive and fair insurance market while protecting the interests of consumers.

Re-filing every five years provides a structured timeline for insurers to adjust their rates in response to changing economic environments, risk assessments, and other relevant factors. This frequency helps ensure that premiums remain justifiable and sustainable over time while preventing companies from locking in outdated rates for extended periods.

The other options presented do not accurately reflect the requirements set forth by the Connecticut regulatory framework, which emphasizes the need for periodic review rather than rigid or infrequent filing schedules.