Guam Rate Review Grants Award List

Cycle I Grant Application Summary

Guam Grantee: Guam Department of Revenue and Taxation
Award Date: March 29, 2011
Award Amount: $1,000,000

• Pursue Additional Authority: In Cycle I, Guam will seek to obtain authority to publicly post policy forms and rate filings.
• Improve Transparency: Guam plans to create a public website with easy to read language about rate increases, hold public hearings on rate increases, and provide 90 days advanced notice before rate increases take effect.
• Expand the Scope of the Review Process: Guam plans to expand the rate review process to oversee the renewal of health insurance plans in which the carrier plans to increase the premium amounts.
  

Cycle II Grant Application Summary

Guam Grantee: Guam Department of Revenue and Taxation
Award Date: September 21, 2012
Total Award: $2,000,000
Baseline Award: $2,000,000

• Improve the Quality and Expand the Scope of the Review Process: Guam intends to improve its rate review analysis process by hiring two Regulatory Examiners who will review rate increases below 10%. In addition, Guam will continue to contract with actuarial services to review rate increase of 10% or above.
• Develop and Upgrade Technology: Guam plans to improve health insurance premium reporting by upgrading its equipment and software in order to improve data collection and analysis.
  

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