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The Center for Consumer Information & Insurance Oversight

 

Puerto Rico Rate Review Grants Award List

Cycle I Grant Application Summary

Puerto Rico Grantee: Government of Puerto Rico Office of the Commissioner of Insurance
Award Date: March 29, 2011
Award Amount: $1,000,000

  • Pursue Additional Authority: In Cycle I, Puerto Rico plans to seek the authority for the Commissioner of Insurance to analyze health insurance rates.
  • Expand the Scope of the Review Process: Puerto Rico plans to draft three bulletins, called Ruling Letters, designed to make the submission of rate information mandatory through an electronic submission process.
  • Improve Transparency: Puerto Rico plans to enhance their website in order to make information about rate increases and rating trends more accessible to consumers and businesses.


Cycle II Grant Application Summary

Puerto Rico Grantee: Government of Puerto Rico Office of the Commissioner of Insurance
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: Puerto Rico plans to improve its rate review analysis process by performing an actuarial analysis of historic insurance premium rates and rate increases. Puerto Rico will develop the infrastructure necessary to perform more complex actuarial analysis.
  • Improve Transparency: Puerto Rico plans to develop a consumer alert system as well as to improve the search and ad hoc reporting functions on their website.
  • Develop and Upgrade Technology: Puerto Rico will improve health insurance premium reporting by upgrading its current data collection, analysis, and reporting systems.

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