Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 105/7.1

(215 ILCS 105/7.1)

Sec. 7.1.

Premiums.

(a) The Board shall establish premium rates for coverage as provided in
subsection (d) of this Section.

(b) Separate schedules of premium rates based on sex, age, geographical
location, and benefit plan shall apply for individual risks.

(c) The Board may provide for separate premium rates for optional family
coverage for the spouse or one or more dependents who reside together in any
eligible individual's or eligible person's household.  The rates for each
spouse or dependent who
qualifies to be covered under this optional family coverage shall be such
percentage of the applicable individual Plan rate as the Board, in accordance
with appropriate actuarial principles, shall establish.

(d) The Board, with the assistance of the Director and in accordance with
appropriate actuarial principles, shall determine a standard risk rate by using
the average rates that individual standard risks in this State are charged by
at least 5 of the largest health insurance issuers providing individual health
insurance coverage to residents of Illinois that is substantially similar to
the coverage offered by the Plan.  In determining the average rate or charges
of those health insurance issuers, the rates charged by those issuers
shall be actuarially adjusted to determine the rate or charge that would have
been charged for benefits similar to those provided by the Plan.  The standard
risk rates
shall be established using reasonable actuarial techniques and shall reflect
anticipated claims experience, expenses, and other appropriate risk factors for
such coverage.

(e) Rates for Plan coverage shall not be less than 125% nor more than 150%
of
rates established as applicable for individual standard risks pursuant to
subsection (d).

(Source: P.A. 90-30, eff. 7-1-97.)