-Requires each insurance carrier to file annually the number of lives insured under each plan the carrier offers to small employers (Sec. 4).
-Requires each small insurer to file with the commissioner of insurance a detailed description of its rating practices and renewal underwriting practices and keeps the information confidential unless the commissioner determines to make it public (Sec. 4).
-Requires that all rate increases, except for increases of less than five percent for dental insurance, be submitted to the commissioner for approval sixty days prior to their implementation and allows them to be implemented if the commissioner does not approve or disapprove the rates in sixty days (Sec. 6).
-Imposes a penalty of up to $25,000 on persons or organizations for knowingly withholding information that would affect insurance rates or premiums from the commissioner of insurance or insurance carriers (Sec. 7).
-Requires each insurance carrier to submit a detailed report of costs and other financial information, which the commissioner will publish on the divisions web site (Sec. 9).
-Appropriates $309,985 to implement this study from the division of insurance cash fund (Sec. 10).