HARTFORD, Conn. (AP) — The Connecticut Insurance Department approved rates for both individual and small group insurance plans that will be offered under the state's new health insurance exchange, beginning this fall.

While the ultimate cost to an individual or small employer will depend on a variety of factors, such as location in Connecticut, the average rates in some cases were lowered following the extensive actuarial review by the department.

"This is good news because our preliminary analysis indicates that many residents in Connecticut may actually see their insurance rates go down, while for those who may see increases, they will be far less than was predicted even just a few months ago," said Kevin Counihan, CEO of Access Health CT, Connecticut's health insurance exchange.

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