Bill
Bill > HB1087
ND HB1087
ND HB1087Premium taxes and credits for insurance companies and the establishment of an invisible reinsurance pool for the individual health insurance market; to provide for a study; to provide a penalty; to provide an appropriation; to provide a continuing appropriation; and to declare an emergency.
summary
Introduced
01/05/2021
01/05/2021
In Committee
03/25/2021
03/25/2021
Crossed Over
02/16/2021
02/16/2021
Passed
03/30/2021
03/30/2021
Dead
Signed/Enacted/Adopted
04/05/2021
04/05/2021
Introduced Session
67th Legislative Assembly
Bill Summary
AN ACT to create and enact two new sections to chapter 26.1-36.7 of the North Dakota Century Code, relating to third-party reinsurance; to amend and reenact sections 26.1-03-17, 26.1-36.7-01, 26.1-36.7-02, 26.1-36.7-03, 26.1-36.7-04, 26.1-36.7-05, 26.1-36.7-06, 26.1-36.7-07, 26.1-36.7-08, 26.1-36.7-09, and 26.1-36.7-10 of the North Dakota Century Code, relating to premium taxes and credits for insurance companies and the establishment of an invisible reinsurance pool for the individual health insurance market; to provide for a study; to provide a penalty; to provide an appropriation; to provide a continuing appropriation; and to declare an emergency.
AI Summary
This bill makes the following key provisions:
1. It amends the North Dakota Century Code to change the premium tax rates and credits for insurance companies writing health insurance in the state. It also establishes an "invisible" reinsurance pool for the individual health insurance market, to be administered by the Reinsurance Association of North Dakota.
2. The reinsurance pool is funded through assessments on insurers writing group health plans in the state, and can access a line of credit from the Bank of North Dakota. The pool will provide reinsurance for individual health plans covering claims between $100,000 and $1 million.
3. The bill allows the state to seek a federal innovation waiver under the Affordable Care Act to help fund the reinsurance program, and appropriates any federal funds received for the administration of the program.
4. The bill also requires the Insurance Department to study the feasibility of expanding the reinsurance pool to cover the small group health insurance market as well.
Overall, the goal of the bill is to help stabilize and lower premiums in North Dakota's individual health insurance market through the establishment of a state-based reinsurance program.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Industry, Business and Labor Committee (Joint)
Last Action
Signed by Governor 04/01 (on 04/05/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.nd.gov/assembly/67-2021/bill-actions/ba1087.html |
| BillText | https://www.legis.nd.gov/assembly/67-2021/documents/21-8053-03000.pdf |
| BillText | https://www.legis.nd.gov/assembly/67-2021/documents/21-8053-01001a.pdf |
| BillText | https://www.legis.nd.gov/assembly/67-2021/documents/21-8053-02000.pdf |
| BillText | https://www.legis.nd.gov/assembly/67-2021/documents/21-8053-01000.pdf |
Loading...