Bill > S647

This bill amends the state's insurance laws to require health insurance carriers to submit an annual comprehensive financial statement to the Division of Insurance. The statement must include detailed information on the carrier's direct premiums earned, direct claims incurred, medical loss ratio, number of members and groups covered, net income, surplus, reserves, and various expense categories. Carriers providing administrative services to self-insured groups must also report on those customers. The Division is required to hold public hearings for carriers with a risk-based capital ratio exceeding 600%, and the Commissioner can waive certain reporting requirements. The bill also directs the Commissioner to promulgate regulations to enforce these provisions.

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https://malegislature.gov/Bills/192/S647