Bill
Bill > H1031
MA H1031
To redirect excessive health insurer reserves to support health care needs
summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
By Representative Gregoire of Marlborough, a petition of Danielle W. Gregoire and Mindy Domb that the Division of Insurance be authorized to impose an assessment to support expenses associated with the delivery of health care services. Financial Services.
AI Summary
This bill authorizes the Division of Insurance to impose an assessment on health insurance carriers to support the delivery of healthcare services. The assessment will be based on the net worth surplus of carriers exceeding 525% of their risk-based capital, as determined by the Division in consultation with other state agencies. The bill requires the Division to establish regulations for calculating, paying, and enforcing the assessment, including provisions for interest and penalties on unpaid amounts. The total assessment amount is set at $300 million, with $150 million each to be transferred to the Behavioral Health Trust Fund and the COVID-19 Public Health Emergency Hospital Relief Trust Fund. This provision will sunset on December 31, 2025.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Accompanied a study order, see H4691 (on 05/30/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/193/H1031 |
| BillText | https://malegislature.gov/Bills/193/H1031.pdf |
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