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MN SF333

MN SF333
Premium security plan account transfer to the commissioner of commerce removal provision; Commerce commissioner requirement to request the continuation of a state innovation waiver provision; money transfer from the general fund to a premium security plan account authorization


summary

Introduced
01/21/2025
In Committee
02/03/2025
Crossed Over
Passed
Dead

Introduced Session

94th Legislature 2025-2026

Bill Summary

A bill for an act relating to health insurance; removing a transfer from the premium security plan account to the commissioner of commerce; requiring the commissioner of commerce to request the continuation of a state innovation waiver; transferring money from the general fund to the premium security plan account; amending Laws 2017, chapter 13, article 1, section 15, as amended; Laws 2021, First Special Session chapter 7, article 15, section 3, as amended.

AI Summary

This bill addresses several aspects of Minnesota's health insurance landscape, focusing on the state's Premium Security Plan (PSP), which is a reinsurance program designed to help stabilize individual health insurance markets. The bill removes a previous requirement for the Minnesota Comprehensive Health Association to transfer unused state funds from the premium security plan account to the commissioner of commerce, and instead mandates that the commissioner of commerce apply for a continuation of the state innovation waiver from the federal Department of Health and Human Services. Specifically, the commissioner must submit an initial waiver application by December 31, 2026, for benefit years beginning January 1, 2028, clearly stating that the plan's continuation depends on waiver approval. Additionally, the bill authorizes a one-time transfer of $512 million from the state's general fund to the premium security plan account in fiscal year 2026. The legislation also adjusts rate filing requirements for individual health plans, requiring health carriers to include the impact of the Minnesota Premium Security Plan payment parameters in their proposed rates and mandating public access to compiled rate change data. These provisions aim to provide continued support and transparency for Minnesota's individual health insurance market.

Committee Categories

Business and Industry, Health and Social Services

Sponsors (5)

Last Action

Hearing (08:30:00 3/11/2025 ) (on 03/11/2025)

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