Bill > S520

This bill aims to enhance the financial transparency of health insurance carriers in Massachusetts. It requires carriers to submit detailed annual financial statements to the Division of Insurance, including information on premiums, claims, medical loss ratios, membership, administrative expenses, and other financial metrics. The bill also requires carriers providing administrative services to self-insured groups to report on their self-insured customers' financial data. Additionally, the bill establishes a formula for carriers to allocate reserves to risk-bearing provider organizations based on the proportion of risk transferred. The bill also mandates public hearings and reporting for carriers with a risk-based capital ratio exceeding 600%, to ensure the appropriate use of surplus funds. The Commissioner of Insurance is directed to promulgate regulations to enforce these provisions within 90 days of the bill's effective date.

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https://malegislature.gov/Bills/190/S520