Health Insurance Risk Transfer Plan; created. (HB2122)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Virginia Health Reinsurance Pool Act. Establishes the Virginia Health Insurance Risk Transfer Plan as a nonstock corporation, and every health insurance carrier writing health insurance in the Commonwealth, except Medicaid-only health maintenance organizations and certain other carriers, shall be a member. Self-funded health insurance plans may also become members, provided that, if they join the pool, they are required to remain liable for Pool assessments for three years after withdrawing from the Plan. Voting power is allocated based on the number of covered individuals, provided members will have no more than 49 percent of the voting power. The Plan is directed to submit to the Commissioner of Insurance a proposed plan of operation that provides for the creation of a reinsurance pool. Members may cede risk to the reinsurance pool. Plan members ceding a risk to the Pool shall pay the Pool a premium determined by the rules governing the Pool. Amends § 38.2-6300, of the Code of Virginia. View Full Text »
Outcome
History
- 01/08/2007 Committee
- 01/08/2007 Prefiled and ordered printed; offered 01/10/07 070176396
- 01/08/2007 Referred to Committee on Commerce and Labor
- 01/19/2007 Assigned C & L sub: Insurance (Hargrove)
- 01/25/2007 Impact statement from SCC (HB2122)