Premium Security Plan; created, a state-based reinsurance program. (SB845)

Introduced By

Sen. Siobhan Dunnavant (R-Henrico)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Premium Security Plan. Creates the Premium Security Plan (the Plan), a state-based reinsurance program to stabilize premiums for individual health benefit plans sold on the exchange. The measure provides that moneys provided from general fund appropriations and federal funding provided by a state innovation waiver under § 1332 of the Affordable Care Act would be used to partially reimburse insurers for high-cost claims by initially covering 80 percent of an enrolled individual's annual claims costs between $50,000 and $250,000. The Plan will be overseen by the Virginia Health Reinsurance Association, created by this measure. An enactment clause provides that the measure, other than the requirement that the Commissioner of Insurance apply for the state innovation waiver, will become effective 30 days after notice of approval of the waiver request. Amends § 2.2-3705.5, § 38.2-4214, § 38.2-4319, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/15/2018Presented and ordered printed 18104697D
01/15/2018Referred to Committee on Finance
01/29/2018Impact statement from SCC (SB845)
02/12/2018Continued to 2019 in Finance (16-Y 0-N) (see vote tally)
11/30/2018Left in Finance

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