Loading chat...
AL SB391
Bill
Status
4/13/2021
Primary Sponsor
Shay Shelnutt
Click for details
AI Summary
-
Authorizes the Commissioner of Insurance to establish the Alabama Health Insurance Exchange Fund to facilitate purchase and sale of qualified health plans in the individual market as an alternative to the federal exchange under the Affordable Care Act.
-
Grants the Commissioner authority to apply for federal Section 1332 innovation waivers to establish a state-based reinsurance program for the individual health insurance market to stabilize premiums and rates.
-
Establishes the Alabama Health Insurance Exchange Fund and Reinsurance Fund as special funds within the State Treasury, dedicated exclusively for exchange and reinsurance program operations.
-
Requires annual audits, financial reports, and public disclosure of exchange and reinsurance program activities to the Governor and legislative committees.
-
Amends Sections 10A-20-6.16 and 27-21A-23 of Alabama Code to make health care service corporations and health maintenance organizations subject to the "act adding this language," establishing regulatory oversight under this bill.
Legislative Description
Insurance, state health insurance exchange, Commissioner of Insurance to estab. for individual coverage, Comm. to apply to fed. gov't for waivers for reinsurance program relating to this act, Secs. 10A-20-6.16, 27-21A-23 am'd.
Insurance Department
Last Action
Read for the first time and referred to the Senate committee on Banking and Insurance
4/13/2021