HF 3245 Summary

• Creates the "Interstate Health Insurance Competition Act" allowing out-of-state health insurers to sell plans to Minnesota residents if they comply with Minnesota law, obtain a certificate of authority, and participate in the Minnesota Life and Health Insurance Guaranty Association.

• Establishes a three-year certificate of authority issued by the Commissioner of Commerce, which can be denied, revoked, or suspended if insurers fail to comply with requirements or are in hazardous financial condition.

• Requires out-of-state health insurers to maintain fair marketing standards consistent with domestic insurers and prohibits rules that impose greater responsibilities on out-of-state insurers than domestic competitors.

• Permits health plan companies to offer "flexible benefits plans" that allow modification or exclusion of coverage otherwise required by law, except for maternity benefits and federal requirements, effective January 1, 2012.

• Repeals Minnesota Statutes 2008, section 62L.056 regarding small employer flexible benefits plans, effective January 1, 2012.