| SB 0172 | The Dept. of Insurance May Regulate Certain Stop-Loss Insurance Policies |
| Sponsor: | Curls | |||
| LR Number: | S0688.01I | Fiscal Note: | 0688-01 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 01/29/97 - Hearing Scheduled But Not Heard S Insurance & Housing Com. | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1997 | |||
SB 172 - This act regulates a stop loss insurance policy as a health insurance policy if the stop loss policy has an attachment point lower than $10,000. A stop loss policy is an insurance policy held by a self-insured business to cover any expenses (health costs) over a set attachment point.
An alternate calculation for evaluating stop loss policies is made for employer groups. This calculation varies according to the number of employees and expected claims.
The Director of Insurance may change the dollar amount of $10,000 in accordance with the consumer price index. Further rules may be adopted by the Director to define when a stop loss policy is really a health insurance policy. Actuarial compliance forms shall be filed by an insurer each March 15th.
The act applies to policies issued or renewed after January
1, 1998.
MIKE HOEFERKAMP