Health care coverage: investments: disclosure.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires health care service plans and health insurers operating in California to annually disclose their significant investment holdings to the state’s regulatory agencies and Covered California. These disclosures must be made available to the public on the agencies’ websites. Failure to comply will result in administrative penalties, and non-compliant entities will be prominently noted on the websites until they meet the disclosure requirements. The bill also extends these disclosure requirements to health insurers.
Key provisions
- Health care service plans and health insurers must annually disclose material investment holdings.
- Disclosures must be submitted to the Department of Managed Health Care or Department of Insurance, as applicable, by July 1st each year.
- The disclosures must be prominently displayed and accessible to the public on the relevant agency’s website.
- A civil penalty of $1,000 per day will be assessed for non-compliance.
- Non-compliant entities must prominently post a notice on their website.
- Initial disclosures must cover the five calendar years prior to January 1, 2027.
- Annual updates to disclosures must include holdings for the immediately preceding calendar year.
- The bill extends these disclosure requirements to health insurers.
Who is affected
- Health care service plans
- Health insurers
- California Department of Managed Health Care
Bill text
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Sponsors
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2 on record
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Cosponsor
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