An Act relative to requiring premium impact statements
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires state agencies that make changes to health care and insurance regulations to provide ‘premium impact statements.’ These statements would detail how the changes are likely to affect consumers’ insurance premiums. The goal is to increase transparency and allow the public to understand the financial consequences of regulatory modifications. This legislation aims to ensure that the public is informed about potential cost increases associated with state-level healthcare and insurance policies.
Key provisions
- State agencies must prepare premium impact statements for certain regulatory changes.
- These statements must outline the anticipated effects on insurance premiums.
- The statements should be made publicly available.
- The bill applies to changes in regulations related to health care and insurance.
- The Massachusetts State Administration and Regulatory Oversight committee will oversee implementation.
Who is affected
- Consumers of health insurance
- Insurance companies
- State agencies involved in healthcare and insurance regulation
- The public
Notable changes
- Currently, there is no requirement for state agencies to assess and disclose the potential impact of regulatory changes on insurance premiums.
- This bill introduces a new process for evaluating and communicating these impacts.
Bill text
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Sponsors
Official sponsors from legislative records.
5 on record
Primary sponsor
Bradley H. Jones Jr.
Cosponsors
Bradley H. Jones Jr.
Kimberly N. Ferguson
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