1 | Representative Bean offered the following: |
2 |
|
3 | Amendment |
4 | Remove lines 700-715 and insert: |
5 | (6) PRICING.--Prices for the products sold through the |
6 | program shall be transparent to participants and established by |
7 | the vendors based on age, gender, and location of participants. |
8 | The corporation shall develop a methodology to evaluate the |
9 | actuarial soundness of products offered through the program. The |
10 | methodology shall be reviewed by the Office of Insurance |
11 | Regulation prior to use by the corporation. Prior to making the |
12 | product available to individual participants, the corporation |
13 | shall use the methodology to compare the expected health care |
14 | costs for the covered services and benefits to the vendor's |
15 | price for that coverage. The results shall be reported to |
16 | individuals participating in the program. Once established, the |
17 | price set by the vendor must remain in force for at least 1 year |
18 | and may only be redetermined by the vendor at the next annual |
19 | enrollment period. The corporation shall annually assess a |
20 | surcharge for each premium or price set by a participating |
21 | vendor. This surcharge may not be more than 2.5 percent of the |
22 | price and shall be used to generate funding for administrative |
23 | services provided by the corporation and payments to buyers' |
24 | representatives. |