Health insurance trusts-fiscal policy.

12LSO-0117.C2

                                                         

FISCAL NOTE

 

 

 

 

 

 

The bill provides for reporting to and auditing by the Department of Insurance of political subdivisions providing health insurance by self-insuring or through insurance trust plans.  The bill permits the commissioner to impose penalties for noncompliance with the commissioner's requirements as provided for in Wyoming Statute 26-1-107.  The number and amount of penalties will depend on the compliance of the entities being regulated.  The bill also permits the commissioner to decide the scope of the exam and to require the plan or trust to cover all costs of the audit.

 

The bill tasks the Insurance Department with reviewing reports and auditing the self-funded health insurance plans and trusts of political subdivisions.  This new requirement will increase administrative expenses related to regulation and enforcement of the new requirement.  These costs are expected to be minimal.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Kelley Shepp, LSO     Phone: 777-7881

(Information provided by Stephanie Bryant McGee, Insurance Department  Phone: 777-6896)