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1997 SESSION

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SB 955 Accident and sickness insurance; definition.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Accident and sickness insurance; definition. Amends the definition of "accident and sickness insurance" to include "stop loss" coverage agreements issued to self-insured employers and health maintenance organizations, and "excess loss" coverage agreements issued to managed care providers under circumstances where (i) the agreement clearly indicates the extent and duration of the liability assumed by the insurer once the policyholder's liability has been exceeded and (ii) the insurer maintains reserves in accordance with present state law for the liability it assumes under the agreement. This bill will allow the Bureau of Insurance to accept, review and approve stop loss and excess loss agreements which meet these requirements. These agreements are not subject to the requirements of Chapter 34 (Provisions Relating to Accident and Sickness Insurance) or Chapter 35 (Accident and Sickness Insurance Policies).


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