OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-1041
AN ACT CONCERNING HEALTH CARE SHARING PLANS AND
HEALTH CARE SHARING MINISTRIES.
Primary Analyst: MP 4/6/21
Contributing Analyst(s):
Reviewer: RJW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 22 $ FY 23 $
Insurance Dept. GF - Potential
Revenue Gain
Minimal Minimal
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill results in a potential minimal revenue gain to the General
Fund to the extent additional fines or penalties are assessed for
violations of the Connecticut Unfair Insurance Practices Act (CUIPA)
or other insurance statutes. The bill prohibits anyone from receiving
any compensation for selling, negotiating, or administering a health
care sharing plan and makes such actions a violation of CUIPA.
CUIPA fines can range from $5,000 per violation up to a maximum of
$250,000 in aggregate penalties per offender in any six-month period.
There could also be minimal additional penalties from anyone licensed
by the Insurance Department that conducts business with a health care
sharing plan or ministry.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future.
Sources: Connecticut Insurance Department