Authorizes the commissioner of insurance to apply for a state innovation waiver to establish and implement a reinsurance program
Impact
If enacted, HB 246 will impact state laws by introducing provisions related to reinsurance programs that can only commence after obtaining federal approval. This will necessitate coordination with federal agencies to ensure compliance with their regulations, specifically concerning how state-level programs can interact with federal healthcare standards. The establishment of a reinsurance program is expected to stabilize the insurance market by mitigating risks associated with high-cost claims, benefiting both insurance providers and consumers alike.
Summary
House Bill 246, introduced by Representative Thibaut, aims to establish a state reinsurance program through the Louisiana Revised Statutes. This bill allows the commissioner of insurance to apply for a state innovation waiver as stipulated in Section 1332 of Public Law 111-148, providing a framework to support stabilization in the health insurance market by leveraging reinsurance. The intention is to create a more sustainable health insurance environment within the state, potentially improving access to coverage and lowering costs for Louisiana residents.
Sentiment
Overall, the sentiment surrounding HB 246 appears to be positive, with a significant majority of legislators supporting the bill during its voting phase—27 yeas to just 1 nay. Supporters of the bill argue that it is a crucial step towards enhancing the health insurance market's viability in Louisiana, demonstrating a collective effort to address ongoing issues regarding healthcare access and affordability. The bipartisan support for the bill suggests a recognition of the importance of health insurance stability amid changing federal healthcare policies.
Contention
Despite the supportive sentiment, some concerns may have been raised regarding the potential implications of depending on federal approval for the reinsurance program. Critics may point out that the bill places limitations on the state's ability to independently manage its health insurance landscape and could lead to delays in implementation if the federal waiver is not granted promptly. The reliance on federal guidance could also introduce complexities in how the reinsurance program is structured and executed, leading to differing opinions on state sovereignty in healthcare matters.
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