Relating to the maximum allowable premium rate increase for small employer health benefit plans.
Impact
The implementation of HB 3120 is expected to enhance consumer protections for small employers and their employees, aiming to ensure that premium increases remain within reasonable limits. This measure intends to foster a more stable insurance market for small employers by curtailing excessive premium hikes that could otherwise burden businesses and their employees. Furthermore, the bill would enable small employers, eligible employees, or their dependents to file complaints with the office of public insurance counsel if they believe that the rates charged are excessive based on the new regulations.
Summary
House Bill 3120 aims to regulate the maximum allowable premium rate increases for small employer health benefit plans in Texas. The bill proposes that any increase in the premium rate charged to a small employer for a new rating period cannot exceed an aggregate percentage that includes a base percentage change plus adjustments for claims experience and changes in coverage. Specifically, increases should not exceed 10% plus any adjustments that may apply, creating a more predictable and manageable framework for small employers in dealing with rising insurance costs.
Contention
Notably, there may be contention surrounding HB 3120 regarding its enforcement and the potential administrative burden it could place on insurance issuers. Proponents of the bill highlight the importance of protecting small employers from unjustified premium increases, while opponents may argue it could limit flexibility in the insurance market. Moreover, the implications of this legislation on overall health insurance dynamics within the state could spark discussions among stakeholders about balancing consumer protections with the operational realities of insurance providers.
Relating to the transfer of functions relating to the economic regulation of water and sewer service from the Public Utility Commission of Texas and the Office of Public Utility Counsel to the Water Public Utility Commission and the Office of Water Public Utility Counsel; creating a criminal offense.
To Create The Election Integrity Unit Within The Attorney General's Office; To Amend The Duties Of The State Board Of Election Commissioners; And To Amend The Law Concerning Violations Of Election Law.
Relating to the continuation and functions of the Finance Commission of Texas, the Texas Department of Banking, and the Department of Savings and Mortgage Lending and to the regulation of certain financial institutions and businesses.
Relating to the continuation and functions of the Finance Commission of Texas, the Texas Department of Banking, and the Department of Savings and Mortgage Lending, to the training requirements applicable to the agencies overseen by the Finance Commission of Texas, and to the regulation of certain financial institutions and businesses.
Relating to a parity complaint portal and educational materials and parity law training regarding benefits for mental health conditions and substance use disorders to be made available through the portal and otherwise; designating October as mental health condition and substance use disorder parity awareness month.