According to NAIC, passage of these bills “would reduce premium increases as much as 20% and could encourage some carriers to stay in the market.”
Washington, D.C. - Today, the National Association of Insurance Commissioners (NAIC) announced their support for the provisions of the Alexander-Murray Bipartisan Health Care Stabilization Act and the Collins-Nelson Lower Premiums Through Reinsurance Act. In a letter to U.S. Senators Susan Collins (R-ME), Bill Nelson (D-FL), Lamar Alexander (R-TN), and Patty Murray (R-WA), NAIC noted that these bills would significantly reduce health insurance premiums and help stabilize the individual market.
“Providing reliable federal funding to reimburse health insurance carriers for the Cost-Sharing Reduction (CSR) program assistance they give to low-income consumers and grants for states to establish invisible high risk pools or reinsurance programs would reduce premium increases as much as 20% and could encourage some carriers to stay in the market,” wrote NAIC. “Such funding is not a 'bailout for insurers' as some have argued, but rather goes directly to improving the availability and affordability of health insurance for our most financially vulnerable consumers.”
NAIC also expressed their support for the revisions to the Section 1332 waiver process, which they said “will reduce administrative obstacles to state waiver requests and provide greater flexibility to states to meet the needs of their consumers and stabilize their markets.”
Senator Collins received a commitment from Majority Leader Mitch McConnell (R-KY) in the Congressional Record that both Alexander-Murray and Collins-Nelson will be passed before the end of the year.