SB 161 (BR 1777) - T. Shaughnessy
AN ACT relating to the regulation of nonprofit health maintenance organizations by the Office of Insurance.
Amend KRS 304.38-070 to define "nonprofit health maintenance organization" as a nonprofit formed solely by a nonprofit or nonprofits to manage care and process health care claims pursuant to a contract with the Cabinet for Health and Family Services for Medicaid-eligible enrollees, the Medicare Advantage Special Needs Plan, and the Kentucky Children's Health Insurance Program; establish the risk-based capital requirements for a nonprofit health maintenance organization; define "excess capital and surplus" and authorize proportionate distribution of any initial or subsequent investment only from excess capital and surplus to any nonprofit entity or entities that formed the nonprofit health maintenance organization; require that any subsequent return of accumulated capital and surplus, above the risk-based capital requirements and return of investment to the forming nonprofit entity or entities, be made to the Cabinet for Health and Family Services upon request of the cabinet on a form prescribed by the executive director of the Office of Insurance and subject to prior approval by the office; require the annual report required by KRS 304.38-090 to include amounts distributed by a nonprofit health maintenance organization to the Cabinet for Health and Family Services; amend KRS 304.38-090 to conform.
Feb 19-introduced in Senate
Feb 22-to State & Local Government (S)