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Senators press regulator on several state insurance funds, transfers and a growing exchange surplus
Summary
Committee members questioned the Department of Banking and Insurance about the health insurance affordability fund, reinsurance/premium security fund, and the exchange trust fund surplus and the authority to change fees or transfer balances.
Senators on the Budget and Appropriations Committee pressed Commissioner Justin Zimmerman on May 1 about multiple state insurance-related funds, why money is being transferred among them, and whether legislative approval is required to change tax or fee rates that fund the state marketplace.
Zimmerman explained that the health insurance affordability fund (sometimes shortened in testimony to the “HIYA” or affordability fund) helps finance the state reinsurance program and state subsidies so those programs do not rely on the general fund. He described the transfers as written into the statutes and budget design: federally…
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