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Senator Wicklund proposes direct premium subsidy as alternative to reinsurance; committee approves amendments and refers bill
Summary
Senate File 10 24 would create a MNsure-administered premium subsidy meant to replicate reinsurance's roughly 20% premium-lowering effect, sponsor Senator Wicklund said.
Senator Wicklund introduced Senate File 10 24 as an alternative to the state's reinsurance program, proposing a direct premium subsidy for people buying individual-market coverage and asserting the subsidy would replace reinsurance's roughly 20% effect on underlying rates. "The subsidy is set at 20% because it is meant to replace the effect of the reinsurance program," Wicklund said, adding the plan would be administered by MNsure so consumers see the discount while shopping.
Olivia Bergen, an organizer with Isaiah in Rochester, testified in favor and said reinsurance "has been a $1,000,000,000 giveaway to insurance companies" and that a…
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