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Senate adopts changes to HB294, adding 3-year sunset to statewide risk-adjuster after heated debate
Summary
After hours of debate over whether to force insurers outside the exchange into a statewide risk-adjuster, the Utah Senate passed House Bill 294 as amended, adding a three-year sunset on the statewide mechanism set to take effect Jan. 1, 2013; the final vote was 23–4 with two absent.
The Utah Senate passed House Bill 294 as amended on March 1, 2010, after extended floor debate over whether a statewide risk-adjuster should apply to insurers both inside and outside the state’s insurance exchange. The Senate adopted Amendment 13, which implements the statewide risk-adjuster with an effective date of Jan. 1, 2013, and automatically sunsets the mechanism three years later unless the Legislature extends it.
The bill’s sponsor, Senator Niederhauser, told colleagues the risk adjuster is intended to bring pricing parity between products sold inside the exchange and those sold outside it. "We want to keep everybody at the table and working through these differences," he said, arguing the board is made up primarily of industry representatives…
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