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Committee Hears Competing Views on Bill to Tap Nonprofit Insurer Surplus for Premium Aid
Summary
The Senate Ways and Means Committee heard testimony on SB 5808, which would define 'excess surplus' for nonprofit health carriers and require a 10% payment of that excess to the Office of the Insurance Commissioner to fund Cascade Care premium assistance. Advocates said the bill would help affordability; insurers warned it could undermine reserves and competitiveness.
Senate Ways and Means held a public hearing on SB 5808 on Feb. 19, 2025. Committee staff described a proposed substitute that would define excess surplus for nonprofit health carriers as any surplus above 100 times the statutory minimum net worth and require carriers to pay 10% of that excess to the Office of the Insurance Commissioner (OIC) for deposit into the state health care affordability account to fund the Cascade Care premium assistance program.
Supporters told the committee the obligation is a reasonable step to help…
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