Agency: Insurance

Line Item: Health Insurance Actuary

Function

Under 31A-30-115, Actuarial review of health insurance plans, the department is required to conduct an actuarial review of rates submitted by small employer carriers to determine compliance with UCA 31A-30-202.5(1)(b). The review is to verify the validity of the rates, underwriting and risk factors, and premiums of plans both inside and outside the Health Insurance Exchange and to verify that insurers are pricing similar health benefits in like manners. The cost of the actuarial review is currently being covered by a federal grant. Historically the cost has been covered by the Health Insurance Actuarial Review Restricted Account.

Funding Detail

Program funding is used to pay the costs of the actuarial study and is funded from the Health Insurance Actuarial Review Restricted Account. H.B. 2003 - Insurance Amendments passed in the 2011 Second Special Session after the publication of the 2012 Appropriations Report. The bill appropriated $35,000 General Fund One-time. Funds are included in the table below. However, the $35,000 was reduced from the Health Insurance Actuary Budget during the 2012 General Session.