COBI 2015 - Health Insurance Actuary

Overview
Issues
Performance
Financials

Sources Uses

FY 2016 Appropriation

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 History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $157,000 from all sources for Health Insurance Actuary. This is a 6.8 percent increase from Fiscal Year 2015 revised estimated amounts from all sources.

Program funding is used to pay the costs of the actuarial study and is funded from the Health Insurance Actuarial Review Restricted Account.

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Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Programs	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Health Insurance Actuary	90,800	6,500	0	0	150,500	(3,500)	147,000	10,000	157,000
Total	$90,800	$6,500	$0	$0	$150,500	($3,500)	$147,000	$10,000	$157,000

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund, One-time	0	35,000	0	0	0	0	0	0	0
GFR - Health Insurance Actuarial Review	150,000	112,000	147,000	147,000	147,000	0	147,000	0	147,000
Beginning Nonlapsing	0	0	137,800	137,800	284,800	(147,000)	137,800	0	137,800
Closing Nonlapsing	0	(137,800)	(137,800)	(137,800)	(281,300)	143,500	(137,800)	10,000	(127,800)
Lapsing Balance	(59,200)	(2,700)	(147,000)	(147,000)	0	0	0	0	0
Total	$90,800	$6,500	$0	$0	$150,500	($3,500)	$147,000	$10,000	$157,000

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	0	0	0	0	147,000	(7,000)	140,000	10,000	150,000
In-state Travel	0	0	0	0	500	(500)	0	0	0
Out-of-state Travel	0	0	0	0	3,000	(500)	2,500	0	2,500
Current Expense	90,800	6,500	0	0	0	1,500	1,500	0	1,500
DP Current Expense	0	0	0	0	0	3,000	3,000	0	3,000
Total	$90,800	$6,500	$0	$0	$150,500	($3,500)	$147,000	$10,000	$157,000

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Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Budgeted FTE	1	0	1	0	0	0	0	0	0
Actual FTE	1	0	0	0	0	0	0	0	0

COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.