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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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.