SCC Ramps Up for New Role for Health Insurance Exchange
Wednesday, June 5th, 2013
The State Corporation Commission will assume a new role on July 1 to manage insurance plans that will be sold on a health benefits exchange the federal government will begin operating in Virginia in 2014.
But the commission and its Bureau of Insurance already have taken big steps to get ready for a major shift in the way health insurance policies are underwritten, sold and regulated in Virginia.
he SCC has adopted regulations to manage plans on the exchange and carry out other insurance reforms under the Patient Protection and Affordable Care Act. It also has ordered presentations by participating insurers on July 16 to guard against big increases in rates.
“Given the importance of the cost of health insurance to Virginia’s small businesses and individuals (many of whom are self-employed), the commission intends to review closely, prior to approval, rates for health insurance that may represent a significant impact on small businesses and individuals,” the SCC said in a scheduling order on May 24.
Published: June 5, 2013