§ 42-157-4 — § 42-157-4. Financing.

Rhode Island § 42-157-4

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-157: Rhode Island Health Benefit Exchange

Text

§ 42-157-4. Financing.

(a) The department is authorized to assess insurers offering qualified health plans and qualified dental plans. To support the functions of the exchange, insurers offering qualified health plans and qualified dental plans must remit an assessment to the exchange each month, in a timeframe and manner established by the exchange, equal to three and one-half percent (3.5%) of the monthly premium charged by the insurer for each policy under the plan where enrollment is through the exchange. Revenues from the assessment shall be deposited in a restricted receipt account for the sole use of the exchange and shall be exempt from the indirect cost recovery provisions of § 35-4-27.

(b) The general assembly may appropriate general revenue to support the annual budget for the exchange in lieu of or to supplement revenues raised from the assessment under subsection (a) of this section.

(c) If the director determines that the level of resources obtained pursuant to subsection (a) will be in excess of the budget for the exchange, the department shall provide a report to the governor, the speaker of the house, and the senate president identifying the surplus and detailing how the assessment established pursuant to subsection (a) may be offset in a future year to reconcile with impacted insurers and how any future supplemental or annual budget submission to the general assembly may be revised accordingly.

Legislative History

P.L. 2015, ch. 141, art. 18, § 2; P.L. 2019, ch. 88, art. 11, § 2.