ARIZONA HOUSE OF REPRESENTATIVES
FIRST REGULAR SESSION - 1999
__________________________________________________________________
__X__ For Committee on BANKING AND INSURANCE
_____ For Committee on
_____ For Caucus and COW
_____ As Passed the House
__________________________________________________________________
Abstract for HB 2627
(insurance; risk pools)
Sponsor: Schottel
Risk pools shift the cost of issuing coverage to high risk
individuals to a separate funding stream. Pools are funded by the
State or by insurer assessments which spread the excess costs of
covering high risk individuals over the whole market.
Provisions:
A.R.S. 42-3052 imposes a luxury tax on the purchase of spirituous
liquors and tobacco products. HB 2627 requires the State Treasurer
to deposit fifteen percent (15%) of all luxury tax monies collected
pursuant to tobacco sales in the health insurance risk pool premium
reduction fund. The Department of Insurance is required to set up
a risk pool and administer the funds in a manner that reduces the
cost for risk pool insurance premiums.
·
Prepared by: Jonathan Dinesman, Isaac Gabriel
hb2627.bi 2/16/99 bh
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