Harrisburg – The Pennsylvania Senate Banking and Insurance Committee, chaired by Senator Mario Scavello (R-40), today approved legislation to create an authority to operate a state-based health insurance exchange for Affordable Care Act individual market plans.
House Bill 3 will also permit the Commonwealth to apply for a waiver to create a reinsurance program to drive down premium increases in the individual market. The federal government has provided greater flexibility and opportunities for states through such waivers.
“This is a defining moment for our Commonwealth that we’ve taken the responsibility rather than depend on the federal government for us here at the state level,” Scavello said. “I believe we will see better insurance premiums for our residents.”
The committee also approved House Bill 1016, amending the Insurance Company Law of 1921 to provide for regulatory oversight of fraternal benefit societies’ solvency.
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