Provides definitions pertaining to Connector Seal of Approval for private insurace plans.
Connector Seal of Approval
Sets the factors used to set premiums for the merged individual and small group market. This section establishes a maximum rate band range from .66 to 1.32 for the following factors: age, industry rate, participation-rate rate, wellness program rate, and tobacco use rate. Additionally, carriers can apply only the following factors outside the rating band in establishing premiums: benefit level, geographic region, adjustment factor for an eligible individual and a small group, and group size. Additionally, requirements are laid out for which carriers with 5,000 or more members will be required to file a plan annually with the Connector to be considered for the "Connector Seal of Approval."
Establishes criteria for Connector Seal of Approval product specifications.
Establishes the criteria that health insurance plans must meet to receive the Seal of Approval and be offered through the Connector.