Office Announces Public Hearing on Market Impact of Federal Health Care Legislation
TALLAHASSEE, Fla. – Insurance Commissioner Kevin McCarty today announced the Office of Insurance Regulation (Office) will hold a joint public hearing with the Florida Health Insurance Advisory Board (FHIAB). These entities will use the hearing as an opportunity to gather information related to federal health care implementation and its potential impact on Florida, specifically as it relates to the Medical Loss Ratio (MLR).
"Although very technical, the Medical Loss Ratio requirements included in the recently passed federal health reform legislation could dramatically alter the health insurance marketplace," remarked Commissioner McCarty. "This public hearing is intended to be a fact-finding exercise to determine the potential impact of federal MLR requirements on the health insurance marketplace."
The FHIAB will hold a meeting to conduct its regular business from 1 - 3pm Tuesday, May 4, 2010, in Orlando, FL, at the Orange County Commission Chamber. This will include an overview of the federal health reform legislation. The meeting is open to the public. Commissioner Kevin McCarty is the Chair of this advisory board vested with the responsibility of making recommendations to the Governor and Florida Legislature on health insurance issues.
Following the regular meeting, the Office will host a joint public hearing with FHIAB from 4 - 7pm to discuss the impact of the MLR requirements, especially as it pertains to the individual health insurance marketplace. The MLR is the percentage of health insurance premiums dedicated to payment of medical expenses and quality improvement. The federal health reform legislation recently passed by Congress requires health insurance companies to maintain minimum loss ratios for major medical insurance. The hearing transcript may be submitted to the U.S. Department of Health and Human Services in response to its rulemaking efforts. The hearing will include panel discussions as well as public testimony. Interested parties are encouraged to submit written testimony for the public hearing to FHIAB Executive Director Torre Grissom at edFHIAB@gmail.com
prior to the hearing.
About the Florida Health Insurance Advisory Board (FHIAB)
The Florida Legislature established the Board in 1992 to promote the availability of health care coverage to small employers. In 2005, the Board’s responsibilities expanded to include an advisory role on health insurance issues to executive departments in Florida and the Florida Legislature. Insurance Commissioner Kevin McCarty is the chairman of the FHIAB. For information about the FHIAB, please visit http://www.floir.com/Sections/LandH/FHIAB.aspx