California’s top insurance regulator says health insurers that have huge operating profits due to COVID-19 should provide partial premium funds.
Ricardo Lara, the state’s insurance commissioner, has issued a notice asking issuers of major medical insurance and of specialty health insurance product to return unusual, COVID-19-related profits to the customers, through cash payments, premium credits or premium reductions.
The Affordable Care Act now prohibits major medical insurance issuers from imposing annual caps on coverage for essential health benefits, but issuers of other types of health insurance products, such as dental insurance, could provide the refunds by increase an enrollee’s 2021 annual benefits maximum, according to the notice.
- A copy of the California notice is available here.
- An article about how Centene’s chief executive officer sees the COVID-19 pandemic is available here.
Lara issued the notice earlier this week. He addressed it to