LD 1760 LR 565(01)
An Act To Restore Competition to Maine's Health Insurance Market
Fiscal Note for Original Bill
Sponsor: Rep. Pilon of Saco
Committee: Insurance and Financial Services
Fiscal Note Required: Yes
Fiscal Note
Legislative Cost/Study
Current biennium revenue increase - Other Special Revenue Funds
Minor cost increase - Other Special Revenue Funds
Legislative Cost/Study
The general expenses of two legislators who will serve on the Board of Directors of the Maine Individual High-risk Reinsurance Pool Association are projected to be $840 annually beginning in fiscal year 2007-08.  The Legislature's proposed budget includes $30,000 in fiscal year 2007-08 and $20,000 in fiscal year 2008-09 for legislative studies and other legislative requests.  Whether the amounts are sufficient to fund all studies and other legislative requests will depend on the number of studies authorized by the Legislative Council and the Legislature
Fiscal Detail and Notes
The bill includes a new health maintenance organization assessment of 2% of gross direct premiums to help fund the newly established Maine Individual High-risk Reinsurance Pool.  Preliminary estimates are that the assessment would generate approximately $15 million per year but final estimates have not been completed.  Any additional costs to the Bureau of Insurance in the Department of Professional and Financial Regulation can be absorbed by the bureau utilizing existing budget resources.