By Dan Goldberg and Nick Niedzwiadek
New York State would be allowed to confiscate money from private
not-for-profit health insurers under Gov. Andrew Cuomo’s latest budget
pitch, a proposal that has left many in the insurance industry
apoplectic.
A draft proposal obtained by POLITICO outlines the idea, which bears a
striking resemblance to an unsuccessful plan proposed by former
Republican Gov. Chris Christie in New Jersey, and one that so far has
little traction with legislators.
The governor’s proposal would apply to not-for-profit prepaid health
service plans — the kind that offer only Medicaid — that have more than
150 percent of the minimum contingent reserve. The minimum contingent
reserve is equal to 7.5 percent of a company’s net premium income.
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Source: Politico (via Empire Report New York)
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