Large Employer Health Benefit Plan Report

BULLETIN 2023-5 4315 South 2700 West, Suite 2300, Taylorsville, Utah 84129 ● Office (801) 957-9200 ● Facsimile (385) 465-6047 ● insurance.utah.gov State of Utah SPENCER J. COX Governor DEIDRE M. HENDERSON Lieutenant Governor Insurance Department JONATHAN T. PIKE Insurance Commissioner To: Insurers, Producers, and Consultants Offering Large Employer Health Benefit Plans From: Jonathan T. Pike, Insurance Commissioner Date: April 25, 2023 Subject: Large Employer Health Benefit Plan Report The Utah Insurance Department issues this Bulletin to advise insurers, consultants, and producers who offer large employer health benefit plans (plan) of the new reporting requirements under Utah Code §31A-22-728, passed during the legislature's 2023 General Session. Effective January 1, 2024, an insurer who has issued a large employer plan shall, upon request, provide to the large employer, or the large employer’s appointed producer or consultant, the annual report required by § 31A-22-728(3), unless exempt under § 31A-22-728(6). The following shall be provided upon request: 1. After the employer’s first renewal, a report that indicates if the plan’s loss ratio was: a. less than 85%; b. between 85% and 125%; or c. greater than 125%. 2. After the employer’s second renewal, and each subsequent renewal thereafter, a summary of the plan’s aggregate 24-month loss ratio from the immediately preceding two plan years combined. The report is proprietary and may only be shared with a person described in 31A-22-728(5)(a). If you have any questions or comments, please contact the Health & Life Division (801) 957- 9280 or health.uid@utah.gov. DATED this 25th day of April 2023. ________________________________ Jonathan T. Pike Insurance Commissioner