The National Association of Insurance Commissioners has approved guidelines for implementing new provisions for medical loss ratios under the Patient Protection and Affordable Care Act, according to an NAIC news release.
The association approved a form, which it refers to as a blank, which is used by insurance companies to report financial information to regulators.
The PPACA requires large group insurers to spend at least 85 percent of their premiums on medical care, while small and individual insurers must spend 80 percent. Insurers that fall below these thresholds will be required to provide rebates to insurers.
The NAIC also approved amendments to the blank that will narrow the types of costs that can be considered "quality improvement costs" in the medical loss ratio and that will expand the definition of "wellness and health promotion activities" to include joint public health marketing campaigns with state or local health departments, according to an AHA News Now report.
Read more coverage on healthcare reform:
- HHS Awards $46M in Grants to Crack Down on Unreasonable Insurance Rate Hikes
- Compliance With Health Reform Law Could Cost Insurers More Than Expected
The association approved a form, which it refers to as a blank, which is used by insurance companies to report financial information to regulators.
The PPACA requires large group insurers to spend at least 85 percent of their premiums on medical care, while small and individual insurers must spend 80 percent. Insurers that fall below these thresholds will be required to provide rebates to insurers.
The NAIC also approved amendments to the blank that will narrow the types of costs that can be considered "quality improvement costs" in the medical loss ratio and that will expand the definition of "wellness and health promotion activities" to include joint public health marketing campaigns with state or local health departments, according to an AHA News Now report.
Read more coverage on healthcare reform:
- HHS Awards $46M in Grants to Crack Down on Unreasonable Insurance Rate Hikes
- Compliance With Health Reform Law Could Cost Insurers More Than Expected