"An Act relating to the Comprehensive Health Insurance Association; granting a 50 percent premium tax credit for assessments against members of the Comprehensive Health Insurance Association; requiring members to provide information to the association's board of directors or the director of the division of insurance; modifying voting rights for the association members by basing their exercise on a member's share of assessments; basing assessments on major medical premiums; modifying the manner of determining members' liabilities for losses; and changing the definition of major medical coverage for purpose of state health insurance and providing for exclusions to major medical coverage. "
"When viewed against the demands of the general fund, the viability of this organization far exceeds those of most other legislation before the legislature. I urge your support of this legislation."
- Rep. Rokeberg
Section 1: Insurers who contribute to ACHIA are entitled to a premium tax credit.
Section 2: Insurers who contribute to ACHIA shall submit reports and provide information required by the board or director.
Section 3: Amends the voting rights section of ACHIA.
Section 4: Clarifies that insurers' contributions to ACHIA are based on the "major medical" premiums they write in Alaska.
Section 5: Amends the way ACHIA determines liability for unpaid assessments for those insurers who cease to do business in the state.
Section 6: An insurer who is required to contribute to ACHIA, may offset 50% of its ACHIA assessment as a tax credit on their premium taxes. The tax credit is applied in the following year based on the previous year's ACHIA assessment.
Section 7: Redefines "major medical."
Section 8: Premium tax credit applied starting January 1, 2007.