An Act to redirect excessive health insurer reserves to support health care needs

This bill directs the Massachusetts Division of Insurance to charge health insurance companies an assessment if their financial reserves exceed 525% of their required risk-based capital. The collected funds, totaling $300 million, would be split equally between the Behavioral Health Trust Fund and the COVID-19 Public Health Emergency Hospital Relief Trust Fund to support healthcare delivery and hospital relief. Insurance carriers with excess reserves would be liable for the payment, and the bill includes provisions for late fees and penalties if payments are not made on time. The requirement to collect these assessments is set to expire on December 31, 2025.