Amends TCA Section 56-4-211.
Under this bill, an insurance company that is subject to the medical loss ratio requirements as set forth in the federal Patient Protection and Affordable Care Act (discussed) will be entitled to a credit against premium taxes collected on policies of insurance subject to the medical loss ratio requirements of 0.25 percent of premiums received by the company in the year for which the premiums are collected. The federal Patient Protection and Affordable Care Act requires certain insurance companies to spend at least 80 percent or 85 percent of the premiums they receive on health care services and activities to improve health care quality. This requirement is also referred to as the medical loss ratio (MLR) requirement.
Under this bill, an insurance company that is subject to the medical loss ratio requirements as set forth in the federal Patient Protection and Affordable Care Act (discussed) will be entitled to a credit against premium taxes collected on policies of insurance subject to the medical loss ratio requirements of 0.25 percent of premiums received by the company in the year for which the premiums are collected. The federal Patient Protection and Affordable Care Act requires certain insurance companies to spend at least 80 percent or 85 percent of the premiums they receive on health care services and activities to improve health care quality. This requirement is also referred to as the medical loss ratio (MLR) requirement.
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