Section 1 provides definitions for purposes of the bill. A "unified personal health premium account" or "account" is a trust account created to receive funds from multiple sources for the payment of health premiums.
Section 2 requires registration with the commissioner of commerce to administer an account and specifies that administrators must be insurance agents, third party administrators, banks or credit unions. Fees for registration are specified.
Section 3, subdivision 1 require administrators of accounts to conduct business under a written contact and to maintain certain records. Insurance paid for through the account is not an employer sponsored plan subject to group insurance regulation. Subdivision 2 regulates the trust accounts, allowing contributions to be made from any source, and allowing restriction on use of the funds to payment of health insurance premiums.
Section 4 requires the commissioner of human services to enter agreements under which the accounts could receive public subsidy funds for the Healthy Minnesota program.
Section 5 is a conforming change
Section 6 establishes a private sector task force to identify and evaluate existing internet-based tools for purchasing health insurance, develop recommendations to enhance the capacity of these tools, and report to the legislature on any state action needed to implement them.
Section 7 repeals provisions related to insurance agent and small employer prohibited practices in the small employer health insurance market.
Section 8 makes the act effective the day following final enactment.