OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CONCERNING THE RATE APPROVAL PROCESS FOR CERTAIN HEALTH INSURANCE POLICIES.
LCO No.: 8038
File Copy No.: 203
Senate Calendar No.: 157
OFA Fiscal Note
The amendment, which requires the Office of the Health Care Advocate (OHA) to hire a full-time actuary, results in a cost of $145, 484 in FY 11 and $189, 128 in FY 121, to be incurred in equal shares by OHA and the office of the Attorney General.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.
1 The average salary of an insurance actuary is $113, 283. Added to this is the Fringe Benefits for this position of $30, 201 in FY 11 and $73, 345 in FY 12. Other Expenses are anticipated to be $500 in each fiscal year and Equipment of a computer and software will be incurred in FY 11 ($1, 500) .