OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sSB-15

AN ACT CONCERNING THE CONNECTICUT HEALTH INSURANCE EXCHANGE BOARD OF DIRECTORS.


OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The bill does not result in a cost to the state or municipalities. The bill will result in a cost to the Connecticut health insurance exchange, Access Health CT1, of at least $500. The cost is the result of two factors: 1) purchase of a surety bond for the additional board member, and 2) potential reimbursable expenses of the new member. Current law requires a $50,000 surety bond for each board member. The cost of a surety bond is between 1-3% of the face value of the bond. In addition, current law does not provide compensation for being a member of the board but does provide reimbursement for expenses incurred for the “performance of official duties.”

The Out Years

State Impact: None

Municipal Impact: None

1 Access Health CT is a quasi-public state agency whose operations are predominately supported through an assessment on insurers.