By Julian Pecquet - 08/17/10 06:33 PM EDT
The National Association of Insurance Commissioners (NAIC) on Tuesday overwhelmingly approved the forms that health plans will submit to regulators to report the proportion of premiums they spend on healthcare.
Under the new healthcare reform law, health plans must spend at least 80 percent of premiums in the individual and small-group markets on healthcare (85 percent for large group plans). If they fall short, the plans must offer rebates to their customers.
The NAIC's executive committee approved the forms — called "blanks" — at its annual national meeting in Seattle.
"The form's approval represents the culmination of months of work ... through meetings, conference calls and public comment periods," the NAIC said in a statement. "The Blanks form is just one of many efforts being executed by the NAIC to meet the requirements of the health care law. State regulators and NAIC staff continue to work diligently to execute these efforts in a thorough and transparent manner."