HB1037
To Establish The Right To Start Pilot Program For Healthcare Portability.
Last Action (Dec. 15, 2022): Recommended for study in the Interim by Joint Interim Committee on INSURANCE & COMMERCE- HOUSE
Sponsors
AI-Generated Summary
House Bill 1037 creates the 'Right to Start Pilot Program for Healthcare Portability' under the Arkansas Insurance Commissioner. The bill aims to support new small business owners by providing access to statewide group health insurance benefits and specific tax support for the first three years of business operations. The Insurance Commissioner is tasked with developing eligibility criteria, creating an application process, and promulgating the necessary rules to implement the program. Participating entrepreneurs are required to file annual reports detailing their business status, employee count, insurance claims, and the economic impact of the provided tax support. Additionally, the Secretary of State is mandated to notify individuals forming new small businesses about the availability of this program. The legislation mandates that the rules for this program be adopted by January 1, 2024, or as soon as practicable thereafter.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are individuals starting new small businesses in Arkansas who may struggle with the cost or availability of health insurance during their early years of operation. By providing access to group health insurance and tax support, the bill aims to reduce the financial barriers to entry for these entrepreneurs.
Who Might Suffer?
The bill could potentially impact the state budget, as tax support and the administration of the pilot program would require financial resources. Additionally, if the program is funded through existing insurance pools, there could be concerns regarding the financial stability or premiums of current insurance risk pools, though the specific mechanisms for funding are deferred to the Insurance Commissioner.
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