SC State Updates - 2015 Jan 05 No.01

On Mar. 29, 2016, Director of Insurance Farmer issued Bulletin Number 2016-01 related to the Feb. 29, 2016, CMS announcement of an additional one-year extension to the transitional policy for non-PPACA-compliant health benefit plans (as covered in the March 8, 2016, edition of Compliance Corner). The Department of Insurance previously announced – in Bulletin Number 2013-12, covered in the Dec. 17, 2013, edition of Compliance Corner – that insurers in South Carolina could renew non-PPACA-compliant plans, as long as certain conditions are met. Bulletin 2014-05 allowed a two-year CMS extension for South Carolina insurers, and explained additional requirements for insurers. Bulletin Number 2016-01 now allows an additional one-year extension under conditions explained in these prior bulletins.

The transitional policy permits issuers in the individual and small group markets to renew non-grandfathered policies that had plan or policy years beginning on or before December 31, 2013. Such coverage may now be renewed for plan or policy years starting between January 1, 2014 and October 1, 2017, so long as all policies end by December 31, 2017. Accordingly, health insurance issuers may early renew or amend the coverage term in order to permit consumers and small employers to maintain such coverage until December 31, 2017.

Bulletin Number 2016-01 »