Plain English Breakdown
The bill text states regulations may change the July 1 deadline, but does not define what those changes might be.
AB-1929: Health Care Investment Disclosure
This law requires health insurance carriers, service plans, and insurers to annually report their major investment holdings starting July 1, 2027.
What This Bill Does
- Requires Covered California participating carriers to disclose material investment holdings by July 1 each year, beginning in 2027.
- Requires health care service plans and health insurers to disclose material investment holdings to the Department of Managed Health Care or Department of Insurance by July 1 each year, beginning in 2027.
- Orders Covered California and state departments to post these disclosures on their public websites.
- Allows agencies to charge penalties if a company fails to provide the required information.
- Requires agencies to list non-compliant companies online until they follow the rules.
Who It Names or Affects
- Health insurance carriers participating in Covered California
- Health care service plans regulated by the Department of Managed Health Care
- Health insurers regulated by the Department of Insurance
Terms To Know
- Material investment holdings
- The major assets or money that a company has invested.
- Covered California
- The state's official health benefit exchange where people buy insurance plans.
Limits and Unknowns
- Specific rules for what counts as 'material' investments will be set by future regulations.
- Exact penalty amounts are not listed in this summary and depend on other laws or agency decisions.
- The law states no state reimbursement is required, but does not explain the specific reason.