Health Insurance Amendment Act

What this bill does

This bill makes changes to Bermuda's Health Insurance Act to give insurance companies more time to pay into the Mutual Re-insurance Fund (extending from 30 to 60 days) and requires them to provide detailed daily lists of who they cover to the government committee that oversees health insurance.

If passed (voted YES)

• Insurance companies and employers with health schemes get an extra 30 days to make their required payments to the Mutual Re-insurance Fund
• Insurance companies must provide daily electronic lists to the government showing exactly who they cover and how much they pay for each person
• The government will have better real-time tracking of who has health insurance coverage in Bermuda

If rejected (voted NO)

• Insurance companies continue to have only 30 days to make Mutual Re-insurance Fund payments
• No new daily reporting requirements for insurance companies - they can continue current reporting practices
• The government continues with existing methods of tracking health insurance coverage

Who it affects

This primarily affects health insurance companies and employers who run their own health insurance schemes, as they will have new reporting requirements and different payment deadlines. All Bermuda residents with health insurance may be indirectly affected through improved government oversight of coverage.