The National Association of Insurance Commissioners' executive committee/plenary has overwhelmingly approved the medical loss ratio blanks proposal to implement a provision of the Patient Protection and Affordable Care Act.
Blanks are the forms submitted by insurance companies to report financial information to state regulators. Regulators will then review this data to calculate MLR and any rebate required under the new federal law.
The forms' approval represents the culmination of months of work by the health reform solvency impact subgroup through meetings, conference calls and public comment periods. The executive committee adopted the final blanks proposal at their national meeting on Aug. 17 in Seattle.
The NAIC is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. Its overriding objective is to support state insurance regulators in their consumer protection efforts and maintain the financial stability of the insurance marketplace.
The approved blanks will be available this week on the NAIC website.