Raised Bill No. 5377 is a legislative proposal aimed at amending the Connecticut Health Insurance Exchange's operations, with an effective date of October 1, 2024. The bill seeks to redefine the purpose of the exchange as a public entity, allowing for the use of public funds to achieve its goals of reducing the uninsured population and aiding individuals in obtaining health insurance. It grants the exchange various administrative powers, such as maintaining offices, employing staff, and managing property. Significantly, the bill introduces new requirements for the exchange to hold public meetings and obtain legislative approval before imposing or altering assessments or user fees on health carriers. Additionally, the bill mandates that any proposed severance or nondisclosure agreements must also receive legislative approval.

The bill further outlines the exchange's authority to impose interest and penalties on health carriers for late payments and clarifies the process for appealing administrative actions. It requires the exchange to comply with state and federal laws when making loans to its subsidiaries and ensures that its actions do not conflict with the Affordable Care Act. The bill also stipulates that the exchange must submit any proposed financial changes or agreements to the General Assembly's insurance committee for review and approval, with a sixty-day window for the committee's decision, after which unapproved proposals are considered rejected. The chief executive officer of the exchange is responsible for reporting non-compliant health carriers to the commissioner, who will enforce compliance. The bill emphasizes increased transparency and legislative oversight in the exchange's financial and contractual dealings.

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