The bill amends Section 42-14.5-3 of the Rhode Island General Laws, enhancing the responsibilities of the health insurance commissioner. Key insertions include the requirement for the commissioner to conduct quarterly public meetings to discuss health insurers' rates and operations, make recommendations to the governor and finance committees, and establish a consumer/business/labor/medical advisory council. This council will focus on developing proposals for affordable small business health insurance and creating a complaint process for small businesses facing rate increases. The commissioner will also analyze the Rhode Island affordable health plan reinsurance fund and study the impacts of changes in the health insurance markets.

Additionally, the bill introduces provisions aimed at improving the prior authorization process for medical services and prescription drugs, ensuring transparency and timely notifications. It mandates that population-based contracts include budget agreements with prior approval from the commissioner for significant cost increases. The bill also emphasizes the need for comprehensive analyses of social and human service programs, with findings reported to the General Assembly. Notably, the bill includes new legal language that requires the Office of the Health Insurance Commissioner to review and approve hospital contracts if cost increases exceed the Consumer Price Index, with a cap on increases starting in 2025. Overall, the bill seeks to enhance the efficiency and effectiveness of the health insurance system in Rhode Island while ensuring better access to care.