New law will help protect against insurance premium hikes

STATE HOUSE – Legislation passed by the General Assembly to help keep health insurance premiums down has been signed into law.

The legislation (2018-S 2934A, 2018-H 8351), called the Rhode Island Market Stability and Reinsurance Act and sponsored by Senate Health and Human Services Committee Chairman Joshua Miller and Rep. John G. Edwards, is meant to help stabilize health insurance rates and premiums in the individual market and to provide greater financial certainty to consumers. Reinsurance helps reduce the size of premium increases by paying for some of the most expensive claims for some consumers in the individual market.

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