Poor Children-Health Insurance Fund (language only)

Item 325.1 #1c

Language
Page 231, after line 34, insert:
"325.1   Virginia Children's Medical Security Insurance Plan Trust Fund ... a sum sufficient
Pilot and Demonstration Services (xxxxx) ... a sum sufficient
Fund Sources: Dedicated Special Revenue ... a sum sufficient
Authority:  Title 32.1, Chapter 13, Code of Virginia.
Contingent upon passage of House Bill 2682 and as provided therein, the State Corporation Commission shall annually, on or before June 30, 1998, and each year thereafter, calculate the premium differential between:  (i) 0.75 percent of the direct gross subscriber fee income derived from eligible contracts, and (ii) the amount of license tax revenue generated pursuant to subdivision A4 of §58.1-2501 for the immediately preceding taxable year and notify the Comptroller of the Commonwealth to transfer such amounts to the Virginia Children's Medical Security Insurance Plan Trust Fund as established on the books of the Comptroller."

Explanation
(This amendment deposits revenues from the premium tax differential on Trigon (Senate Bill 1112/House Bill 2887) into a new trust fund that would provide health insurance for poor children, contingent upon passage of House Bill 2682. As specified in the bill, the Department of Medical Assistance Services is required to develop a proposal for the new health insurance plan by December 1, 1997. Actual implementation of the plan would not occur until regulations are adopted in the 1998-2000 biennium.)