On March 11th, principals of Marlborough, Connecticut-based Diversified Group, participated in a lobby day in Albany, New York. The grassroots effort, organized by the Self Insurance Institute of America, was held to give SIIA members and allied stakeholders an opportunity to communicate directly with key legislators about the need to protect the ability of employers of fewer than 100 to purchase stop-loss insurance, thereby preserving their ability to partially self-insure their group health care benefit plans.
The day began with a 7:30am breakfast and briefing at the Albany Hilton near the State Capitol. Addresses from sponsors of A.1154 and S.2366 followed. After the keynotes, Diversified Group and other SIIA members met with Assembly Members, Senators, administrative staff and regulators to answer questions and emphasize the importance of stop loss coverage to employers of 50 or more.
New York State prohibits insurance carriers from writing stop loss coverage for “small groups.” Under current law, the largest “small employer” will increase from 50 to 100 effective January 1st, 2016 and employers of 51-100 will lose access to stop loss insurance. This stop loss ban can affect individual employers as well as employers insured through a captive. What A.1154/S.2366 will do is maintain the current state law and ensure no business loses access to stop loss coverage.
Founded as an independent Third Party Administration (TPA) firm in 1967 and dedicated to the premise that self-funded plans are the most cost effective and transparent health insurance option for employers, Diversified Group provides comprehensive and cost effective approaches to employee health care.