"Taxpayer." An employer who employs directly, or who pays
compensation to individuals whose compensation is reported on
Internal Revenue Service Form 1099, 50 or fewer persons and for
whom the employer provides high deductible health plans, that
include catastrophic health care coverage, which are established
and used with a health savings account under the applicable
provisions of section 223 of the Internal Revenue Code of 1986
(Public Law 99-514, 26 U.S.C. § 223) and in which the employees
are enrolled.
§ 307. Exemption from insurance premium tax.
Insurers shall be exempt from otherwise applicable taxes on
insurance premiums paid by residents for high deductible health
plans eligible to be used with a health savings account under
the applicable provisions of section 223 of the Internal Revenue
Code of 1986 (Public Law 99-514, 26 U.S.C. § 223).
§ 308. Duties of Insurance Commissioner.
The Insurance Commissioner shall:
(1) Develop flexible guidelines for coverage and
approval of health savings account eligible high deductible
plans designed to qualify under Federal and State
requirements as high deductible health plans for use with
health savings accounts.
(2) Encourage and promote the marketing of health
savings account eligible high deductible plans by accident
and sickness insurers. Nothing in this section shall be
construed to authorize the sale of insurance in violation of
requirements relating to the transaction of insurance or
prohibiting the interstate sale of insurance.
(3) Conduct a study of health savings account eligible
high deductible plans available in all other states and
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