AB 1929: Health care coverage: investments: disclosure.

Session Year: 2025-2026
House: Assembly
Latest Version Date: 2026-06-15

Current Status:

In Progress

(2026-06-29: Withdrawn from committee.)

Introduced

In Committee

First Chamber

In Committee

Second Chamber

Enacted

Version:

Existing federal law, the Patient Protection and Affordable Care Act (PPACA), requires each state to establish an American Health Benefit Exchange to facilitate the purchase of qualified health benefit plans by qualified individuals and qualified small employers. Existing state law creates the California Health Benefit Exchange, also known as Covered California, to facilitate the enrollment of qualified individuals and qualified small employers in qualified health plans offered by participating carriers as required under PPACA.

This bill would require a carrier participating in the Exchange to annually disclose its material investment holdings to the Exchange on or before July 1 of each year, unless otherwise specified by regulation, beginning on July 1, 2027. The bill would require the Exchange to prominently display, and make accessible to the public, those disclosures on its internet website. If a carrier fails to comply with the disclosure requirements, the bill would require the Exchange to assess an administrative penalty against the carrier, as specified. The bill would require the Exchange to prominently post the carriers noncompliance status on its internet website until compliance is achieved.

Existing law, the Knox-Keene Health Care Service Plan Act of 1975, provides for the licensure and regulation of health care service plans by the Department of Managed Health Care, and makes a willful violation of the act a crime. Existing law requires a health care service plans assets to be invested in a prudent manner and requires the Director of the Department of Managed Health Care to determine the acceptability of a health care service plans investments, as specified. Existing law provides for the regulation of health insurers by the Department of Insurance. Existing law regulates the types and amounts of investments that insurers are authorized to make, as specified.This bill would require a health care service plan or health insurer to annually disclose its material investment holdings to the Department of Managed Health Care or Department of Insurance, as applicable, on or before July 1 of each year, unless otherwise specified by regulation, beginning on July 1, 2027. The bill would require the departments to prominently display, and make accessible to the public, those disclosures on their internet websites. If a health care service plan or health insurer fails to comply with the disclosure requirements, the bill would require the applicable department to assess a civil penalty against the plan or insurer, as specified. The bill would require the applicable department and Covered California to prominently post the plans or insurers noncompliance status on their internet websites until compliance is achieved. Because a violation of these requirements by a health care service plan would be a crime, this bill would impose a state-mandated local program.The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.This bill would provide that no reimbursement is required by this act for a specified reason.

Discussed in Hearing