Second Regular Session S.B. 1028
PROPOSED
SENATE AMENDMENTS TO S.B. 1028
(Reference to printed bill)
Strike everything after the enacting clause and insert:
"Section 1. Title 20, chapter 2, article 1, Arizona Revised Statutes, is amended by adding section 20-224.04, to read:
20-224.04. Premium tax credit for insulin assistance program costs; definition
A. A CREDIT IS ALLOWED AGAINST THE PREMIUM TAX LIABILITY INCURRED BY AN INSURER PURSUANT TO SECTION 20‑224, 20‑837, 20‑1010, 20‑1060 OR 20‑1097.07 FOR THE AMOUNT OF CLAIMS COSTS INCURRED BY THE INSURER pursuant to a voluntary insulin assistance program established by the insurer. The amount of the credit an insurer may claim for costs incurred to cover participating insureds are the costs the insurer incurred to provide the program not including any cost sharing paid by the participating insureds.
B. AN INSURER THAT CLAIMS A TAX CREDIT AGAINST STATE PREMIUM TAX LIABILITY IS NOT REQUIRED TO PAY ANY ADDITIONAL RETALIATORY TAX IMPOSED PURSUANT TO SECTION 20-230 AS A RESULT OF CLAIMING THAT TAX CREDIT.
C. THE DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS, WITH THE COOPERATION OF THE DEPARTMENT OF REVENUE, SHALL ADOPT RULES AND PUBLISH AND PRESCRIBE FORMS AND PROCEDURES NECESSARY FOR THE ADMINISTRATION OF THIS SECTION.
D. For the purposes of this section, "voluntary insulin assistance program" means a program in which an insurer voluntarily reduces an insured's total cost sharing amount, including any copayment, deductible or coinsurance, for covered insulin prescription drugs to a maximum of $100 per month."
Amend title to conform