The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed Senate Bill 60 - Health Insurance - Risk Based Capital Standards for Insurers and Managed Care Organizations.
This bill subjects health insurers, nonprofit health service plans, HMOs, dental plan organizations and provider-sponsored organizations to risk-based capital standards (RBC), as adopted by the National Association of Insurance Commissioners in 1998. The bill also requires Medicaid managed care organizations to comply with RBC standards in accordance with regulations adopted by the Insurance Commissioner.
House Bill 92, which was passed by the General Assembly and signed by me on May 11, 2000, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 60.
Parris N. Glendening