CO-OP Consumer Protection Act of 2016

Bill 114 hr 954, also known as the CO-OP Consumer Protection Act of 2016, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide protections for consumers who are members of Consumer Operated and Oriented Plans (CO-OPs), which are non-profit health insurance companies created under the Affordable Care Act.

The bill aims to ensure that CO-OPs are held accountable for their financial stability and transparency in their operations. It requires CO-OPs to submit annual reports to the Secretary of Health and Human Services detailing their financial status and compliance with federal regulations. Additionally, the bill establishes a Consumer Advisory Committee to provide input on the operations of CO-OPs and ensure that consumer interests are represented.

Furthermore, the CO-OP Consumer Protection Act of 2016 includes provisions to prevent fraud and abuse within CO-OPs, such as requiring background checks for board members and prohibiting conflicts of interest. It also establishes a process for the Secretary of Health and Human Services to take action against CO-OPs that are not in compliance with federal regulations. Overall, this bill aims to protect consumers who are members of CO-OPs by ensuring that these non-profit health insurance companies are financially stable, transparent in their operations, and accountable to their members.