Small Business Insurance Group

Mission Statement

As health care costs increase, the ability of Rhode Island small businesses (2-50 group size) to provide group coverage is impacted and fewer small groups participate in the small group risk pool.

Since 2010, the number of lives in the Small Group Market has decreased by 44%, and many small groups seek affordable insurance options.

The Small Business Insurance Group (SBIG) on Market Stability will investigate the origins and nature of these issues, reviewing Rhode Island’s Small Group Market as well as market stabilizing strategies from other states.

Based off this analysis, the SBIG may consider recommendations to improve Rhode Island’s Small Group Market, whether legislatively or otherwise.

Goals

Identify and propose sensible, state based policy options for RI that will be in service to those Principles.

Guiding Principles

1. Maintain market options that are attractive to small group market participants (businesses, carriers and employees);

2. Keep costs stable and affordable by addressing cost drivers and balanced risk pools;

3. Maximize the value of insurance coverage for all small businesses.