SECTION 1. Chapter 175 of the General Laws is hereby amended by inserting after section 230 the following new section:-

Section 231. Excessive Health Insurer Reserves

(a) A carrier, as defined in section 1 of chapter 176O of the General Laws, shall pay an assessment to support expenses associated with the delivery of health care services. Such assessment shall be based on the net worth surplus available to health insurance carriers exceeding 525 per cent of risk-based capital in accordance with criteria developed by the division, in consultation with the center for health information and analysis and the executive office of health and human services. The division shall specify by regulation the method of calculating the assessment, procedures for payment of the assessment, and requirements for submission of data by health insurers.

(b) The division shall establish by regulation the mechanism for enforcing the assessment liability under this section in the event that a carrier does not make a scheduled payment, but the division may, for the purpose of administrative simplicity, establish threshold liability amounts below which enforcement may be modified or waived. This enforcement mechanism may include assessment of interest on the unpaid liability at a rate not to exceed an annual percentage rate of 18 per cent and late fees or penalties at a rate not to exceed 5 per cent per month.

(c)  The amount of the assessment established by the division of insurance in subsection (a) shall be sufficient, in the aggregate, to generate $300,000,000.

(d)  The division, in consultation with the comptroller and the secretary of administration and finance, shall transfer $150,000,000 to the Behavioral Health Trust Fund established in chapter 102 of the Acts of 2021 and $150,000,000 to the COVID-19 Public Health Emergency Hospital Relief Trust Fund established in chapter 102 of the Acts of 2021.

(e) Subsection (c) shall sunset on December 31, 2025.