S.3418

Federal SB3418 amends the Public Health Service Act to define "short-term limited duration insurance.

Federal SB3418, also known as the COMPETE Act, amends the Public Health Service Act to define "short-term limited duration insurance." This insurance is a plan providing health coverage under a contract with an expiration date not exceeding 12 months from the original effective date. The contract may include a renewal guarantee allowing policyholders to purchase another policy at a future date without additional underwriting. The bill aims to ensure competition in health insurance markets.