Insurance Simplification and Portability Act of 1992

Insurance Simplification and Portability Act of 1992 - Title I: Qualified Health Insurance Plans - Amends the Social Security Act to add a new title XXI, Health Insurance, under which the Secretary of Health and Human Services is required to establish the Health Insurance Standards Commission. Requires the Commission to: (1) prepare and submit to the Secretary a report with recommendations for implementing the requirements of this new title; (2) develop a long-term plan for the implementation of computerized billing, eligibility, and any other activity that it determines to be appropriate and uniform standards for electronic data interchange; (3) acquire from the American National Standards Institute reports on such Institute's progress in developing electronic data interchange and, based upon such reports, adopt additional electronic data interchange standards for incorporation into such plan; (4) make recommendations to the Secretary concerning plan components and uniform standards for electronic data interchange as well as recommendations for certain revisions, including revisions in the standards and requirements that a health insurance plan must meet, in addition to those described below, in order to be a qualified plan; (5) collect and review information concerning medical and surgical procedures and services, giving special attention to treatment patterns for conditions that appear to involve excessively costly or inappropriate services not adding to the quality of care provided, in order to identify patterns of medically appropriate uses of health resources; (6) collect and review data concerning the effectiveness and efficiency of health insurance claims billing systems; and (7) collect and review data on health care cost-containment methods that maintain high quality care and the right of the patient to choose his or her provider.

Requires the Secretary, taking into consideration Commission recommendations, to review: (1) proposed Commission requirements and determine requirements for the implementation of efficient, cost-effective computerized billing and for requiring that a health insurance plan meet such requirements in order to be a qualified plan; and (2) requirements with respect to qualified plans and determine appropriate revisions in such requirements necessary to maintain the efficient and effective delivery of medically appropriate and necessary care that is of high quality and the reductions in administrative costs.

Authorizes appropriations.

Establishes a part C under new title XXI under which are established Federal standards for health insurance plans that incorporate specified requirements relating to: (1) insurer registration with the applicable regulatory authority for each State; (2) plan eligibility and renewability; (3) restrictions on rating practices; and (4) limits on out-of-pocket costs and copayments.

Title II: Tax Penalty On Noncomplying Insurers - Amends the Internal Revenue Code to impose an excise tax on health insurance policies which do not conform to Federal standards established under title I of this Act. Requires such tax, equal to 25 percent of gross plan premiums, to be paid by the issuer of the plan.