Insurance: reinsurance; innovative waiver for a reinsurance program; provide for. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3406nn. TIE BAR WITH: SB 0633'23

This bill directs the state insurance department to request a federal waiver to create a reinsurance program that helps stabilize health insurance markets. If approved, the program would allow insurers to recover costs for high-risk enrollees, potentially increasing federal funding for these efforts. The legislation requires the department to share draft plans with the public and lawmakers before finalizing the application and mandates reporting on necessary funding sources. Importantly, the bill does not take effect unless a separate companion bill, SB 633, is also passed into law.