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 0973'26

This bill directs Michigan's department of insurance to request federal permission to create a state-run reinsurance program that helps stabilize health insurance markets. If approved, the program would allow insurers to recover some costs for high-risk patients, potentially lowering premiums and expanding coverage options. The legislation requires the department to share draft plans with the public and lawmakers before submitting a final application to the federal government. Implementation of the program depends on the successful approval of a companion bill, SB 0973, which must also be enacted for this measure to take effect.