Creates the "Missouri Premium Security Plan"

HB 1901 establishes the Missouri Premium Security Plan, a state-based reinsurance program designed to support individual health insurance carriers by reimbursing them for a portion of high claims costs. The Department of Commerce and Insurance will administer the plan by setting specific financial thresholds, known as an attachment point and a reinsurance cap, along with a reimbursement rate to determine how much money carriers receive. This mechanism aims to stabilize or reduce insurance premiums, increase participation in the individual market, and mitigate the impact of high-risk individuals on overall rates. Eligible health carriers, including licensed insurance companies and health maintenance organizations, must provide data to the department to qualify for these payments, which are disbursed based on claims incurred during each benefit year.