Establish a reinsurance program

This bill establishes a state reinsurance program designed to help health insurance companies manage costs associated with high-risk individuals. To fund this program, the state will collect an annual one percent assessment from health insurance corporations based on their previous year's gross premiums. The reinsurance fund created by these assessments will provide payments to insurers, covering eighty percent of claims that exceed thirty thousand dollars but not more than two hundred fifty thousand dollars per person. The program's specific payment limits can be adjusted annually depending on the amount of money available in the fund. Additionally, the bill authorizes the state insurance superintendent to request a federal waiver to support the creation of this fund.