An Act amending Title 40 (Insurance) of the Pennsylvania Consolidated Statutes, in preliminary provisions relating to health insurance markets oversight, further providing for definitions; in State-based exchange, further providing for powers and duties of exchange authority; and, in reinsurance program, further providing for application.

This Pennsylvania bill amends state insurance laws to update definitions and clarify the responsibilities of the health insurance exchange authority. It establishes a framework for collecting fees from insurers to fund either a reinsurance program, an affordability assistance program, or both, with a cap of 3.5% on total monthly premiums. The legislation also directs the state to apply for a federal waiver to allow the creation of a reinsurance program and to maximize federal funding for it. Additionally, the bill outlines how an affordability assistance program would work in 2025 to provide financial benefits to consumers based on income or other eligibility criteria without creating a permanent entitlement.