Commonwealth Health Reinsurance Program; established, report.

Commonwealth Health Reinsurance Program. Requires the State Corporation Commission (Commission)  to establish, upon approval of a state innovation waiver request pursuant to § 1332 of the Affordable Care Act, a reinsurance program, known as the Commonwealth Health Reinsurance Program (the Program).  The bill provides that the Program is funded through federal funding provided under the state innovation waiver, an assessment on carriers, and state appropriations. The bill requires that the Commission impose an annual assessment of one percent of a carrier's net written premiums on entities authorized to issue individual and group health insurance overage including grandfathered plans but excluding plans offered in the small group market. The bill provides requirements for payment parameters, data submissions, recordkeeping, reporting, and audits of health carriers. The bill requires the Secretary of Health and Human Resources to convene a work group to develop recommendations for developing a state-based subsidy program to increase affordability of health plans to individuals and to increase enrollment in the Virginia Health Benefit Exchange. The bill requires the Commission to evaluate the program following its second year of operation.The provisions of the bill, other than the requirements that the Commission apply for the state innovation waiver, will become effective 30 days after notice of approval of the waiver request.