HB 18-1392

House Bill 18-1392, also known as the State Innovation Waiver Reinsurance Program, allows Colorado’s insurance commissioner to request federal approval for a program that helps health insurers manage high-cost medical claims. If approved, this program would help lower premiums and make healthcare more affordable for Coloradans by reducing financial risks for insurance companies. The bill has been signed into law and will be reviewed every five years to assess its effectiveness. This means the program can now start operating once it gets federal approval.

Official Summary

The bill authorizes the commissioner of insurance to apply to the secretary of the United States department of health and human services for a state innovation waiver, for federal funding, or both to allow the state to implement and operate a reinsurance program to assist health insurers in paying high-cost insurance claims. The state cannot implement the program absent waiver or funding approval from the secretary. The program is established as an enterprise for purposes of section 20 of article X of the state constitution. The division of insurance is to include an update regarding the program in its annual SMART Act report, and the program is subject to sunset review and repeal in 5 years. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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