§ 42-157.1-1. Short title and purpose. (a) This chapter shall be known and may be cited as the “Rhode Island Market Stability and Reinsurance Act.” (b) The purpose of this chapter is to authorize the director to create the Rhode Island reinsurance program to stabilize health insurance rates and premiums in the individual market and […]
§ 42-157.1-2. Definitions. As used in this chapter: (1) “Director” means the director of the Rhode Island health benefits exchange. (2) “Exchange” means the Rhode Island health benefits exchange established within the department of administration by § 42-157-1. (3) “Health insurance carrier” or “carrier” has the same meaning as it does in § 27-18.5-2. (4) […]
§ 42-157.1-3. Establishment of the Rhode Island reinsurance program. (a) The director is authorized to establish and implement a state-based reinsurance program, to be known as the Rhode Island reinsurance program: (1) To provide reinsurance to carriers that offer health insurance coverage on the individual market in the state; (2) That meets the requirements of […]
§ 42-157.1-4. Powers of the director. The director may: (1) Contract with the federal government or another unit of government to ensure coordination of the program; (2) Apply for any available federal funding for the program; (3) Undertake, directly or through contracts with other persons or entities, studies or demonstration programs to develop awareness of […]
§ 42-157.1-5. Establishment of program fund. (a) The health insurance market integrity fund is hereby established to provide funding for the operation and administration of the program in carrying out the purposes of the program under this chapter. (b) The director is authorized to administer the fund. (c) The fund shall consist of: (1) Any […]
§ 42-157.1-6. State innovation waiver. In accordance with § 42-157-5, the director may apply to the United States Secretary of Health and Human Services under 42 U.S.C. § 18052 for a state innovation waiver to implement the program and seek federal pass-through funding for calendar years beginning January 1, 2020, and future years, to maximize […]
§ 42-157.1-7. Program contingent on federal waiver. If the state innovation waiver request in § 42-157.1-6 is not approved, the director shall not implement the program or provide reinsurance payments to eligible carriers. History of Section.P.L. 2018, ch. 220, § 1; P.L. 2018, ch. 278, § 1; P.L. 2019, ch. 88, art. 11, § 4.
