Rhode Island § 42-157.1-3 § 42-157.1-3. Establishment of the Rhode Island reinsurance program.

Rhode Island Statutes

§ 42-157.1-3 — § 42-157.1-3. Establishment of the Rhode Island reinsurance program.

Rhode Island § 42-157.1-3

Title 42State Affairs and Government

Ch. 42-157.1Rhode Island Market Stability and Reinsurance Act

This text of Rhode Island § 42-157.1-3 (§ 42-157.1-3. Establishment of the Rhode Island reinsurance program.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 42-157.1-3 (2026).

Text

§ 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 a waiver approved under 42 U.S.C. § 18052; and
         
(3) That is consistent with state and federal law.
         
(b) The program is intended to mitigate 

Free access — add to your briefcase to read the full text and ask questions with AI

§ 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 a waiver approved under 42 U.S.C. § 18052; and

(3) That is consistent with state and federal law.

(b) The program is intended to mitigate the impact of high-risk individuals on health insurance rates offered in the individual insurance market on and off of the exchange.

(c) The director is authorized to establish reinsurance payment parameters for calendar year 2020 and each subsequent calendar year that include:

(1) An attachment point;

(2) A coinsurance rate; and

(3) A coinsurance cap.

(d) Carriers must provide the exchange and the office of the health insurance commissioner with data the director prescribes by rules and regulations as necessary to determine reinsurance payments in a time and manner determined by the director.

(e) The director may alter the parameters established in accordance with subsections (c) and (d) of this section as necessary to secure federal approval for a waiver submitted in accordance with § 42-157.1-6.