§ 42-157.1-5 — § 42-157.1-5. Establishment of program fund.

Rhode Island § 42-157.1-5

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-157.1: Rhode Island Market Stability and Reinsurance Act

Text

§ 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 pass-through funds received from the federal government under a waiver approved under 42 U.S.C. § 18052;

(2) Any funds designated by the federal government to provide reinsurance to carriers that offer individual health benefit plans in the state;

(3) Any funds designated by the state to provide reinsurance to carriers that offer individual health benefit plans in the state; and

(4) Any other money from any other source accepted for the benefit of the fund.

(d) [Deleted by P.L. 2019, ch. 88, art. 11, § 4.]

(e) No general revenue funding shall be used for reinsurance payments.

(f) A restricted receipt account shall be established for the fund which may be used for the purposes set forth in this section and shall be exempt from the indirect cost recovery provisions of § 35-4-27.

(g) Monies in the fund shall be used to provide reinsurance to health insurance carriers as set forth in this chapter and its implementing regulations, and to support the personnel costs, operating costs, and capital expenditures of the exchange and the division of taxation that are necessary to carry out the provisions of this chapter, §§ 44-30-101 through 44-30-102, and §§ 42-157-11 through 42-157-14.

(h) Any excess monies remaining in the fund, not including any monies received from the federal government pursuant to subsection (c)(1) or (c)(2) of this section and after making the payments required by subsection (g) of this section, may be used for preventative healthcare programs for vulnerable populations in consultation with the executive office of health and human services.

Legislative History

P.L. 2018, ch. 220, § 1; P.L. 2018, ch. 278, § 1; P.L. 2019, ch. 88, art. 11, § 4.