AK SB206

Establishes a reinsurance program for high-risk Alaska residents, with member insurers sharing losses based on their ratio of covered lives (total individuals entitled to benefits under health insurance policies covering major medical) rather than premium amounts.

Prohibits member insurers from offsetting 50 percent of reinsurance program assessments against premium tax credits, while allowing offsets for other association assessments.

Defines "residents who are high risks" as those rejected for medical reasons within six months before application, those with restrictive riders substantially reducing coverage, or those meeting other director-adopted criteria consistent with state law.

Authorizes the state director to apply for a federal waiver under the Affordable Care Act (42 U.S.C. 18052) to implement state health insurance innovations for plan years beginning January 1, 2017 or later.

Takes effect immediately upon enactment.