HB 176 Summary

• Establishes the Delaware Health Insurance Individual Market Stabilization Reinsurance Program administered by the Delaware Health Care Commission to provide reinsurance to carriers offering individual health benefit plans in Delaware.

• Requires a 2.75% annual assessment on carriers based on their premium tax liability, effective after approval of Delaware's Section 1332 waiver under the Affordable Care Act, with payments due by March 1 each year.

• Reduces state assessment to 1% if the federal Health Insurance Providers Fee under the Affordable Care Act is reinstated for a given calendar year.

• Funds the program through federal pass-through funds, federal reinsurance funds, and state assessments, with the Department of Insurance collecting payments and remitting them to the Commission.

• Suspends the assessment if Delaware's Section 1332 waiver is invalidated or expires, and prohibits the state from holding more than 5 years of operating funds.