MN SF720

Establishes the Minnesota premium security plan as a state-based reinsurance program administered by the Minnesota Comprehensive Health Association to protect consumers by mitigating the impact of high-risk individuals on individual market rates.

Sets plan year 2018 parameters with an attachment point of $45,000, reinsurance cap of $250,000, and coinsurance rate of 80 percent, with the board authorized to develop alternative methods for plan year 2019 and beyond.

Requires eligible health carriers (insurers, nonprofit health service plans, and HMOs) to provide claims data and submit attestations for payment requests, with payments calculated based on covered benefits exceeding the attachment point but not exceeding the reinsurance cap.

Authorizes the commissioner of commerce to apply for a federal waiver to maximize federal funding, including advance premium tax credits that the federal government will not need to pay due to reinsurance payments.

Appropriates $300 million in fiscal years 2018 and 2019 ($180 million from health care access fund, $120 million from general fund) to the reinsurance fund account to pay eligible health carriers' claims.