VA HB327

Extends Virginia's Commonwealth Health Reinsurance Program by directing the State Corporation Commission to apply for a five-year extension of the federal State Innovation Waiver under the Affordable Care Act

Removes the previous specific goal of decreasing individual health insurance market premiums "by up to 20 percent," replacing it with a general goal of decreasing premiums "depending on available revenue"

Authorizes the Commonwealth Health Reinsurance Program Special Fund to receive funds from waiver extensions in addition to the original waiver approval

Maintains restrictions preventing the Commission from using revenues from other functions (utility consumer taxes, licensee fees) to fund the reinsurance program

Preserves provisions that reinsurance payments do not constitute entitlements and the Commission has no obligation to make payments if federal pass-through funding is insufficient