RD655 - Operation of the Commonwealth Health Reinsurance Program – November 2022
Pursuant to § 38.2-6603 B of the Code of Virginia (Code), the State Corporation Commission (Commission) is required to submit an annual report on the operation of the Commonwealth Health Reinsurance Program (CHRP) to the Governor and the Senate Committees on Finance and Appropriations, and Commerce and Labor, and the House Committees on Appropriations, and Commerce and Energy.
The report is required to include, at a minimum, the following information for the CHRP for the relevant benefit year:
1. Amounts deposited into the CHRP Fund;
2. Requests for reinsurance payments received by eligible carriers;
3. Reinsurance payments made to eligible carriers;
4. Administrative and operational expenses incurred for the program; and
5. Quantifiable impact of the program on individual health insurance coverage rates.
Since the CHRP will not begin until 2023 and will not receive or pay any claims until 2024, there is limited information to report. This report provides background on the establishment of the CHRP, future program funding, and operational expenses, and the impact of the program on 2023 health insurance premiums.