1. (a) The purpose of 3 AAC 31.500 - 3 AAC 31.549 is to

   1. (1) implement a reinsurance program for high risk residents in the individual health care insurance market in order to stabilize health care insurance premiums;
   2. (2) encourage participation in this state's individual health care insurance market; and
   3. (3) allow the director to apply to the United States Secretary of Health and Human Services under 42 U.S.C. 18052 for a waiver of applicable provisions of P.L. 111-148 (Patient Protection and Affordable Care Act).
2. (b) Except for a health care insurance plan providing grandfathered health care coverage and a health care insurance plan providing transitional health care coverage, 3 AAC 31.500 - 3 AAC 31.549 applies to a health care insurance plan in the individual market offered on or off a health care exchange.
3. (c) A health care insurer shall cede to the program the risk associated with insuring an eligible high risk resident who is issued a health care insurance plan in the individual market on or after January 1, 2017 and before the cessation of the program.
4. (d) Nothing in 3 AAC 31.500 - 3 AAC 31.549 requires a health care insurer to offer or issue a health care insurance plan in the individual market.

(Eff. 2/2/2013, Register 205; am 12/22/2016, Register 220)

Authority: AS 21.06.090, AS 21.55.220, AS 21.55.400, AS 21.96.120