(1) As used in this section:

1. (a) "Secretary" means the secretary of the United States Department of Health and Human Services.
2. (b) "Section 1332 waiver" means a waiver for state innovation under 45 C.F.R. Part 155, Subpart N.

(2) The commissioner shall conduct a study to determine the feasibility of a state-based program designed to:

1. (a) lower health benefit plan insurance premiums; and
2. (b) increase stabilization in the market.

(3) The commissioner, in the study described in Subsection (2), shall create a proposal for a Section 1332 waiver that includes:

1. (a) a list of provisions the state should seek to waive and the rationale for waiving each provision;
2. (b) data, assumptions, targets, and other information sufficient to determine that the proposed waiver will provide coverage at least as comprehensive as coverage that would be provided absent the waiver;
3. (c) coverage and cost sharing protections that keep premiums at least as affordable as would be provided absent the Section 1332 waiver;

4. (d) actuarial analyses, actuarial certifications, and financial modeling that:

   1. (i) support the estimates that the proposal will comply with the comprehensive coverage requirements, the affordability requirement, the scope of coverage requirement, and the federal deficit requirement; and

   2. (ii) include:

      1. (A) a detailed 10-year budget plan that is deficit-neutral to the federal government;
      2. (B) all costs to the state, including administrative costs, and other costs to the federal government; and
      3. (C) a detailed analysis regarding the estimated impact of the Section 1332 waiver on health insurance coverage in the state;
5. (e) proposed legislative changes to provide the state authority to implement the proposed waiver;
6. (f) implementation plans with a timeline;
7. (g) categories of covered individuals with high-cost medical conditions who may be reinsured through the proposed waiver, including a recommendation for a multi-year phased-in approach;
8. (h) reinsurance parameters, including co-insurance, attachment points, or limits;
9. (i) set premium reduction targets;
10. (j) a detailed plan for a budget and program implementation; and
11. (k) a complete application for submission to the secretary.