(1) The commissioner shall maintain an accounting for each benefit year of all:
(a) Money expended for reinsurance payments and administrative and operational expenses;
(b) Requests for reinsurance payments received from eligible carriers;
(c) Reinsurance payments made to eligible carriers; and
(d) Administrative and operational expenses incurred for the reinsurance program.
(2) By November 1 of the year following the applicable benefit year or sixty calendar days after the final disbursement of reinsurance payments for the applicable benefit year, whichever is later, the commissioner shall make available to the public a report summarizing the reinsurance program's operations for each benefit year. The commissioner shall post the report on the division's website.
(3) The reinsurance program is subject to audit by the state auditor. The commissioner shall ensure that all of the reinsurance program's contractors, subcontractors, and agents cooperate with the audit.
(4) On or before November 1, 2020, and on or before November 1 of each year thereafter, the division shall include an update regarding the program in its report to the members of the applicable committees of reference in the senate and house of representatives as required by the State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act, part 2 of article 7 of title 2.
Source: L. 2019: Entire part added, (HB 19-1168), ch. 204, p. 2183, � 1, effective May 17. L. 2020: (4) amended, (SB 20-215), ch. 201, p. 999, � 5, effective June 30.
10-16-1107. Funding for reinsurance program - sources - permitted uses - reinsurance program cash fund - calculation of total funding for program. (1) (a) There is hereby created in the state treasury the reinsurance program cash fund referred to in this section as the fund, which consists of:
(I) Federal pass-through funding granted pursuant to 42 U.S.C. sec. 18052 (a)(3) or any other federal funds that are made available for the reinsurance program;
(II) Any money the general assembly appropriates to the fund for the program; and
(III) Any amounts allocated to the fund pursuant to section 10-16-1205 (2).
(b) All money deposited or paid into or transferred, allocated, or appropriated to the reinsurance program cash fund, including interest or income earned on the investment of money in the fund, is continuously available and appropriated to the division to be expended in accordance with this part 11. Any interest or income earned on the investment of money in the fund shall be credited to the fund.
(c) The reinsurance program cash fund is part of the Colorado health insurance affordability enterprise established pursuant to part 12 of this article 16.
(2) The commissioner may seek, accept, and expend gifts, grants, or donations from private or public sources for the operation, reserves, and sustainability of the reinsurance program.
(3) The commissioner may expend money received from the sources specified in subsections (1) and (2) of this section for:
(a) Reinsurance payments under the reinsurance program; and
(b) Administrative and operating expenses of the reinsurance program, the commissioner, and the division under this part 11.
(4) (a) If, after June 30, 2020, the United States congress enacts and the president signs federal legislation establishing or the secretary of the United States department of health and human services implements a federal reinsurance program that provides federal funding for the reinsurance program or otherwise makes additional federal funds available for the reinsurance program in excess of the amount received as federal pass-through funding pursuant to subsection (1)(a)(I) of this section, the commissioner shall notify the health insurance affordability board created in section 10-16-1207 of the amount of federal funding in excess of the federal pass-through funding that will be available for the reinsurance program and the date the funding is expected to be received.
(b) If the reinsurance program receives federal funding as described in this subsection (4) to make reinsurance payments to carriers in a given year after the health insurance affordability enterprise has allocated money to the reinsurance program pursuant to section 10-16-1205 (2) for that year, the commissioner shall return to the enterprise the allocation or a portion of the allocation, as determined by the enterprise, based on the amount of federal funding received for that year.
Source: L. 2019: Entire part added, (HB 19-1168), ch. 204, p. 2183, � 1, effective May 17. L. 2020: (1) amended and (4) added, (SB 20-215), ch. 201, p. 999, � 6, effective June 30.
Editor's note: House Bill 19-1245, referenced in subsection (1)(a)(III), became law and took effect August 2, 2019.
10-16-1108. Special assessments against hospitals and carriers - rules - enforcement. (Repealed)
Source: L. 2019: Entire part added, (HB 19-1168), ch. 204, p. 2184, � 1, effective May 17. L. 2020: Entire section repealed, (SB 20-215), ch. 201, p. 1001, � 7, effective June 30.
10-16-1109. State innovation waiver - federal funding - Colorado reinsurance program. (1) (a) For purposes of implementing and operating the reinsurance program as set forth in this part 11 for plan years starting on or after January 1, 2021, the commissioner may apply to the secretary of the United States department of health and human services for:
(I) In accordance with section 1332 of the federal act, codified at 42 U.S.C. sec. 18052, and 45 CFR 155.1300:
(A) One or more extensions of the initial two-year state innovation waiver received before June 30, 2020, of up to five years per extension; or
(B) A new state innovation waiver of up to five years to follow the initial two-year state innovation waiver approved before June 30, 2020, and subsequent extensions of any new state innovation waiver approved by the secretary;
(II) Federal funds for the reinsurance program; or
(III) A new or extended state innovation waiver and federal funds.
(b) An application for a state innovation waiver or for federal funds must clearly state that operation of the reinsurance program is contingent on approval of the waiver or funding request.
(c) The commissioner shall ensure that a waiver application submitted pursuant to this section complies with the requirements specified in section 1332 of the federal act, codified at 42 U.S.C. sec. 18052, and 45 CFR 155.1308.
(d) The commissioner shall include in a waiver application a request for a pass-through of federal funding in accordance with section 1332 (a)(3) of the federal act, 42 U.S.C. sec. 18052 (a)(3), to allow the state to obtain and use, for purposes of helping fund the reinsurance program, any federal funds that would, absent the waiver, be used to pay advance payment tax credits and cost-sharing reductions authorized under the federal act.
(2) The commissioner shall notify the following in writing of any federal actions regarding the waiver or funding request:
(a) The joint budget committee of the general assembly;
(b) The senate committee on health and human services or any successor committee; and
(c) The house of representatives committees on health and insurance and public health care and human services or any successor committees.
Source: L. 2019: Entire part added, (HB 19-1168), ch. 204, p. 2186, � 1, effective May 17. L. 2020: (1)(a) amended, (SB 20-215), ch. 201, p. 1001, � 8, effective June 30.