                                 CODE OF VIRGINIA

COMMONWEALTH HEALTH REINSURANCE PROGRAM SPECIAL FUND (§ 38.2-6604)

A. The Commission shall be authorized to fund the operations of the Program and
to fund other purposes to implement the approved State Innovation Waiver through
funds provided to the Commonwealth pursuant to the State Innovation Waiver
requested pursuant to &#xA7; 38.2-6606 and all funds appropriated for such
purpose. All funds received under this section and paid into the state treasury
shall be deposited to a special fund designated the &#8220;Commonwealth Health
Reinsurance Program Special Fund State Corporation Commission.&#8221; Interest
earned on moneys in the Fund shall remain in the Fund and be credited to it. Any
moneys remaining in the Fund, including interest thereon, at the end of each
fiscal year shall not revert to the general fund but shall remain in the Fund.
Moneys in the Fund shall be used for (i) the purposes of increasing
affordability in the individual market through the Program with a goal of
decreasing premiums by up to 20 percent, depending on available revenue and (ii)
the establishment, operation, and administration of the Program in carrying out
the purposes authorized under this chapter, to include additional purposes to
implement an approved State Innovation Waiver with funds that remain following
the payment of all applicable reinsurance requests for a benefit year.

B. The Commission shall not use any special fund revenues dedicated to its other
functions and duties, including revenues from utility consumer taxes or fees
from licensees regulated by the Commission, or fees paid to the office of the
Clerk of the Commission, to fund any of the activities or operating expenses of
the Program. The Commission shall not pay any funds beyond the moneys in the
Fund for the establishment, administration, or operation of the Program.

C. The provision of reinsurance payments shall not constitute an entitlement
derived from the Commonwealth or a claim on any other money of the Commonwealth.

D. The Commission shall have no responsibility to make reinsurance payments that
would be payable out of federal pass-through funding if such federal
pass-through funding is insufficient to fully make such payments.

HISTORY: 2021, Sp. Sess. I, c. 480.