Virginia Code 38.2-6604: Commonwealth Health Reinsurance Program Special Fund
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 § 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 “Commonwealth Health Reinsurance Program Special Fund State Corporation Commission.” 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.
Terms Used In Virginia Code 38.2-6604
- Benefit year: means the calendar year for which an eligible carrier provides coverage through an individual health benefit plan. See Virginia Code 38.2-6600
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fund: means the Commonwealth Health Reinsurance Program Special Fund established by the Commission pursuant to § Virginia Code 38.2-6600
- Program: means the Commonwealth Health Reinsurance Program established pursuant to this chapter. See Virginia Code 38.2-6600
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
- State Innovation Waiver: means a waiver of one or more requirements of the Affordable Care Act authorized by § 1332 of the Affordable Care Act, Virginia Code 38.2-6600
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.
2021, Sp. Sess. I, c. 480.