(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:
Federal pass-through funding granted pursuant to 42 U.S.C. sec. 18052 (a)(3) or anyother federal funds that are made available for the reinsurance program;
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).
All money deposited or paid into or transferred, allocated, or appropriated to thereinsurance 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.
The reinsurance program cash fund is part of the Colorado health insurance affordability enterprise established pursuant to part 12 of this article 16.
The commissioner may seek, accept, and expend gifts, grants, or donations fromprivate or public sources for the operation, reserves, and sustainability of the reinsurance program.
The commissioner may expend money received from the sources specified in subsections (1) and (2) of this section for:
Reinsurance payments under the reinsurance program; and
Administrative and operating expenses of the reinsurance program, the commissioner, and the division under this part 11.
(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 passthrough 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 1016-1205 (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.