The bill amends the Michigan Insurance Code of 1956 by adding a new section, 3406nn, which mandates the Department of Health and Human Services to apply for a state innovation waiver under the Affordable Care Act. This waiver would allow the state to waive certain provisions of the Act related to health insurance coverage, establish a reinsurance program, and maximize federal funding for this program for plan years starting after its implementation. The department is required to draft an application for the waiver, make it available for public review and comment, and hold a public hearing on the draft.

Additionally, the bill outlines that the department must report to the legislative appropriation committees on the funding needed for the reinsurance program and potential sources for this funding, including appropriations from the general fund. The implementation of this amendatory act is contingent upon the enactment of Senate Bill No. 973 of the 103rd Legislature.

Statutes affected:
Substitute (S-1): 500.100, 500.8302
Senate Introduced Bill: 500.100, 500.8302
As Passed by the Senate: 500.100, 500.8302