The bill proposes the establishment of a reinsurance program in Ohio by enacting sections 3902.81, 3902.82, and 3902.83 of the Revised Code. The program aims to mitigate the financial impact of high-risk individuals on health benefit plan rates. The superintendent of insurance is tasked with implementing this program, which includes applying for an innovation waiver under the Affordable Care Act. The reinsurance program will provide financial support to health plan issuers based on specific payment parameters, including an attachment point of $30,000, a coinsurance rate of 80%, and a coinsurance cap of $250,000, with the possibility of annual adjustments based on available funds.

Additionally, the bill creates the Ohio reinsurance fund, which will consist of federal pass-through funds, additional federal funds for reinsurance, and assessments collected from health insuring corporations. Each health insuring corporation will be subject to an annual assessment of 1% of their gross premiums from the previous year, which will be deposited into the reinsurance fund to support the program. This structured approach aims to enhance the stability of health insurance markets in Ohio by providing necessary financial backing to health plan issuers.