This bill creates the Missouri Premium Security Plan which is a state based reinsurance program administered by the Director of the Department of Insurance, Financial Institutions and Professional Registration with assistance from the Department of Health and Senior Services.

The reinsurance program is created to stabilize and reduce premium rates in the individual health insurance market and to increase participation. The program is an alternative to the affordable care act. The director will apply to the Secretary of Health and Human Services under 42 U.S.C. Section 18052 for a state innovation waiver to implement the Missouri premium security plan beginning January 1, 2020, and future years, to maximize federal funding for the plan.