This bill creates the “Missouri Premium Security Plan” which is a state based reinsurance program administered by the Director of Commerce and Insurance 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. Eligible health carriers must calculate the premium amount they would have charged for the benefit year if the Missouri premium security plan had not been established. Health carriers will apply for reinsurance payments to offset premiums charged for individual health plans. The Department must determine a coinsurance rate of between 50% and 80% depending on how much federal money is received. The Director must determine the payment parameters for the next benefit year by January 15th of the year before the applicable benefit year.