(a) The purpose of this section is to establish a funding mechanism for the Delaware Health Insurance Individual Market Stabilization and Reinsurance Program created by § 9903(g) of Title 16.

Terms Used In Delaware Code Title 18 Sec. 8703

(b) Following successful approval of Delaware’s § 1332 [42 U.S.C. § 18052] waiver application under the Affordable Care Act by the Centers for Medicare and Medicaid Services and beginning in calendar year 2020, any carrier subject to this chapter shall be assessed 2.75% annually on all amounts used to calculate the entity’s premium tax liability or the amount of the entity’s premium tax exemption value for the previous calendar year.

(c) Each carrier, entity, or person subject to the assessment pursuant to this section shall submit payment to the Delaware Department of Insurance on or before March 1 of each year.

(d) Upon receipt of the funds paid to the Department pursuant to subsection (c) of this section, the Commissioner shall remit the total amount to the Commission to be held on reserve for the funding and administering of the Program in accordance with § 9903(g) of Title 16.

(e) [Repealed.]

(f) In the event Delaware’s § 1332 [42 U.S.C. § 18052] waiver under the Affordable Care Act is invalidated, revoked, or expires by the Centers for Medicare and Medicaid Services, Delaware may no longer collect the assessment defined under this section.

(g) The State may not hold more than 5 years of operating and administrative funds to cover the Program. In the event collections exceed that amount, the State must notify the carriers that the following year’s assessment will be waived.

(h) Funding deposited into the Delaware Health Insurance Individual Market Stabilization Reinsurance Fund shall be used by the Department of Health and Social Services, in conjunction with the Department, to operate and administer the Fund, and such funding shall also be used by the Department of Health and Social Services to secure federal matching funds available through § 1332 of the Affordable Care Act [42 U.S.C. § 18052].

(i) In the event that funding is insufficient to cover the administration and operations of the Program, the Department of Health & Social Services may suspend the program until funding is identified and secured.

82 Del. Laws, c. 61, § 2; 83 Del. Laws, c. 283, § 32;