The Minnesota Senate today voted to extend Minnesota’s successful Reinsurance program for three more years. The Republican reform, which was first implemented in 2017, has been so successful that both local media and national news outlets have lauded the program, and other states have implemented similar models.

“There’s no doubt about it: reinsurance works,” said Sen. Jason Rarick (R-Pine City). “The Department of Commerce acknowledged that reinsurance has substantially held down premium costs, and states around the country are once again looking to us as leaders in the field of health insurance. We still have a lot more work to do, but reinsurance has brought our market back from the brink of disaster and saved families hundreds, if not thousands, of dollars.”

The new Reinsurance bill would not directly cost the state any additional money. Funding comes from a combination of money that was appropriated in 2017 and federal funds.

Source: http://mn.gov/commerce-stat/pdfs/fact-sheet-individual-rates.pdf