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.

“Reinsurance worked better than anyone could have predicted,” said Senate Health and Human Services Chair Michelle Benson (R-Ham Lake). “The results are indisputable — after years of double digit increases, Reinsurance held premiums in check and actually reduced costs for many customers.”

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