2022 Special Session I

Budget Amendments - HB30 (Conference Report)

View Budget Item
View Budget Item amendments

State Share of Reinsurance Program

Item 493 #1c

Item 493 #1c

First Year - FY2023 Second Year - FY2024
Independent Agencies
State Corporation Commission FY2023 $0 FY2024 $20,000,000 GF

Page 516, line 1, strike "$29,010,485" and insert "$49,010,485".

Page 516, after line 20, insert:

"C. Out of this appropriation, $20,000,000 the second year from the general fund shall be transferred to the Commonwealth Health Reinsurance Program Special Fund State Corporation Commission, established pursuant to § 38.2-6604, Code of Virginia."


(This amendment provides $20.0 million to fund the state share of the Commonwealth Health Reinsurance Program, created in the 2021 Special Session I, for the purpose of increasing affordability in the individual market with a goal of decreasing premiums by up to 20 percent, depending on available revenue. The federal government is expected to contribute over $200 million to the program. Federal approval of the program occurred on May 17, 2022.)