AN ACT CONCERNING A STATE-OPERATED REINSURANCE PROGRAM AND THE REGULATION OF HEALTH CARE COST GROWTH.

SB 188 establishes a state-operated reinsurance program to cover large medical claims for certain health insurance plans, aiming to reduce overall healthcare costs. It requires the state to seek a federal waiver to redirect existing premium tax credits and cost-sharing funds toward this program instead of directly subsidizing enrollees. The bill also mandates the Office of Health Strategy to create a prescription drug benchmarking program and form a task force to study drug pricing impacts. These provisions directly affect health insurers, state healthcare funding, and individuals enrolled in qualified health plans.