Award
Division of Insurance, Department of Commerce, Community, and Economic Development, State of Alaska 225040
Alaska Section 1332 Innovation Waiver
Recipient
Alaska Division of Insurance
Award Amount
$803,000,000.00
Ceiling
$803,000,000.00
Awarded
July 01, 2017
Identifier
225040
The Alaska Division of Insurance received a Section 1332 Innovation Waiver to support the Alaska Reinsurance Program, reducing premium costs and stabilizing the individual health insurance market. The waiver started in 2018, was extended in 2022 through 2027, and has provided $803 million in federal funding through 2025.
Description
In July of 2017, the Alaska Division of Insurance was awarded a Section 1332 Innovation Waiver under the Patient Protection and Affordable Care Act. The waiver was used to create and support the Alaska Reinsurance Program which has helped to reduce premium costs and provide stability in Alaska’s individual health care insurance market. The original waiver took effect on January 1, 2018 running through December 31, 2022. In 2022, Alaska was granted a 5-year extension of the waiver through December 31, 2027. The waiver has provided $803 million in federal funding from 2018 through 2025.