Section 33-22-1314 - Payment parameters(1) The board shall design and adjust the payment parameters to ensure that the payment parameters will: (a) stabilize or reduce premium rates in the individual market; (b) increase or maintain participation in the individual market; (c) mitigate the impact high-cost individuals have on premium rates in the individual market; (d) consider any federal funding available for the plan; and (e) consider the total amount available to fund the plan. (2) The attachment point must be set by the board at $40,000 or more but may not exceed the reinsurance cap. (3) The coinsurance rate must be set by the board between 50% and 80%. (4) The reinsurance cap must be set by the board at $1 million or less. (5) The board may adjust the payment parameters annually to the extent necessary to secure federal approval of the state innovation waiver. Added by Laws 2019, Ch. 471,Sec. 9, eff. 4/30/2019, and applicable retroactively, within the meaning of 1-2-109, to premiums collected from health insurers on or after January 1, 2019.