To amend section 1341 of the Patient Protection and Affordable Care Act to repeal the funding mechanism for the transitional reinsurance program in the individual market, and for other purposes.

This bill amends the Patient Protection and Affordable Care Act to eliminate the funding mechanism for the transitional reinsurance program. Currently, issuers of individual, group, and self-funded plans are required to pay a fee in 2014, 2015, and 2016 to fund the three-year transitional reinsurance program. Under the transitional reinsurance program, non-grandfathered individual market plans that enroll high-cost individuals are eligible for reinsurance payments. This bill eliminates the requirement for issuers to pay a fee in 2015 and 2016. Instead, it authorizes appropriations for the program.

This bill also requires the Government Accountability Office to audit 2014 expenditures under the transitional reinsurance program.