1. Short title This Act may be cited as the Individual Health Insurance Marketplace Improvement Act . 2. Individual Market Reinsurance Fund (a) Establishment of Fund (1) In general There is established the Individual Market Reinsurance Fund to be administered by the Secretary to provide funding for an individual market stabilization reinsurance program in each State that complies with the requirements of this section. (2) Funding There is appropriated to the Fund, out of any moneys in the Treasury not otherwise appropriated, such sums as are necessary to carry out this section (other than subsection (c)) for each calendar year beginning with 2020. Amounts appropriated to the Fund shall remain available without fiscal or calendar year limitation to carry out this section. (b) Individual Market Reinsurance Program (1) Use of funds The Secretary shall use amounts in the Fund to establish a reinsurance program under which the Secretary shall make reinsurance payments to health insurance issuers with respect to high-cost individuals enrolled in qualified health plans offered by such issuers that are not grandfathered health plans or transitional health plans for any plan year beginning with the 2020 plan year. This subsection constitutes budget authority in advance of appropriations Acts and represents the obligation of the Secretary to provide payments from the Fund in accordance with this subsection. (2) Amount of payment The payment made to a health insurance issuer under subsection (a) with respect to each high-cost individual enrolled in a qualified health plan issued by the issuer that is not a grandfathered health plan or a transitional health plan shall equal 80 percent of the lesser of— (A) the amount (if any) by which the individual’s claims incurred during the plan year exceeds— (i) in case of the 2020, 2021, or 2022 plan year, $50,000; and (ii) in the case of any other plan year, $100,000; or (B) for plan years described in— (i) subparagraph (A)(i), $450,000