Many insurance markets have reinstated premium stabilization programs to ensure financial protection from market volatility. In this paper, we focus on one such regulation—risk corridors (RCs)—in the context of the Health Insurance Marketplaces established under the Affordable Care Act. We develop a model to show how the program provided incentives for some insurers to lower their premiums. The RCs program was defunded unexpectedly for coverage year 2016, before its legislated end in 2016. Consistent with the model, we find that making a RCs claim before the program ended is associated with higher premium growth after the program's demise. The model and empirical evidence are consistent with the view that the end of the RCs program contributed to premium growth in the Marketplaces.

中文翻译：

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保险公司如何应对金融风险分担规定？平价医疗法案的证据

许多保险市场已恢复保费稳定计划，以确保金融保护免受市场波动的影响。在本文中，我们在根据《平价医疗法案》建立的健康保险市场的背景下关注这样一种监管——风险走廊 (RC)。我们开发了一个模型来展示该计划如何激励一些保险公司降低保费。RCs 计划在 2016 年的承保年度出乎意料地被取消，在其立法于 2016 年结束之前。与模型一致，我们发现在该计划结束前提出 RCs 索赔与该计划终止后更高的保费增长相关。该模型和经验证据与 RC 计划的结束有助于市场保费增长的观点一致。