Creates the Washington reinsurance program to stabilize the rates and premiums for individual health plans and provide greater financial certainty to consumers of health insurance.

Requires the program to be operated by the Washington state health insurance pool and the board of directors of the pool.

Requires the insurance commissioner, in consultation with the office of financial management, the department of revenue, the state health care authority, and the state health benefit exchange, to conduct a study on alternative financing mechanisms for the program for calendar years 2021 through 2023.

Exempts the following from disclosure under the public records act: Data, information, and documents necessary to prepare the state innovation waiver application, determine reinsurance parameters obtained by the commissioner, and determine reinsurance claims payments.

Creates the Washington reinsurance program account.

Makes appropriations: (1) From the general fund to the Washington reinsurance program account for implementation and operation of the Washington reinsurance program;

(2) From the insurance commissioner's regulatory account to the office of the insurance commissioner for carrying out the commissioner's duties; and

(3) From the general fund-state to the office of the insurance commissioner.