ANNAPOLIS (AP) — The Maryland Insurance Administration has approved an average rate decrease of about 10% for individual health insurance plans in the state’s health care exchange.

The administration announced the rate drop Thursday for plans with an effective date of Jan. 1.

Gov. Larry Hogan says it’s the second consecutive year individual insurance rates in Maryland have decreased.

The administration says the new rates reflect the impact of the State Reinsurance Program, which has helped lower rates and stabilize the individual health insurance market after years of increases.

The state created a reinsurance pool to provide funding for catastrophic claims for policyholders in the individual market.

Last year’s rate decrease was about 13%. The administration says the two-year cumulative impact is a rate decrease of more than 22%, compared to 2018 premiums.

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