State High Risk Pool Funding Extension Act of 2006

[AI summary unavailable — showing source text] State High Risk Pool Funding Extension Act of 2005 - Amends the Public Health Service Act to reauthorize funds for grants to states for the creation and initial operation of a qualified high risk pool. Amends provision requiring the Secretary of Health and Human Services to award grants to states with existing qualified high risk pools to cover the state's losses to: (1) increase the maximum allowable premium charged under a qualified high risk pool to 200% of the premium for applicable standard risk rates; (2) allow such grants to be made to entities that operate such a pool under applicable state law; and (3) change the allocation of such grants to give 40% to eligible states equally, 30% based on the number of uninsured individuals in the state, and 30% based on the number of enrollees in a state's qualified high risk pool. (Currently, all funds are allotted based solely on the number of uninsured individuals in the state.) Requires a state which charges premiums that exceed 150% of the premium for applicable standard risks to use at least 50% of the grant amount to reduce premiums for enrollees. Requires the Secretary to award grants to states with qualified high risk pools for…