JEFFERSON CITY, Mo. (AP) — Missouri's high-risk health insurance pool is cutting is rates by 23 percent.

The state Department of Insurance, Financial Institutions and Professional Registration announced the cut in rates Tuesday. The decision affects new and existing insurance policyholders.

The high-risk insurance pool is funded by an $81 million federal grant. Officials say premiums have ranged from $137 to $601 per month. Missouri insurance department director John Huff says the rate cut is designed to make the insurance pool more affordable.

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