ANNAPOLIS, Md. (AP) — Maryland officials have announced federal approval of what they are calling the nation's largest health reinsurance program to protect insurers from very high claims to hold down rates in the struggling individual market of the state's health care exchange.

Republican Gov. Larry Hogan announced Wednesday the federal Centers for Medicare and Medicaid Services approved a waiver needed for the program.

Maryland will use about $380 million that health insurance companies no longer have to pay in federal taxes due to last year's changes to the federal tax code. Maryland also will receive federal matching money.

The governor's office says the program will be valued at about $462 million. It will become active this year and run through 2020, with the potential to be extended through 2023.