For the second year in a row, more than 190,000 people will see cheaper premiums for Affordable Care Act policies purchased on Maryland’s health insurance exchange.

State officials announced Thursday that the price for individual plans will decline an average of 10.3 percent.

Insurance regulators, who approve rate changes, attributed the decline to a $380 million health-care reinsurance plan crafted by state leaders in 2018 to shore up the volatile market. Paid for by a tax on insurance companies, the program was one of several approved across the country to address rising health-care expenses.