Reeves said the "bad idea" was in Senate Bill 2224, which would have given the state insurance commissioner the ability to set rates for all health insurance.
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The Mississippi governor vetoed two bills on health insurance because he thinks they would have raised the cost of health insurance.
He said Senate Bill 2262 would have made changes to the prior authorization process that insurance companies use to tell providers whether a procedure or drug is covered. Reeves said he liked that the proposal would have required insurance companies to give quicker answers, but the bill would have had "unintended consequences."
"The bill has a number of technical components," Reeves said. "These include administrative hearings that are in an incorrect place, increased costs for Medicaid and other issues that cause me not to be comfortable signing it."
Overriding a governor's veto would take two-thirds majorities in the House and Senate.