A. The superintendent, after a public hearing, shall, no later than October 1, 2001, adopt reasonable rules and regulations governing any employee welfare benefit plan that is a multiple-employer welfare arrangement. The regulations at a minimum shall provide for:

(1) registration of all such plans and standards requiring the maintenance of specified levels of reserves;

(2) minimum solvency requirements;

(3) accounting standards and reporting requirements;

(4) standards for appropriate investment of assets;

(5) standards for excess or stop-loss insurance coverage;

(6) specified levels of contributions that any such plan, or any trust established under such a plan, must meet;

(7) methods for equitable assessment of member employers for any funding shortfall; and

(8) standards for adequate governance.

B. The rules and regulations shall provide for compliance with the Patient Protection Act [Chapter 59A, Article 57 NMSA 1978] and provide standards for minimum benefits, including coverage of all benefits required of health insurance under other sections of the Insurance Code [Chapter 59A NMSA 1978].

C. The rules and regulations shall provide that all employees or association members shall be eligible for participation in the plan.

D. Any standards for determining or assuring solvency shall not be applicable to plans that are fully insured by carriers authorized to transact insurance in New Mexico. If at any time a plan does not meet the standards established, the superintendent may take action pursuant to the Insurance Code.

History: 1978 Comp., § 59A-15-20, enacted by Laws 1991, ch. 125, § 26; 2001, ch. 223, § 1.

The 2001 amendment, effective June 15, 2001, added the Subsection A designation, and in that Subsection, substituted "after a public hearing, shall, no later than October 1, 2001, adopt" for "after a hearing thereon, shall make", added the Paragraph (1) designation, and added Paragraphs (2) to (8); added Subsections B and C; added the Subsection D designation, and in that subsection, substituted "the superintendent may take action pursuant to the Insurance Code" for "no benefits may be paid under the plan."