A. An account administrator shall register annually with the department and pay an annual registration fee of twenty-five dollars ($25.00). The registration fee shall be deposited in the general fund. Registration as an account administrator does not affect the regulation of a bank, savings and loan association, credit union, trust company or insurance company as otherwise provided by law.

B. An account administrator shall provide to the department annually a list of the employers for whom it provides account administration and the number of employees and dependents for whom it administers accounts. The information shall be provided in the form requested by the department. The department may request other information it deems appropriate from the account administrator; provided, however, that the department shall not request any information about an individual employee or dependent unless a complaint has been filed with the department by that employee or dependent and the information is required to investigate the complaint.

C. The department may receive, investigate and settle complaints about medical care savings accounts and account administrators or it may refer complaints to other appropriate agencies.

D. The department, beginning January 1, 1998, shall adjust annually the deductible for qualified higher deductible health plans to reflect the adjustment allowed by the Internal Revenue Code of 1986 for medical savings accounts.

History: Laws 1995, ch. 93, § 3; 1997, ch. 243, § 28; 1997, ch. 254, § 3.

Cross references. — For the federal Internal Revenue Code, see 26 U.S.C. § 1 et seq.

The 1997 amendment, effective April 11, 1997, inserted "annually" and substituted "an annual" for "a" in the first sentence of Subsection A; rewrote Subsection D; and deleted former Subsection E relating to annual adjustment of the maximum employer contribution.

Laws 1997, ch. 243, § 28 and Laws 1997, ch. 254, § 3, both effective April 11, 1997, enacted identical amendments to this section. The section was set out as amended by Laws 1997, ch. 254, § 3. See 12-1-8 NMSA 1978.