58-18-89. Promulgation of rules pertaining to multiple employer trusts. The director shall promulgate rules, pursuant to chapter 1-26, pertaining to multiple employer trusts in the following areas:
(1) Consumer protection issues including minimum coverage standards for health policies; claims processing and payment practices; resolution of consumer complaints; compliance with federal HIPAA standards; plan termination processes and managed care protections; financial and market conduct record keeping and reporting; and unfair trade practices; and
(2) Financial and plan solvency issues including investment capital requirements; surplus and deposit requirements; claims reserves, stop loss coverage, and standards for entry and exit of plan members including a nonrefundable minimum deposit of not less than two thousand five hundred dollars plus two percent of first year contributions on an annual basis; and production of financial statements, audited financial statements, and actuarial opinions.Source: SL 2005, ch 272, § 3.
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