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.
ANNOTATIONS
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."