A.
- 1. Within thirty (30) days after the plan of operation is approved by the Insurance Commissioner pursuant to Section 8 of this act, each small employer carrier shall notify the Commissioner of the carrier's intention to operate as a risk-assuming carrier or a reinsuring carrier. A small employer carrier seeking to operate as a risk-assuming carrier shall make an application pursuant to Section 7 of this act.
- 2. The decision shall be binding for a five-year period except that the initial decision shall be binding for two (2) years. The Commissioner may permit a carrier to modify its decision at any time for good cause shown.
- 3. The Commissioner shall establish as application process for small employer carriers seeking to change their status under this subsection. In the case of a small employer carrier that has been acquired by another such carrier, the Commissioner may waive or modify the time periods established in paragraph 2 of this subsection.
- B. A reinsuring carrier that applies and is approved to operate as a risk-assuming carrier shall not be permitted to continue to reinsure any health benefit plan with the program. Such a carrier shall pay a prorated assessment based upon business issued as a reinsuring carrier for any portion of the year that the business was reinsured.
Laws 1994, HB 2256, c. 211, § 6, emerg. eff. July 1, 1994.