1. A. A small employer carrier may apply to become a risk-assuming carrier by filing an application with the Insurance Commissioner in a form and manner prescribed by the Commissioner.

2. B. The Commissioner shall consider the following factors in evaluating an application filed under subsection A of this section:

   1. 1. The carrier's financial condition;
   2. 2. The carrier's history of rating and underwriting small employer groups;
   3. 3. The carrier's commitment to market fairly to all small employers in the state or its established geographic service area, as applicable; and
   4. 4. The carrier's experience with managing the risk of small employer groups.
3. C. The Commissioner shall provide public notice of an application by a small employer carrier to be a risk-assuming carrier. If the application is not acted upon within ninety (90) days after the receipt of the application by the Commissioner, the carrier may request a hearing.

4. D. The Commissioner may rescind the approval granted to a risk-assuming carrier under this section if the Commissioner finds that:

   1. 1. The carrier's financial condition will no longer support the assumption of risk from issuing coverage to small employers in compliance with Section 6519 of this title without the protection afforded by the program;
   2. 2. The carrier has failed to market fairly to all small employers in this state or its established geographic service area, as applicable; or
   3. 3. The carrier has failed to provide coverage to eligible small employers as required in Section 6519 of this title.
5. E. A small employer carrier electing to be a risk-assuming carrier shall not be subject to the provisions of Section 6522 of this title.

Added by Laws 1994, HB 2256, c. 211, § 7, emerg. eff. July 1, 1994; Amended by Laws 2007, HB 1960, c. 125, § 30, emerg. eff. July 1, 2007 (superseded document available).