45th legislature - STATE OF NEW MEXICO - first session, 2001
RELATING TO HEALTH CARE; AMENDING THE NEW MEXICO INSURANCE CODE TO PROVIDE FOR MULTIPLE-EMPLOYER HEALTH CARE SELF-INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 59A-15-20 NMSA 1978 (being Laws 1991, Chapter 125, Section 26) is amended to read:
"59A-15-20. MULTIPLE-EMPLOYER WELFARE ARRANGEMENTS--
REGULATIONS.--
A. The superintendent, after a public hearing
[thereon], shall, [make] 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; [and]
(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 and provide standards for minimum benefits.
C. Any [such] 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, [no benefits may be paid under the plan] the
superintendent may take action pursuant to the Insurance
Code."