Sec. 21.85.080. Reporting requirements.

384 words·~2 min read·/ak/title-21/chapter-85/21-85-080

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A self-funded multiple employer welfare arrangement shall annually, before March 2, file with the director on forms prescribed by the director, a full and true statement of its financial condition, transactions, and affairs as of the preceding December 31, including

(1)a statement of financial condition;

(2)a statement of change in financial condition for the year accompanied by an actuarial opinion by a qualified actuary that includes

(A)a certification that the unpaid claim liability of the arrangement meets the requirements of AS 21.18.080 — 21.18.086;

(B)the recommended level of specific and aggregate stop-loss insurance the arrangement should maintain;

(C)a description of the actuarial soundness of the arrangement, including any recommended actions the arrangement should take to improve its actuarial soundness;

(3)a statement of the arrangement's contribution rates for the next year;

(4)if the total payments to the arrangement for participation during the prior year of operations exceeded the sum of $2,000,000, certified financial statements for the prior two years, or for each year and partial year that the self-funded multiple employer welfare arrangement has been in business if less than two years;

(5)a report showing the number of participating employers and number of covered lives at the end of the year and contributions received during the year in the state;

(6)additional information the director determines is necessary in order to determine the financial integrity of the arrangement.

(b)A self-funded multiple employer welfare arrangement shall, within 60 days after the end of each quarter, file with the director, on forms prescribed by the director, a full and true statement of its financial condition, transactions, and affairs as of the preceding quarter, including

(1)a statement of financial condition;

(2)a statement of change in financial condition for the period since the end of the prior year;

(3)a report showing the number of participating employers and number of covered lives at the end of the quarter and contributions received during the quarter in the state;

(4)additional information the director determines is necessary in order to determine the financial integrity of the arrangement.

(c)A self-funded multiple employer welfare arrangement shall file with the director a copy of the arrangement's Internal Revenue Service form 5500, including all attachments to the form.