33-22-1816. Commissioner powers and duties -- application for registration -- reporting insolvency.
207 words·~1 min read·
/mt/title-33/chapter-22/part-18/33-22-1816·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-22-1816 . Commissioner powers and duties -- application for registration -- reporting insolvency.
(1)The commissioner shall develop forms for registration of an organization as a voluntary purchasing pool.
(2)An organization seeking to be registered as a voluntary purchasing pool shall make application to the commissioner. The commissioner shall register an organization as a voluntary purchasing pool upon proof of fulfillment of the qualifications provided in 33-22-1815 .
(3)Except as provided in subsection (5), on March 1 of each year, the voluntary purchasing pool shall provide a report and financial statement for the previous calendar year to the commissioner so that the commissioner may determine:
(a)whether the operation of the voluntary purchasing pool is fiscally sound;
(b)whether the voluntary purchasing pool is bearing any risk; and
(c)the number of individuals covered.
(4)The annual report of the voluntary purchasing pool must disclose its total administrative cost.
(5)A voluntary purchasing pool may choose to operate on a fiscal year other than on the calendar year. A voluntary purchasing pool that establishes a fiscal year that is other than the calendar year shall provide the report required in subsection
(3)to the commissioner within 60 days of the voluntary purchasing pool's fiscal yearend.