58-18-89. Promulgation of rules pertaining to multiple employer trusts.
128 words·~1 min read·
/sd/title-58/chapter-58-18/58-18-89·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director shall promulgate rules, pursuant to chapter 1-26 , pertaining to multiple employer trusts in the following areas:
(1)Consumer protection issues including minimum coverage standards for health policies; claims processing and payment practices; resolution of consumer complaints; compliance with federal HIPAA standards; plan termination processes and managed care protections; financial and market conduct record keeping and reporting; and unfair trade practices; and
(2)Financial and plan solvency issues including investment capital requirements; surplus and deposit requirements; claims reserves, stop loss coverage, and standards for entry and exit of plan members including a nonrefundable minimum deposit of not less than two thousand five hundred dollars plus two percent of first year contributions on an annual basis; and production of financial statements, audited financial statements, and actuarial opinions.