Current through December 12, 2024
Section 760 IAC 1-68-9 - Filings by multiple employer welfare arrangementAuthority: IC 27-1-34-9
Affected: IC 27-1-34
Sec. 9.
(a) Each MEWA shall file the following information each year not later than February 15, May 15, August 15, and November 15:(1) Quarterly financial statements, including a balance sheet and income statement prepared in accordance with generally accepted accounting principles signed by an officer of the MEWA.(2) A list of any employers who have obtained coverage with the MEWA during the previous quarter and the number of their covered employees.(b) Each MEWA transacting business in this state shall file an annual report with the commissioner within ninety (90) days of the end of the MEWA's fiscal year. The report shall be verified by the oath of the chair of the board of trustees. The report must summarize the business activities of the trust for the immediately preceding year and must contain all of the following items:(1) Management discussion and analysis.(2) Financial statements audited by a certified public accountant.(3) An actuarial opinion prepared and certified by a qualified actuary that states the following: (A) The MEWA is being operated in accordance with sound actuarial principles.(B) A description and explanation of actuarial assumptions and actuarial methods.(C) The recommended level of specific and aggregate stop-loss insurance the MEWA should maintain.(4) A statement detailing any modified terms of a plan document along with a certification from the trustees that any changes are in compliance with the minimum requirements of this rule.(5) If the MEWA has been examined by a regulatory authority, the report shall:(A) identify the entity that conducted the examination; and(B) include a copy of the examination report.(6) The names and addresses of all participating employers and the total number of covered individuals. If the information submitted is acceptable to the department, the MEWA registration will be renewed. If the information submitted is not acceptable to the department, the MEWA will receive a written statement of the department's concerns. The registration will be placed on a probationary status for six (6) months in order for the MEWA to correct the deficiencies, or the registration will be terminated.
(c) Each filing made with the department shall be accompanied by the filing fee required by section 17 of this rule. Department of Insurance; 760 IAC 1-68-9; filed Apr 15, 2003, 2:20 p.m.: 26 IR 3041; filed Mar 7, 2006, 2:00 p.m.: 29 IR 2191; readopted filed Nov 24, 2009, 9:35 a.m.: 20091223-IR-760090791RFAReadopted filed 11/20/2015, 9:25 a.m.: 20151216-IR-760150341RFAReadopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA