376.1012. Funds collected from employers held in trust--requirements--board of trustees, elected, duties--annual report, filed when.

MISSOURI STATUTES AND CODES

376.1012. Funds collected from employers held in trust--requirements--board of trustees, elected, duties--annual report, filed when.

Funds collected from employers held in trust--requirements--board oftrustees, elected, duties--annual report, filed when.

376.1012. Funds collected from the participating employers undermultiple employer self-insured health plans shall be held in trust subject tothe following requirements:

(1) A board of trustees elected by participating employers shall serveas fund managers on behalf of participants. Trustees shall be planparticipants. No participating employer may be represented by more than onetrustee. No trustee may represent more than one employer. A minimum of threeand a maximum of seven trustees may be elected. Trustees may not receiveremuneration but they may be reimbursed for actual and reasonable expensesincurred in connection with duties as trustee. A trustee may not be an agent,or broker for or an owner, officer or employee of any third-partyadministrator, insurance agency or insurer utilized by the plan. The trusteesshall have the authority to approve applications of association members forparticipation in the arrangement and to contract with a licensed third-partyadministrator to administer the day-to-day affairs of the plan;

(2) Each trustee shall be bonded in an amount of not less than onehundred fifty thousand dollars by a licensed insurer;

(3) Investment of plan funds is subject to the same restrictions whichare applicable to insurers pursuant to sections 376.291 to 376.307; provided,however, that no foreign plan shall be exempt under section 376.310 from theinvestment laws of this state unless such plan is subject to laws in its stateof domicile which are substantially similar to sections 376.1032 to 376.1045.All investments shall be managed by a bank or other investment entity licensedto operate in Missouri;

(4) Trustees, on behalf of the plan, shall file an annual report withthe director of the department of insurance, financial institutions andprofessional registration by March first showing the condition and affairs ofthe plan as of the preceding thirty-first day of December. The report shallbe made on forms prescribed by the director. The report shall summarize thefinancial condition of the fund, itemize collections from participatingemployers, detail all fund expenditures and provide any additional informationwhich the director requires. More frequent reports may be required at thediscretion of the director.