§ 58-89A-105. Employee benefit plans; required disclosure; other reports. - North Carolina Statutes

§ 58‑89A‑105. Employee benefit plans; required disclosure; other reports.

(a)        A licensee maysponsor and maintain employee benefit plans for the benefit of assignedemployees. Any health insurance plan sponsored and maintained by a licenseeshall only be fully insured by one of the following:

(1)        A licensed insurancecompany that is authorized to write accident and health insurance, as definedin G.S. 58‑7‑15(3).

(2)        A servicecorporation organized and licensed under Article 65 of this Chapter.

(3)        A health maintenanceorganization organized and licensed under Article 67 of this Chapter.

(a1)      A client company maysponsor and maintain employee benefit plans for the benefit of assignedemployees.

(b),(c)  Repealed by SessionLaws 2008‑124, s. 7.4, effective October 1, 2008.

(d)        For the purposes ofthis section, a health insurance plan is fully insured only if all of thebenefits provided under the plan are covered by an approved policy issued byone or more of the entities specified in subsection (a) of this section. Ahealth insurance plan is not fully insured if the plan is any form of stop‑lossinsurance or any other form of reinsurance.

(e)        Existing licenseesshall comply with subsection (a) of this section by October 1, 2009. If onOctober 1, 2009, an existing licensee sponsors and maintains any healthinsurance plan that is not fully insured by one or more of the entitiesspecified in subsection (a) of this section, the licensee may continue tosponsor and maintain the health insurance plan if it complies with G.S. 58‑89A‑106. (2004‑162,s. 1; 2008‑124, s. 7.4; 2009‑552, s. 2.)