Section 415-E:4 Filing of Application.
The sponsoring association shall file with the commissioner an application for approval of the arrangement upon a form to be furnished by the commissioner, which shall include or have attached the following:
I. A copy of the constitution or bylaws of the association.
II. The names and addresses of the trustees of the arrangement.
III. A copy of the bylaws or trust agreement which governs the operation of the arrangement.
IV. A copy of the policy, contract, certificate, summary plan description, or other evidence of the benefits and coverages provided to covered employees.
V. A copy of the fidelity bond in an amount equal to not less than 10 percent of the funds handled annually and issued in the name of the arrangement covering its trustees, employees, administrator, or other individuals managing or handling the funds or assets of the arrangement. In no case may such bond be less than $1,000 or more than $500,000, except that the commissioner, after due notice to all interested parties and opportunity for hearing, and after consideration of the record, may prescribe an amount in excess of $500,000 subject to the 10 percent limitation.
VI. A copy of the arrangement's excess insurance agreement.
VII. Evidence satisfactory to the commissioner showing that the arrangement will be operated in accordance with sound actuarial principles. The commissioner shall not approve the arrangement unless the commissioner determines that the plan is designed to provide sufficient revenues to pay current and future liabilities, as determined in accordance with sound actuarial principles.
VIII. Such additional information as the commissioner may reasonably require.
Source. 1991, 246:1, eff. Jan. 1, 1992.