2006 Georgia Code - 33-50-6

33-50-6. Funds collected from the participating employers under multiple employer self-insured health plans must be held in trust subject to the following requirements: (1) A board of trustees elected by participating employers must serve as fund managers on behalf of participants. Trustees must be plan participants. No participating employer may be represented by more than one trustee. A minimum of three and a maximum of seven trustees may be elected. Trustees may not receive remuneration but they may be reimbursed for actual and reasonable expenses incurred in connection with duties as trustee; (2) Trustees must be bonded in an amount not less than $150,000.00 from a licensed surety company; (3) Investment of plan funds is subject to the same restrictions which are applicable to insurers as provided in Chapter 11 of this title; and (4) Trustees, on behalf of the plan, shall file an annual report with the Commissioner by March 1 showing the condition and affairs of the plan as of the preceding December 31. The report must be made on forms prescribed by the Commissioner. The report shall summarize the financial condition of the fund, itemize collections from participating employers, detail all fund expenditures, and provide any additional information which the Commissioner requires.

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