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2019 New Hampshire Revised Statutes
Title XXXVII - Insurance
Chapter 420-O - Self-Funded Student Health Benefit Plans
Section 420-O:10 - Termination of Plan.
Universal Citation:
NH Rev Stat § 420-O:10 (2019)
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420-O:10 Termination of Plan. –
I. In any case in which an institution determines that there is a reason to believe that the student health plan will terminate, the institution shall so inform the commissioner at least 60 days prior thereto, and shall file a sworn statement with the commissioner concerning all current and future liabilities under its discontinued plan. The institution also shall submit a plan for the superintendent's approval for winding up the plan's affairs in an orderly manner designed to result in timely payment of all benefits, in such form and manner as the commissioner may prescribe.
II. Any funds of the institution, as they pertain to the student health plan, shall be accounted for separate and apart from all other assets, liabilities, income, and expenses of the institution until all plan benefits and other plan obligations have been satisfied. Until such time, the institution shall continue to maintain and fund the reserve funds required to be established under RSA 420-O:5. If at any time the commissioner determines that additional funds shall be deposited in the reserve funds, then the institution shall make the deposit within 5 days of the commissioner's determination.
III. If, after 24 months, or such longer period as deemed necessary by the commissioner, all plan benefits and other plan obligations have been satisfied, the institution, upon approval by the commissioner, shall no longer be required to maintain assets within the plan's reserve funds.
I. In any case in which an institution determines that there is a reason to believe that the student health plan will terminate, the institution shall so inform the commissioner at least 60 days prior thereto, and shall file a sworn statement with the commissioner concerning all current and future liabilities under its discontinued plan. The institution also shall submit a plan for the superintendent's approval for winding up the plan's affairs in an orderly manner designed to result in timely payment of all benefits, in such form and manner as the commissioner may prescribe.
II. Any funds of the institution, as they pertain to the student health plan, shall be accounted for separate and apart from all other assets, liabilities, income, and expenses of the institution until all plan benefits and other plan obligations have been satisfied. Until such time, the institution shall continue to maintain and fund the reserve funds required to be established under RSA 420-O:5. If at any time the commissioner determines that additional funds shall be deposited in the reserve funds, then the institution shall make the deposit within 5 days of the commissioner's determination.
III. If, after 24 months, or such longer period as deemed necessary by the commissioner, all plan benefits and other plan obligations have been satisfied, the institution, upon approval by the commissioner, shall no longer be required to maintain assets within the plan's reserve funds.
Source. 2016, 257:1, eff. Jan. 1, 2017.
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