2005 North Carolina Code - General Statutes § 58-89A-105. Employee benefit plans; required disclosure; other reports.

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

(a)       A licensee may sponsor and maintain employee benefit plans for the benefit of assigned employees.

(b)       A client company may sponsor and maintain employee benefit plans for the benefit of assigned employees.

(c)       If a licensee offers to its assigned employees any health benefit plan that is not fully insured by an authorized insurer, the plan shall:

(1)       Utilize a third‑party administrator licensed or registered to do business in this State;

(2)       Hold all plan assets, including participant contributions, in a trust account; and

(3)       Provide sound reserves for the plan as determined using generally accepted actuarial standards.

(d)       For purposes of this section, a "health benefit plan that is not fully insured by an authorized insurer" includes any arrangement except an arrangement under which an insurance company licensed to write insurance in this State has issued an insurance policy that covers all of the obligations of the health benefit plan. (2004‑162, s. 1.)