376.1010. Excess stop-loss coverage maintained by plan.

Excess stop-loss coverage maintained by plan.

376.1010. A multiple employer self-insured health planshall maintain aggregate excess stop-loss coverage and individualexcess stop-loss coverage provided by an insurer licensed by thestate to write accident and health insurance on a direct basis.Aggregate excess stop-loss coverage shall include provisions tocover incurred, unpaid claim liability in the event of plantermination. The excess or stop-loss insurer shall bear the riskof coverage for any member employer of the plan that becomesinsolvent with outstanding contributions due. In addition, theplan shall have a participating employer's fund in an amount atleast equal to the point at which the excess or stop-loss insurershall assume one hundred percent of additional liability. A planshall submit its proposed excess or stop-loss insurance contractto the director at least thirty days prior to the proposed plan'seffective date and at least thirty days subsequent to any renewaldate. The director shall review the contract to determinewhether it meets the standards established by sections 376.1000to 376.1045 and respond within a thirty-day period. Any excessor stop-loss insurance plan must be noncancelable for a minimumterm of two years.

(L. 1993 H.B. 709 § 26)