TITLE 41

INSURANCE

CHAPTER 41

JOINT PUBLIC AGENCY SELF-FUNDED HEALTH CARE PLANS

41-4105.  Application for registration. (1) Application for registration of a joint public agency self-funded plan for public agencies shall be made to the director, on forms furnished and designed by him. The application shall be signed and verified by at least two (2) of the board members.

(2)  The application shall be accompanied by:

(a)  A copy of the joint powers agreement under which the joint public agency self-funded plan will exist and operate;

(b)  A copy of the proposed written statement of benefits referred to in section 41-4104(2), Idaho Code;

(c)  A financial statement of the trust fund, if already in existence and operating on July 1, 2006. The statement shall be certified by an independent certified public accountant according to generally accepted accounting principles;

(d)  If not already in existence, a written statement of reasonably projected income and disbursements of the trust fund for the twelve (12) month period commencing with date of application and showing also the amount projected as of the end of such period for claims incurred and not paid and incurred and not reported as certified by an actuary having experience in establishing rates for a self-funded plan and the health services being provided, and who is also a fellow of the society of actuaries, a member of the American academy of actuaries, or an enrolled actuary under the employment retirement income security act of 1974;

(e)  If not already in existence, a copy of a business plan;

(f)  A copy of an actuarial study determining adequate rates for the plan. The rates shall not be less than the sum of projected incurred claims for the year plus costs of operation plus a reasonable portion of any prior year deficiency less any excess surplus; and

(g)  Such other relevant documentation and information as the director may reasonably require considering that these entities are public agency plans and not private insurance companies.

(3)  At the time of filing the application the applicant shall pay to the director a nonrefundable filing fee as provided for by rule.

(4)  The director shall transmit and account for all fees received by him hereunder as provided in section 41-406, Idaho Code.

History:

[41-4105, added 2006, ch. 415, sec. 1, p. 1274.]