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054.00.52-13. QUALIFIED TRUSTS; FORMATION AND REGULATION.

AR ADC 054.00.52-13Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 52. Minimum Standards for Minimum Basic Benefit Disability Insurance
Ark. Admin. Code 054.00.52-13
054.00.52-13. QUALIFIED TRUSTS; FORMATION AND REGULATION.
Currentness
Two or more qualified individuals, qualified families or qualified groups may make application for a certificate of approval to the Commissioner in order to form a qualified trust pursuant to Act 238 of 1991 and this Rule and Regulation. Such trust may exist solely for the purpose of obtaining minimum basic benefit policies.
A. All applicants for a certificate of approval under this section shall make application on the forms provided by the Commissioner and shall submit the following:
1. A copy of the trust agreement to be signed by all members of the trust;
2. A copy of any agreements with third parties to administer the trust;
3. A plan of management including the method of collection and billing for premiums, administrator fees and other expenses of the trust;
4. A copy of the proposed master basic benefit policy; and
5. A copy of the form of enrollment or certificate to be issued to the trust members evidencing coverage.
B. All administrators of trusts organized under this Rule and Regulation shall comply with the provisions of Arkansas Code Annotated § 23-92-201 through § 23-92-208 in the manner as those third party administrators covered under such Code provisions.
C. Upon receipt of approval from the Commissioner, the trust shall be allowed to conduct its business. Any trust wishing to make a modification of the information required in Section 4(A) shall file a request for approval with the Commissioner prior to instituting the requested change.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.52-13, AR ADC 054.00.52-13
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