N.M. Admin. Code § 13.19.4.14

Current through Register Vol. 35, No. 17, September 10, 2024

Section 13.19.4.14 - SELF-FUNDED MEWA DEPOSIT REQUIREMENTS

A.Deposit requirement. Every self-funded MEWA shall make and maintain deposits in trust of for the benefit and protection of all of its participants and their beneficiaries as specified by the superintendent in the certificate of registration. The deposit shall consist of assets eligible under Section 59A-10-3 NMSA 1978, and shall be deposited with or through the superintendent or in a commercial depository located in the state of New Mexico approved by the superintendent subject to Section 59A-10-1etseq., NMSA 1978.

B.Deposit release conditions. Any such deposit shall be released only in the following instances:

(1) upon extinguishment of all fixed and contingent liabilities of the MEWA secured by the deposit;

(2) upon the assumption by an authorized insurer of the MEWA's fixed and contingent liabilities secured by the deposit; or

(3) upon order of a court of competent jurisdiction the reserve deposit may be released to the receiver, conservator, rehabilitator or liquidator of the MEWA for whose account the deposit is held.

N.M. Admin. Code § 13.19.4.14

13.19.4.14 NMAC - N, 05-01-02, Adopted by New Mexico Register, Volume XXX, Issue 16, August 27, 2019, eff. 8/27/2019, Amended by New Mexico Register, Volume XXXI, Issue 04, February 25, 2020, eff. 2/25/2020