17. A small employer carrier, as a condition of transacting business in this State, may offer, on or after the effective date of P.L.2005, c.248 (C. 17:48E-35.27 et al.), a health benefits plan pursuant to P.L.1992, c.162 (C. 17B:27A-17 et seq.) that qualifies as a high deductible health plan for which qualified medical expenses are paid using a health savings account established pursuant to section 223 of the federal Internal Revenue Code of 1986 (26 U.S.C. § 223), if that health benefits plan is offered to an eligible small employer that:

a. is a policy or contract holder prior to and on or after the effective date of P.L.2005, c.248 (C. 17:48E-35.27 et al.) under a small employer health benefits plan issued pursuant to P.L.1992, c.162 (C. 17B:27A-17 et seq.) which does not qualify as a high deductible health plan for which qualified medical expenses are paid using a health savings account established pursuant to section 223 of the federal Internal Revenue Code of 1986 (26 U.S.C. § 223);

b. is not a policy or contract holder on or after the effective date of P.L.2005, c.248 (C. 17:48E-35.27 et al.) under a small employer health benefits plan issued pursuant to P.L.1992, c.162 (C. 17B:27A-17 et seq.) which does not qualify as a high deductible health plan for which qualified medical expenses are paid using a health savings account established pursuant to section 223 of the federal Internal Revenue Code of 1986 (26 U.S.C. § 223) for a period of five years; or

c. was not a policy or contract holder under a small employer health benefits plan issued pursuant to P.L.1992, c.162 (C. 17B:27A-17 et seq.) prior to the effective date of P.L.2005, c.248 (C. 17:48E-35.27 et al.).

L.2005,c.248,s.17.