Texas Insurance Code 846.153 – Required Filings
(a) A multiple employer welfare arrangement engaging in business in this state shall file the following with the commissioner on forms approved by the commissioner:
(1) a financial statement audited by a certified public accountant;
(2) an actuarial opinion prepared and certified by an actuary who is:
(A) not an employee of the arrangement; and
(B) a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, or an enrolled actuary under the Employee Retirement Income Security Act of 1974 (29 U.S.C. § 1001 et seq.); and
(3) any modified terms of a plan document together with a certification from the trustees that the changes are in compliance with the minimum requirements of this chapter.
(b) A multiple employer welfare arrangement shall file the financial statement and the actuarial opinion required by Subsection (a) within 90 days of the end of the fiscal year.
Terms Used In Texas Insurance Code 846.153
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(c) The actuarial opinion required under Subsection (a) must include:
(1) a description of the actuarial soundness of the multiple employer welfare arrangement, including any actions recommended to improve the actuarial soundness of the arrangement;
(2) the amount of cash reserves recommended to be maintained by the arrangement; and
(3) the level of specific and aggregate stop-loss insurance recommended to be maintained by the arrangement.