N.M. Admin. Code § 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-10-1
etseq.,
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.
Notes
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