41-3707. QUALIFICATIONS FOR REGISTRATION. The director shall not register a hospital trust which is not qualified therefor. To be qualified, a hospital trust:
(1) Must require all contributions to be paid in advance and to be deposited in and disbursed from a trust fund duly created and existing under an adequate written trust agreement between the hospitals.
(2) Must have, or provide for, a trustworthy and responsible trustee, and for competent administration of the trust fund and plan.
(3) Must provide that the administrator or trustee on behalf of the trust fund, as the case may be, shall furnish to each member of the trust a written statement adequately and clearly stating all rights and obligations of the members of the trust, together with all applicable restrictions, limitations, and exclusions, and the procedure for filing a claim.
(4) Must be actuarially sound; that is, assets, income and other financial resources of the trust fund must be adequate under reasonable estimates for payment of all claims, claims adjustment expenses, taxes, expenses and other obligations.
(5) Must otherwise be in compliance with this chapter.
History:
[41-3707, added 1977, ch. 204, sec. 2, p. 559.]
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.