1. The Commissioner may adopt regulations governing plans for providing welfare benefits to employees of more than one employer. The regulations must provide standards requiring the maintenance of specified levels of reserves and specified levels of contributions which any such plan, or any trust established under such a plan, must meet. If a plan does not meet the standards, no benefits may be paid under the plan.
2. The Commissioner may conduct an examination of any insurer which administers a plan for providing welfare benefits to employees of more than one employer to determine whether the insurer is complying with the Commissioner’s regulations. The cost of the examination must be borne by the insurer in the manner provided in NRS 679B.290. If the Commissioner determines that the insurer is not complying with the Commissioner’s regulations, the Commissioner shall require the insurer not to pay benefits under the plan.
3. As used in this section, the term “plan for providing welfare benefits for employees of more than one employer” is intended to be equivalent to the term “employee welfare benefit plan which is a multiple employer welfare arrangement” as used in federal statutes and regulations.
(Added to NRS by 1985, 606)
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