No administrator shall do any of the following:
(A) Use plan sponsor funds for any purpose or purposes not specifically set forth in written form by the administrator;
(B) Fail to disclose in written solicitation material and on an on-going basis, at least once annually, to the plan sponsor all of the following:
(1) All fixed plan costs, identifying what each fixed cost includes;
(2) Levels of the specific excess insurance stop-loss deductible;
(3) The aggregate excess insurance stop-loss attachment point factors, including any minimum attachment point factors;
(4) The names of all insurance carriers providing protection for the plan sponsor's plans, and any ownership relationship of five per cent or more between the administrator and such insurance carriers.
(C) Fail to remit insurance company premiums within the policy period or within the time period agreed to in writing between the insurance company and the administrator;
(D) Fail to disclose in written form the method of collecting and holding any plan sponsor's funds.
Effective Date: 05-18-1988 .
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