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. Section 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. (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.