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House Bill 2390 |
House Author: Harper-Brown |
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Effective: 6-17-05 |
Senate Sponsor: Carona |
House Bill 2390 amends the Education Code to authorize two or more accredited private educational institutions to form a benefits consortium for the purpose of establishing a self-funded employee welfare benefit plan. The bill requires that the consortium file with the commissioner of insurance a copy of its articles of incorporation or declaration of trust and comply with all reporting requirements under the federal Employee Retirement Income Security Act (ERISA). The bill exempts from state regulation an employee welfare benefit plan established by a benefits consortium that is sponsored by a trade association in existence for at least 10 years, is in good standing with the secretary of state, and meets all other requirements for a benefits consortium, and provides that such a plan is governed solely by and must comply with ERISA provisions.