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2018 SESSION

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SB 934 Benefits consortium; formation by a sponsoring association.

Introduced by: Siobhan S. Dunnavant | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Benefits consortium. Authorizes an association organized as a nonstock corporation whose members are employers conducting business in the Commonwealth to sponsor a trust. The measure authorizes the trust, called a benefits consortium, to sell benefits plans to its members. To be eligible to sponsor a plan, the association is required to have been actively in existence for 10 years, have at least five members, have been formed for purposes other than obtaining or providing health benefits, and operate as a nonprofit entity. A wholly owned subsidiary of such an entity is eligible to be a sponsoring association. The benefits plans may provide medical prescription drug, dental, and vision coverage for the employees of members and the sponsoring association and their dependents. The benefits may be self-funded or purchased from an insurer. The benefits consortium will be a multiple employer welfare arrangement subject to the provisions of the federal Employee Retirement Income Security Act of 1974. The measure exempts the benefits consortium from state taxation and insurance regulations.


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