Chapter 488 — Chapter 488

§488-1 Definitions. As used in this chapter: "Accumulation or payment of money" or "accumulates funds" means the payment of funds by a member to the plan. "Commissioner" means the insurance commissioner of the department of commerce and consumer affairs. "Legal service plan" or "…

§488-2 Applicability; other statutes, rules of court. (a) This chapter shall apply to all plans in the State other than: Plans that are owned and operated by an insurer subject to chapter 431 shall be exempt from the requirements of this chapter; provided that the insurer shall c…

§488-3 Certificate of authority; authority issued or denied; plan termination. (a) Before conducting business in this State, a plan shall submit for approval with the commissioner an application for a certificate of authority, shall file documentation with the commissioner, and s…

§488-4 Accumulated funds, protection, violation. (a) The plan administrator shall have the responsibilities of a trustee for all funds received, accumulated, or collected under this chapter. (b) The plan administrator, upon receipt of funds intended for payment to a person provid…

§488-5 Annual exhibits; examination by commissioner. (a) Each plan shall file with the commissioner within sixty days after the end of its fiscal year an income statement and balance sheet compiled, reviewed, or audited by a certified public accountant. (b) The powers, authoritie…

§488-6 Investments of certain plans. No plan promising or offering to pay for legal services in an amount equal to or in excess of $25 a year shall invest any of its assets other than as authorized and provided for in respect to domestic insurance companies and societies under ch…

§488-7 Failure to comply; penalty. (a) Any plan that does not comply with this chapter shall be notified in writing by the commissioner of the noncompliance and of the need to take corrective action within seven days. If the noncompliance continues for seven days after notificati…