Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES
Rule 120-2-79-.10 - Renewal; Annual Report; Semi-annual Financial Statements; Membership Reporting

(1) Each authorized health plan purchasing cooperative shall file with the Commissioner a full and true report of its financial condition, transactions, and affairs. The report shall be filed annually on or before May 1 or within such extension of time therefore as the Commissioner for good cause may have granted and shall be for the preceding calendar year. The report shall be in such form and contain such matters as the Commissioner prescribes and shall be verified by at least two officers of the health plan purchasing cooperative filing the report. The second financial condition filing shall be filed on or before October 1 or within such extension of time therefore as the Commissioner for good cause may have granted and shall be for the second quarter for the current calendar year.

(2) Each authorized health plan purchasing cooperative shall file with the Commissioner a semiannual financial statement in such form as the Commissioner prescribes. Such statement shall be verified by at least two officers of the health plan purchasing cooperative filing the report.

(3) Each authorized health plan purchasing cooperative shall file with the Commissioner an annual independent audit by a certified public accountant in accordance with O.C.G.A. § 33-30A-4(d)(2).

(4) The annual report shall include the complete names, addresses, NAIC company and NAIC group number of all participating carriers with which the health plan purchasing cooperative had a contract or service agreement during the preceding fiscal year.

(5) The annual report shall show a detailed accounting of the specific services offered as well as evidence of proper handling of premium collection and record keeping in accordance with O.C.G.A. § 33-30A-4(d)(3).

(6) The annual report shall provide verification of the continuation of the surety bond or other appropriate liability coverage, as stipulated in this regulation.

(7) Along with the annual report shall be a written disclosure relating to paragraphs (a) through (I) of § 120-2-79-.04. This disclosure must include copies of any changes in documentation that occurred during the previous year's operation.

(8) Each health plan purchasing cooperative shall file with the Commissioner of Insurance on or before May 1st in each year, a certification executed by an authorized officer of the health plan purchasing cooperative wherein it is stated that the advertisements disseminated by the health plan purchasing cooperative during the preceding calendar year complied, or were made to comply in all respects, with the advertising laws, rules and regulations of this State.

(9) Fees shall be required for the renewal of the health plan purchasing cooperative as provided in the application materials.

(10) In addition, the health plan purchasing cooperative shall maintain information on members of the health plan purchasing cooperative on an annual basis, by market type, total individuals enrolled in coverage through the health plan purchasing cooperative, broken down by total employees, total dependents, and total individuals in each category by health benefit plan, or any other reporting information deemed appropriate by the Commissioner. The Commissioner shall prescribe a reporting format for such information. All purchasing cooperatives shall disclose such information in the prescribed format no later than May 1st of every year for every previous year's operations.