{"data":{"id":"us-ga/o.c.g.a.-33-50-6","jurisdiction":"us-ga","citation":"O.C.G.A. § 33-50-6","heading":"Requirements for holding of funds collected.","body":"Funds collected from the participating employers under multiple employer self-insured health plans shall be held in trust subject to the following requirements:\n(1) A board of trustees elected by participating employers shall serve as fund managers on behalf of participants. Trustees shall be plan participants or be an employee or owner of a participating employer or an employee of a sponsoring association. No participating employer shall be represented by more than one trustee. A minimum of three and a maximum of seven trustees may be elected. Trustees shall not receive remuneration but they may be reimbursed for actual and reasonable expenses incurred in connection with duties as trustee;\n(2) Trustees shall be bonded in an amount not less than $150,000.00 from a licensed surety company or covered under a directors and officers liability policy issued to the multiple employer self-insured health plan;\n(3) Investment of plan funds shall be subject to the same restrictions which are applicable to insurers as provided in Chapter 11 of this title; and\n(4) A multiple employer self-insured health plan shall maintain a minimum loss ratio of at least 70 percent. Compliance with such minimum loss ratio standard shall be evaluated annually by a multiple employer self-insured health plan. Failure to comply with minimum loss ratio standards shall result in a premium refund to participating employers.","path":["TITLE 33 Insurance","CHAPTER 50 Multiple Employer Self-Insured Health Plans"],"source_url":"https://archive.org/download/gov.ga.ocga.2018/release86.2022.11/gov.ga.ocga.title.33.odt","current_through":"Release 86 (2022-11)","vintage":"Public.Resource.Org bulk O.C.G.A., Release 86 (2022-11), retrieved 2026-09-17","retrieved_at":"2026-09-17T19:34:57Z","sha256":"8426bb338f9f339e7ff334810cb9a67140f5f1d8456f794bfbed0deca0df9623","source_id":"us-ga","stale":false,"prev":"us-ga/o.c.g.a.-33-50-5","next":"us-ga/o.c.g.a.-33-50-7"},"notice":"GroundRules: Original legal text. Not legal advice."}