RSA 420-O:6 · Annual Report

420-O:6 Annual Report. –

Copy link

I.

Within 120 days of the close of its fiscal year, an institution of higher education operating under a certificate of authority issued under this chapter shall file with the commissioner a report that contains:

Copy link

(a)

An annual financial statement, verified by the oath of the chief financial officer and at least one of the institution's principal officers with direct knowledge of the operations of the student health plan, showing the financial condition of the plan during the most recent fiscal year, in accordance with law and generally accepted accounting principles, in a form prescribed by the commissioner.

Copy link

(b)

The identity of the qualified actuary utilized by the institution or plan and the amount paid to the qualified actuary by the institution or plan during its most recent fiscal year.

Copy link

(c)

The identities of all vendors involved in plan administration during its most recent fiscal year.

Copy link

(d)

The name and contact information of the person or entity appointed by the institution to administer the student health plan.

Copy link

(e)

A pro-forma statement of projected revenue and expenses for health benefits anticipated by the plan for the next 12-month period of the plan's operation, provided on a fiscal year basis.

Copy link

(f)

A detailed report of the operations and condition of the plan's reserve funds.

Copy link

(g)

Such other information as the commissioner may require.

Copy link

II.

The annual financial statement shall show the financial results of the student health plan operations and a description as to how the institution meets the reserve requirements in RSA 420-O:5, I, the method used to calculate the reserves, and the change in the reserves from the beginning of the plan's fiscal year to the end of the plan's fiscal year. In addition, the annual financial statement shall detail the assets comprising the reserve fund to demonstrate compliance with RSA 420-O:5, I.

Copy link

III.

An institution that fails to file any report or statement required by this chapter, or fails to reply within 30 days to a written inquiry by the commissioner in connection therewith shall, in addition to other penalties provided by this title, be subject, upon due notice and opportunity to be heard, to a penalty of up to $1,000 per day of delay, not to exceed $25,000 in the aggregate, for each such failure. Source. 2016, 257:1, eff. Jan. 1, 2017.

Copy link