(a) In this section, “fully insured multiple employer welfare arrangement” means an arrangement that provides to its participating employees and beneficiaries benefits for which 100 percent of the liability has been assumed by an insurance company authorized to do business in this state.
(b) This chapter applies only to a multiple employer welfare arrangement that meets either or both of the following criteria:
(1) one or more of the employer members in the arrangement:
(A) is domiciled in this state; or
(B) has its principal headquarters or principal administrative office in this state; or
(2) the arrangement solicits an employer that:
(A) is domiciled in this state; or
(B) has its principal headquarters or principal administrative office in this state.

(c) This chapter does not apply to a fully insured multiple employer welfare arrangement during the period in which the arrangement is fully insured. The commissioner periodically may require proof that the arrangement is fully insured.