New Mexico Statutes 59A-48-7. Reserve requirement; exception
Current as of: 2024 | Check for updates
|
Other versions
A. A prepaid dental plan organization at all times shall maintain for protection of the members a financial reserve consisting of two percent of prepaid charges collected from members for the plan, until such reserve totals five hundred thousand dollars ($500,000). Such reserve shall be in addition to the deposit prescribed by Section 885 [59A-48-6 N.M. Stat. Ann.] of this article.
Terms Used In New Mexico Statutes 59A-48-7
- prepaid dental plan: means any contractual arrangement whereby any prepaid dental plan organization undertakes to provide directly or to arrange for prepaid dental services and to pay or make reimbursement for any remaining portion of such prepaid dental services on a prepaid basis through insurance or otherwise. See New Mexico Statutes 59A-48-2
- prepaid dental plan organization: means any person who undertakes to conduct one or more prepaid dental plans providing only dental services. See New Mexico Statutes 59A-48-2
B. The reserve prescribed by Subsection A of this section shall not apply with respect to a prepaid dental plan organization which is funded by the federal, state or a municipal government or any political subdivision or body and meets the requirement of Subsection F of Section 885 of this article.