(a) § 101.051(b)(7) does not apply to:
(1) a program otherwise authorized by law that is established:
(A) by a political subdivision of this state;
(B) by a state agency; or
(C) under Chapter 791, Government Code; or
(2) a multiple employer welfare arrangement that is fully insured as defined by 29 U.S.C. § 1144(b)(6).
(b) Notwithstanding Subsection (a)(2), the commissioner may apply a law regulating the business of insurance to a multiple employer welfare arrangement described by that subdivision to the extent that the law provides:
(1) standards requiring the maintenance of specified levels of contributions that the plan, or a trust established under the plan, must meet to be considered able to pay benefits in full when due; and
(2) provisions to enforce the standards described by Subdivision (1).