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 NMSA 1978] of this article.
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.
History: Laws 1984, ch. 127, ยง 886.
Structure New Mexico Statutes
Article 48 - Prepaid Dental Plans
Section 59A-48-1 - Short title.
Section 59A-48-2 - Definitions.
Section 59A-48-3 - Certificate of authority required.
Section 59A-48-4 - Application for certificate of authority.
Section 59A-48-5 - Issuance of certificate of authority.
Section 59A-48-6 - Deposit requirement; exception.
Section 59A-48-7 - Reserve requirement; exception.
Section 59A-48-8 - Membership coverage.
Section 59A-48-9 - Examination of prepaid dental plan organization.
Section 59A-48-10 - Annual report to superintendent.
Section 59A-48-12 - Operational expenses.
Section 59A-48-13 - Prohibited practices.
Section 59A-48-14 - Agents and solicitors.
Section 59A-48-15 - Suspension or revocation of certificate of authority.
Section 59A-48-16 - Approval of advertising and sales material.
Section 59A-48-17 - Solicitation not violation of certain laws relating to providers.
Section 59A-48-18 - Conservation, rehabilitation, liquidation.