44-213.02. Employee benefit plans; department; rules and regulations.

The Department of Insurance shall not later than ninety days after May 25, 1953, adopt and publish appropriate rules and regulations in the manner provided by the Administrative Procedure Act, as now existing or as hereafter amended, which rules and regulations shall prescribe fair, equitable, and reasonable standards for all plans providing retirement, disability, sickness, accident, or death benefits which are established, participated in, or administered by domestic insurance companies. The standards prescribed shall, among other things, (1) prohibit discrimination in favor of officers and supervisory or highly compensated personnel; (2) require that all plans be based upon sound actuarial principles and that adoption thereof will not impair the company's financial position or be prejudicial to the interest of the policyholders; and (3) require that all plans contain stated maximum benefits found by the Director of Insurance to be fair and reasonable and properly related to the compensation of the recipient and the financial condition of the company. Plans which do not comply with the standards prescribed shall not be approved by the Director of Insurance.

Source:Laws 1953, c. 146, ยง 3, p. 471.

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