House Bill 329 amends Tennessee Code Annotated, Title 56, Chapter 26, to establish new regulations for multiple employer welfare arrangements (MEWAs) specifically for banks. The bill introduces a new subdivision that defines key terms such as "Bank," "Commissioner," "Multiple employer welfare arrangement," and "Plan-sponsoring organization." It outlines the criteria for a plan-sponsoring organization, which must consist solely of banks, have been in existence for at least five years, and provide health insurance coverage without discrimination based on health status. Additionally, the bill allows foreign MEWAs to be considered domestic if they meet certain conditions, including being licensed in a contiguous state and having a limited number of Tennessee residents enrolled.

The bill also modifies existing provisions by deleting subsections (b) and (c) of Section 56-26-204 and replacing them with new language that empowers the commissioner to create rules for the solvency and administration of pooling agreements while ensuring that associations can offer health insurance coverage in compliance with federal law. Furthermore, it clarifies that a pool created under this section is subject to taxation and regulatory requirements. The act is set to take effect upon becoming law, emphasizing the importance of public welfare.

Statutes affected:
Introduced: 56-26-204(a), 56-26-204