* § 1124. Institutions of higher education exempt; certificate of\nauthority. (a) For the purposes of this section:\n (1) "Qualified actuary" means an actuary who is a member in good\nstanding of the American Academy of Actuaries or Society of Actuaries,\nwith experience in establishing rates for self-insured trusts providing\nhealth benefits or other similar experience.\n (2) "Institution of higher education" or "institution" means an\neducational institution in this state that:\n (A) admits as regular students only persons having a certificate of\ngraduation from a school providing secondary education, or the\nrecognized equivalent of such a certificate, or persons who have\ncompleted a secondary school education in a home school setting that is\ntreated as a home school or private school under the laws of this state;\n (B) is legally authorized within this state to provide a program of\neducation beyond secondary education;\n (C) provides an educational program for which the institution awards a\nbachelor's degree, graduate degree, or professional degree;\n (D) is a public or other nonprofit institution;\n (E) is accredited by a nationally recognized accrediting agency or\nassociation;\n (F) is governed by the board of regents of this state; and\n (G) maintains an endowment of at least one billion dollars.\n (3) "Student" means a person enrolled in an institution of higher\neducation and may include a postdoctoral fellow.\n (4) "Student contract" means evidence of coverage furnished to a\nstudent that sets forth all benefits and terms and conditions, with\nregard to a student health plan.\n (5) "Student health plan" or "plan" means any self-funded plan\nestablished or maintained by an institution of higher education for the\npurpose of providing medical, surgical, or hospital services to a\nstudent, the student's spouse or domestic partner, the student's child\nor children, or other persons chiefly dependent upon the student for\nsupport and maintenance.\n (b) An institution of higher education shall not establish, maintain,\nor otherwise participate in a student health plan in this state unless\nthe institution obtains and maintains a certificate of authority from\nthe superintendent pursuant to the provisions of this section.\n (c) Except as otherwise provided in this section or a regulation\npromulgated by the superintendent, an institution providing a plan\nshall:\n (1) be subject to all consumer protection laws applicable to\ncorporations organized under article forty-three of this chapter,\nincluding minimum requirements of article forty-three of this chapter\nand regulations thereunder regarding benefits, contracts, and rates; and\n (2) provide that its plan will have an expected loss ratio of not less\nthan eighty-two percent. In reviewing a rate filing or application by a\nplan, the superintendent may modify the eighty-two percent expected\nminimum loss ratio requirement if the superintendent determines the\nmodification to be in the interests of the people of this state or if\nthe superintendent determines that a modification is necessary to\nmaintain plan solvency. No later than one hundred twenty days after the\nclose of a plan's fiscal year, a plan shall annually report the actual\nloss ratio for the previous plan fiscal year in a format acceptable to\nthe superintendent. If the expected loss ratio is not met, the\nsuperintendent may direct the plan to take corrective action. Mandatory\nuniform student administrative health fees paid by the students\nirrespective of whether the student is a plan member to an institution\nshall not be deemed to be included in the premiums paid by students for\nhealth benefit coverage under a plan.\n (d) An institution shall file an application for a certificate of\nauthority on such form as the superintendent may prescribe, and shall\nprovide to the satisfaction of the superintendent the following:\n (1) a copy of the student contract, including a table of the
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