Association Self-Funded Health Benefit Plan Act; enact.

SB 2704 creates a new option for professional and trade associations in Mississippi (like groups of doctors, lawyers, plumbers, or electricians) to offer self-funded health plans regulated by another state or federal authority, rather than Mississippi’s insurance laws. These plans must meet specific requirements, including operating for three years without insurance as their primary purpose, being nonprofit, and maintaining proper reserves. The bill requires clear written notices to members that these plans are not regulated by Mississippi’s Insurance Department, not covered by the state’s guaranty association, and have no state oversight on costs or benefits. This provides additional health coverage choices for association members while exempting these plans from most Mississippi insurance regulations.