Defined Contribution Risk Adjustor Board
Department
Insurance
Contact
Tanji Northrup/Nancy Askerlund
Phone
(801) 538-3800
Code
31A-42-201
Appointed Members
9
Standing Mem
0
Authority
Term
4 Years
Political Diversity
No
Senate Confirmation
Yes
Compensation
Requirements
1545 31A-42-201. Creation of defined contribution market risk adjuster mechanism -- 1546 Board of directors -- Appointment -- Terms -- Quorum -- Plan preparation. 1547 (1) There is created the "Utah Defined Contribution Risk Adjuster," a nonprofit entity 1548 within the Insurance Department. 1549 (2) (a) The risk adjuster shall be under the direction of a board of directors composed 1550 of up to nine members described in Subsection (2)(b). 1551 (b) The following directors shall be appointed by the governor with the consent of the 1552 Senate: 1553 (i) at least three, but up to five directors with actuarial experience who represent 1554 insurance carriers: 1555 (A) that are participating or have committed to participate in the defined contribution 1556 arrangement market in the state; and 1557 (B) including at least one and up to two directors who represent a carrier that has a 1558 small percentage of lives in the defined contribution market; 1559 (ii) one director who represents either an individual employee or employer participant 1560 in the defined contribution market; 1561 (iii) one director appointed by the governor to represent the Office of Consumer 1562 Health Services within the Governor's Office of Economic Development; 1563 (iv) one director representing the Public Employee's Health Benefit Program with 1564 actuarial experience, chosen by the director of the Public Employee's Health Benefit Program 1565 who shall serve as an ex officio member; and 1566 (v) the commissioner or a representative from the department with actuarial 1567 experience appointed by the commissioner, who will only have voting privileges in the event 1568 of a tie vote. 1569 (3) (a) Except as required by Subsection (3)(b), as terms of current board members 1570 appointed by the governor expire, the governor shall appoint each new member or reappointed 1571 member to a four-year term. 1572 (b) Notwithstanding the requirements of Subsection (3)(a), the governor shall, at the 1573 time of appointment or reappointment, adjust the length of terms to ensure that the terms of 1574 board members are staggered so that approximately half of the board is appointed every two 1575 years. 1576 (4) When a vacancy occurs in the membership for any reason, the replacement shall be 1577 appointed for the unexpired term in the same manner as the original appointment was made. 1578 (5) (a) Members who are not government employees shall receive no compensation or 1579 benefits for the members' services. 1580 (b) A state government member who is a member because of the member's state 1581 government position may not receive per diem or expenses for the member's service. 1582 (6) The board shall elect annually a chair and vice chair from its membership. 1583 (7) Six board members are a quorum for the transaction of business. 1584 (8) The action of a majority of the members of the quorum is the action of the board.
Membership
Name
Expires
Position
Qualification
Dennis Kunimura
05/20/2013
Mark Brown
05/20/2013
Earl Hurst
05/20/2013
Tanji Northrup
05/20/2013
representing the Insurance Department
James Pinkerton
05/20/2013
S. David Jackson
05/20/2013
Norman Thurston
05/20/2013
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