§ 4709. Plan benefits and disclosure. (a) The governing board of the
municipal cooperative health benefit plan shall deliver or cause to be
delivered the plan document to all participating municipal corporations
and to unions which are the exclusive collective bargaining
representatives of employees covered by the plan and the summary plan
description to every employee or retiree of participating municipal
corporations covered by the plan.

(b) The summary plan description shall be subject to regulation as if
it were a health insurance subscriber certificate, provided that the
superintendent may modify or suspend any provision of this chapter or
regulation promulgated thereunder pertaining to scope or type of
coverage, if the superintendent determines:

(1) such provision of this chapter or regulation to be inappropriate
for municipal cooperative health benefit plans;

(2) such modification or suspension not to be prejudicial to the
interests of covered employees, retirees or dependents; and

(3) such modification or suspension not to be destructive of
competition.

(c) Conspicuously printed on the first page of the plan document and
summary plan description, in at least ten point bold-face type, shall be
the following statement:

"This municipal cooperative health benefit plan is not a licensed
insurer. It operates under a more limited certificate of authority
granted by the superintendent of financial services. Municipal
corporations participating in the municipal cooperative health benefit
plan are subject to contingent assessment liability."