After SI approval, within how many days must you notify the Administrative Director of changes (such as ownership or articles)?

After SI approval, within how many days must you notify the Administrative Director of changes (such as ownership or articles)?

• A. 15 days
• B. 60 days
• C. 30 days
• D. 90 days

Answer: (C)

When a self-insurance plan has already been approved, any changes in ownership or in the plan’s articles must be reported to the Administrative Director within 30 days. This timeframe keeps the regulator informed of who controls the plan and the legal structure under which it operates, which is essential for maintaining proper oversight of the plan’s financial and administrative responsibilities. Delays beyond 30 days can raise concerns about the plan’s ongoing compliance and could trigger compliance actions or penalties. Therefore, 30 days is the required period for notifying changes.

When a self-insurance plan has already been approved, any changes in ownership or in the plan’s articles must be reported to the Administrative Director within 30 days. This timeframe keeps the regulator informed of who controls the plan and the legal structure under which it operates, which is essential for maintaining proper oversight of the plan’s financial and administrative responsibilities. Delays beyond 30 days can raise concerns about the plan’s ongoing compliance and could trigger compliance actions or penalties. Therefore, 30 days is the required period for notifying changes.