There is established a nonprofit entity to be known as the “Massachusetts Small Employer Health Reinsurance Plan”. All commercial carriers issuing health benefit plans to an eligible small business on or after April first, nineteen hundred and ninety-two shall be members of the reinsurance program. Non-profit hospital and medical service corporations and health maintenance organizations shall not participate in the reinsurance program established by this section. [unchanged text not shown]

By no later than July 1, 2006, the governing committee shall establish a proposal to phase-out the operations of the plan and submit a copy of said proposal to the commissioner for approval. The proposal shall include a method for closing the plan by June 30, 2007. The governing committee shall execute the phase-out of the plan.