Article 50A.
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Article 50A.
Multiple Employer Welfare Arrangements.
§ 58-50A-1. Definitions.
The following definitions apply in this Article:
(1)Repealed by Session Laws 2024-57, s. 3G.1(b), effective January 1, 2025, and applicable to licenses issued under Article 50A of Chapter 58 of the General Statutes on or after that date.
(2)Employee welfare benefit plan. - The term as defined in Section 3 of the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1002(1), as amended.
(2a)Insured. - Employees or other individuals covered under the employee welfare benefit plan offered through a MEWA licensed in this State.
(3)Multiple employer welfare arrangement or MEWA. - The term as defined in Section 3 of the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1002(40(A)), as amended, that meets at least one of the following criteria:
a. At least one employer participating in the MEWA is either domiciled in this State or has its principal headquarters or principal administrative office in this State.
b. The MEWA solicits an employer for membership in the MEWA that is domiciled in this State or that has its principal headquarters or principal administrative office in this State.
(4)Repealed by Session Laws 2024-57, s. 3G.1(b), effective January 1, 2025, and applicable to licenses issued under Article 50A of Chapter 58 of the General Statutes on or after that date.
(5)Repealed by Session Laws 2024-57, s. 3G.1(b), effective January 1, 2025, and applicable to licenses issued under Article 50A of Chapter 58 of the General Statutes on or after that date.
(6)Reserved for future codification purposes.
(7)Net worth. - An amount that is calculated by subtracting the total amount of an entity's liabilities from the value of the entity's total
(i)tangible assets and
(ii)other investments permitted under G.S. 58-50A-50. (2019-202, s. 1; 2024-57, s. 3G.1(b).)