Current as of: 2010
(a) In this subtitle the following words have the meanings indicated.(b) (1) "Administrator" means a person that, to the extent that the person acting for an insurer or plan sponsor, has: (i) control over or custody of premiums, contributions, or any other money with respect to a plan, for any period of time; or (ii) discretionary authority over the adjustment, payment, or settlement of benefit claims under a plan or over the investment of a plan’s assets. (2) "Administrator" does not include a person that: (i) with respect to a particular plan: 1. is, or is an employee of, the plan sponsor; 2. is, or is an employee, insurance producer, managing general agent of, an insurer or health maintenance organization that insures or administers the plan; or 3. is an insurance producer that solicits, procures, or negotiates a plan for a plan sponsor and that has no authority over the adjustment, payment, or settlement of benefit claims under the plan or over the investment or handling of the plan’s assets; (ii) is retained by the Life and Health Insurance Guaranty Corporation to administer a plan underwritten by an impaired insurer that is subject to an order of conservation, liquidation, or rehabilitation; (iii) is a participant or beneficiary of a plan that provides for individual accounts and allows a participant or beneficiary to exercise investment control over assets in the participant’s or beneficiary’s account, and the participant or beneficiary exercises that investment control; (iv) administers only plans that are subject to ERISA and that do not provide benefits through insurance, unless any of the plans administered is a multiple employer welfare arrangement as defined in § 514(b)(6)(A)(ii) of ERISA; (v) is, or is an employee of, a bank, savings bank, trust company, savings and loan association, or credit union that is regulated under the laws of this State, another state, or the United States; or (vi) is, or is an employee of, a person that is registered as: 1. an investment adviser under the Investment Advisers Act of 1940 or the Maryland Securities Act; 2. a broker-dealer or transfer agent under the Securities Exchange Act of 1934 or the Maryland Securities Act; or 3. an investment company under the Investment Company Act of 1940. (c) "Employee organization" means: (1) a labor union or other labor organization; (2) an agency or employee representation committee, association, group, or plan: (i) in which employees participate; and (ii) that exists for the purpose, wholly or partly, of dealing with employers about a plan or other matters incidental to employment relationships; or (3) an employees’ beneficiary association that is organized for the purpose, wholly or partly, to establish a plan. (d) (1) "Employer" means a person that, in relation to a plan, acts directly as an employer or indirectly in the interest of an employer. < Prev | Next________________________________________________________________________
Questions & Answers: InsuranceSee also: U.S. Code Provisions: InsuranceFederal Regulations: Insurance
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