Michigan Laws 500.7001 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
As used in this chapter:
(a) “Board” means the board of trustees of the multiple employer welfare arrangement security fund.
Terms Used In Michigan Laws 500.7001
- Board: means the board of trustees of the multiple employer welfare arrangement security fund. See Michigan Laws 500.7001
- Commissioner: means the director. See Michigan Laws 500.102
- Dependent: A person dependent for support upon another.
- Fund: means the multiple employer welfare arrangement security fund. See Michigan Laws 500.7001
- Letter of credit: means a letter of credit that meets all of the following requirements:
(i) Is issued by a federally insured financial institution. See Michigan Laws 500.7001MEWA: means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. See Michigan Laws 500.7001 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o subscriber: means an individual who enters into an insurance contract for health insurance, or on whose behalf an insurance contract for health insurance is entered into, with an insurer. See Michigan Laws 500.116
(b) “Cash reserves” means federally guaranteed obligations that have a fixed recoverable principal amount or an irrevocable and unconditional letter of credit.
(c) “Covered claim” means an obligation of an insolvent MEWA to pay a claim that is covered by the MEWA to a covered employee or dependent who is a resident of this state.
(d) “Employee welfare benefit plan” means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. 829, 29 U.S.C. § 1002.
(e) “Fund” means the multiple employer welfare arrangement security fund.
(f) “Insolvent MEWA” means a MEWA authorized to do business in this state for which a domiciliary or ancillary receiver has been appointed in this state.
(g) “Letter of credit” means a letter of credit that meets all of the following requirements:
(i) Is issued by a federally insured financial institution.
(ii) Is issued upon such terms and in a form approved by the commissioner.
(iii) Is subject to draw by the commissioner, upon giving 5 business days’ written notice to the MEWA, or by the MEWA for the subscriber‘s benefit if the MEWA is unable to pay claims as they come due.
(h) “Multiple employer welfare arrangement” or “MEWA” means that term as defined in section 3 of the employee retirement income security act of 1974, Public Law 93-406, 88 Stat. 829, 29 U.S.C. § 1002, which meets either or both of the following criteria:
(i) One or more of the employer members in the MEWA is either domiciled in this state or has its principal headquarters or principal administrative office in this state.
(ii) The MEWA solicits an employer that is domiciled in this state or has its principal headquarters or principal administrative office in this state.