(1) A multiple employer welfare arrangement offering a health benefit plan that is not fully insured shall establish a trust pursuant to a written trust agreement to hold all funds pertaining to the health benefit plan. The trust shall be operated by a board of trustees pursuant to the trust agreement.

Terms Used In Nebraska Statutes 44-7607

  • Contract: A legal written agreement that becomes binding when signed.
  • Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801

(2)(a) All members of the board of trustees shall be owners, partners, officers, directors, or employees of one or more participating employers.

(b) No person may be a member of the board of trustees if such person:

(i) Is an owner, officer or employee, or a partner in, or a contract administrator, or other service provider to the health benefit plan or of any third-party administrator of the multiple employer welfare arrangement; or

(ii) Has been convicted of any felony or a Class I, II, or III misdemeanor.