Michigan Compiled Laws, Chapter 500. Insurance Code of 1956 § 500.7001

(a) “Board” means the board of trustees of the multiple employer welfare arrangement security fund.

(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:

(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: