North Carolina General Statutes Chapter 58. Insurance § 58-50A-1. Definitions

Current as of January 01, 2023 | Updated by Findlaw Staff

The following definitions apply in this Article:

(1) Repealed by S.L. 2024-57, § 3G.1(b), eff. Jan. 1, 2025.

(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(4), (5) Repealed by S.L. 2024-57, § 3G.1(b), eff. Jan. 1, 2025.

(6) Reserved.

(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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 58. Insurance § 58-50A-1. Definitions - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-58-insurance/nc-gen-st-sect-58-50a-1/

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