Section 58-50A-1 - [Effective 1/1/2025] DefinitionsThe following definitions apply in this Article:
(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.(6) Reserved for future codification purposes.(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. ...
N.C. Gen. Stat. § 58-50A-1
Amended by 2024 N.C. Sess. Laws 57,s. 3G.1-b, eff. 1/1/2025, applicable to licenses issued under Article 50A of Chapter 58 of the General Statutes on or after that date.Added by 2019 N.C. Sess. Laws 202, s. 1, eff. 10/1/2019 and applies to contracts entered into, amended, or renewed on or after 1/1/2020.This section is set out more than once due to postponed, multiple, or conflicting amendments.