                                 CODE OF VIRGINIA

DEFINITIONS (§ 59.1-589)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Benefits consortium&#8221; means a trust that is a self-funded MEWA, as
defined in § 38.2-3420, and that complies with the conditions set forth in §
59.1-590.
		&#8220;ERISA&#8221; means the federal Employee Retirement Income Security Act
of 1974, P.L. 93-406, 88 Stat. 829, as amended.
		&#8220;Health benefit plan&#8221; has the same meaning as in § 38.2-3431.
		&#8220;Member&#8221; means a person that is part of a sponsoring association,
that conducts business operations within the Commonwealth, and that employs
individuals who reside in the Commonwealth.
		&#8220;Sponsoring association&#8221; has the same meaning as in § 38.2-3431
and includes any wholly owned subsidiary of a sponsoring association.
		&#8220;Trust&#8221; means a trust that (i) is established to accept and hold
assets of a health benefit plan in trust in accordance with the terms of the
written trust document for the sole purposes of providing medical, prescription
drug, dental, and vision benefits and defraying reasonable administrative costs
of providing health benefits under a health benefit plan and (ii) complies with
the conditions set forth in § 59.1-590.

HISTORY: 2022, cc. 404, 405.