11 N.C. Admin. Code 18 .0102 - GENERAL ELIGIBILITY
(a) Each MEWA shall
provide to the Commissioner adequate documentation that the exemption under
Section 501(c) of the Internal Revenue Code has been granted, or that the MEWA
will operate solely for the benefit of the members of the MEWA. Any profits
from the operation of the MEWA shall be invested in securities as allowed by
G.S.
58-7-160 through
G.S.
58-7-200, and the interest or other profits
accrued or received thereon shall be used to provide rate stability or provide
other such benefits for the members to which the trustees and the Commissioner
agree; and the trust agreement shall so state.
(b) Each MEWA shall be established by a trade
association, industry association, or professional association.
(c) As used in this Rule:
(1) "Industry association" means member
employers who are in the same major group code, as defined by the Standard
Industrial Classification Manual issued by the Executive Office of the
President, Office of Management and Budget; unless restricted by Subparagraph
(c)(2) or (3) of this Rule.
(2)
"Professional association" means member employers who are of the same type of
profession, such as physicians, dentists, accountants, lawyers, or architects;
but is not limited to those professions. However, the profession must be one
that is recognized by the required licensing agency.
(3) "Trade association" means member
employers who are in the same type of trade, such as plumbers or electricians;
and any others that are trade designations as recognized by the required
licensing agency.
(d)
The feasibility study required by
G.S.
58-49-50(7) shall disclose
all material assumptions.
Notes
Eff. August 3, 1992;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. December 16, 2014.
Eff. August 3, 1992.
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