(1) A multiple employer welfare arrangement offering a health benefit plan that is not fully insured shall establish a trust pursuant to a written trust agreement to hold all funds pertaining to the health benefit plan. The trust shall be operated by a board of trustees pursuant to the trust agreement. (2)(a) All members of the board of trustees shall be owners, partners, officers, directors, or employees of one or more participating employers. (b) No person may be a member of the board of trustees if such person: (i) Is an owner, officer or employee, or a partner in, or a contract administrator, or other service provider to the health benefit plan or of any third-party administrator of the multiple employer welfare arrangement; or (ii) Has been convicted of any felony or a Class I, II, or III misdemeanor.
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