PARRIS N. GLENDENING, Governor                                   Ch. 36

REVISOR'S NOTE: This subsection formerly was Art. 48A, § 681(a).

No changes are made.
(B) ADMINISTRATOR.

(1)      "ADMINISTRATOR" MEANS A PERSON THAT, TO THE EXTENT THAT
THE PERSON ACTING FOR AN INSURER OR PLAN SPONSOR, HAS:

(I)       CONTROL OVER OR CUSTODY OF PREMIUMS, CONTRIBUTIONS,
OR ANY OTHER MONEY WITH RESPECT TO A PLAN, FOR ANY PERIOD OF TIME; OR

(II)     DISCRETIONARY AUTHORITY OVER THE ADJUSTMENT,
PAYMENT, OR SETTLEMENT OF BENEFIT CLAIMS UNDER A PLAN OR OVER THE
INVESTMENT OF A PLAN'S ASSETS.

(2)      "ADMINISTRATOR" DOES NOT INCLUDE A PERSON THAT:

(I)      WITH RESPECT TO A PARTICULAR PLAN:

1.        IS, OR IS AN EMPLOYEE OF, THE PLAN SPONSOR;

2.        IS, OR IS AN EMPLOYEE, AGENT, OR MANAGING GENERAL
AGENT OF, AN INSURER OR HEALTH MAINTENANCE ORGANIZATION THAT INSURES
OR ADMINISTERS THE PLAN; OR

3.        IS A BROKER THAT SOLICITS, PROCURES, OR NEGOTIATES
A PLAN FOR A PLAN SPONSOR AND THAT HAS NO AUTHORITY OVER THE
ADJUSTMENT, PAYMENT, OR SETTLEMENT OF BENEFIT CLAIMS UNDER THE PLAN
OR OVER THE INVESTMENT OR HANDLING OF THE PLAN'S ASSETS;

(II)     IS RETAINED BY THE LIFE AND HEALTH INSURANCE
GUARANTY CORPORATION TO ADMINISTER A PLAN UNDERWRITTEN BY AN
IMPAIRED INSURER THAT IS SUBJECT TO AN ORDER OF CONSERVATION,
LIQUIDATION, OR REHABILITATION;

(III)    IS A PARTICIPANT OR BENEFICIARY OF A PLAN THAT
PROVIDES FOR INDIVIDUAL ACCOUNTS AND ALLOWS A PARTICIPANT OR
BENEFICIARY TO EXERCISE INVESTMENT CONTROL OVER ASSETS IN THE
PARTICIPANT'S OR BENEFICIARY'S ACCOUNT, AND THE PARTICIPANT OR
BENEFICIARY EXERCISES THAT INVESTMENT CONTROL;

(IV)    ADMINISTERS ONLY PLANS THAT ARE SUBJECT TO ERISA AND
THAT DO NOT PROVIDE BENEFITS THROUGH INSURANCE, UNLESS ANY OF THE
PLANS ADMINISTERED IS A MULTIPLE EMPLOYER WELFARE ARRANGEMENT AS
DEFINED IN § 514(B)(6)(A)(II) OF ERISA;

(V)     IS, OR IS AN EMPLOYEE OF, A BANK, SAVINGS BANK, TRUST
COMPANY, SAVINGS AND LOAN ASSOCIATION, OR CREDIT UNION THAT IS
REGULATED UNDER THE LAWS OF THIS STATE, ANOTHER STATE, OR THE UNITED
STATES; OR

(VI)    IS, OR IS AN EMPLOYEE OF, A PERSON THAT IS REGISTERED AS:

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