Michigan Laws > Chapter 38 > Act 137 of 1967 – Combined Retirement Systems
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| § 38.691 | Agreement to establish, combine, and finance retirement systems |
Terms Used In Michigan Laws > Chapter 38 > Act 137 of 1967 - Combined Retirement Systems
- Actuarial certification: means a written statement by a member of the American Academy of Actuaries or another individual acceptable to the director that a small employer carrier is in compliance with section 3705, based on the individual's examination, including a review of the appropriate records and the actuarial assumptions and methods used by the carrier in establishing premiums for applicable health benefit plans. See Michigan Laws 500.3701
- Adult: means an individual who is at least 18 years of age. See Michigan Laws 333.10102
- Affiliation period: means a period of time required by a small employer carrier that must expire before health coverage becomes effective. See Michigan Laws 500.3701
- Agent: means an individual who meets 1 or more of the following requirements:
(i) Is authorized to make health care decisions on the principal's behalf by a power of attorney for health care. See Michigan Laws 333.10102Amortization: Paying off a loan by regular installments. Anatomical gift: means a donation of all or part of a human body to take effect after the donor's death for the purpose of transplantation, therapy, research, or education. See Michigan Laws 333.10102 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Authority: means the Michigan higher education facilities authority created by this act. See Michigan Laws 390.922 Body part: means an organ, eye, or tissue of a human being. See Michigan Laws 333.10102 Bond: includes a note or other obligation issued by the authority for borrowed money, including refunding bonds. See Michigan Laws 390.922 Carrier: means a person that provides health benefits, coverage, or insurance in this state. See Michigan Laws 500.3701 COBRA: means the consolidated omnibus budget reconciliation act of 1985, Public Law 99-272. See Michigan Laws 500.3701 Commercial carrier: means a small employer carrier other than a health maintenance organization. See Michigan Laws 500.3701 Commissioner: means the director. See Michigan Laws 500.102 Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Decedent: means a deceased individual whose body or body part is or may be the source of an anatomical gift. See Michigan Laws 333.10102 Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Dependent: A person dependent for support upon another. Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Educational facility: means a structure available for use as a dormitory or other housing facility, including housing facilities for students, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage, or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of the institution for higher education, and shall include lands and interests in lands and landscaping, site preparation, furniture, equipment, machinery, and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended, and any improvements necessary to a particular facility to make the facility more energy efficient. See Michigan Laws 390.922 Educational loan: means a loan made by the authority to an institution. See Michigan Laws 390.922 Enrollee: means an individual who is entitled to receive health services under a health insurance contract, unless the context requires otherwise. See Michigan Laws 500.116 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fraud: Intentional deception resulting in injury to another. Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004 Geographic area: means an area in this state that includes not less than 1 entire county, is established by a carrier under section 3705, and is used for adjusting premiums for a health benefit plan subject to this chapter. See Michigan Laws 500.3701 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Group health plan: means an employee welfare benefit plan as defined in section 3(1) of subtitle A of title I of the employee retirement income security act of 1974, Public Law 93-406, 29 USC 1002, to the extent that the plan provides medical care, including items and services paid for as medical care to employees or their dependents as defined under the terms of the plan directly or through insurance, reimbursement, or otherwise. See Michigan Laws 500.3701 Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Index rate: means the arithmetic average during a rating period of the base premium and the highest premium charged per employee for each health benefit plan offered by each small employer carrier to small employers and sole proprietors in a geographic area. See Michigan Laws 500.3701 institution: means a private or nonpublic, nonprofit educational institution within the state authorized by law to provide a program of education beyond the high school level. See Michigan Laws 390.922 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Lien: A claim against real or personal property in satisfaction of a debt. month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality or any other legal or commercial entity. See Michigan Laws 333.10102 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. plan: means an expense-incurred hospital, medical, or surgical policy or certificate, or health maintenance organization contract. See Michigan Laws 500.3701 Premium: means all money paid by a small employer, eligible employees, or eligible persons as a condition of receiving coverage from a small employer carrier, including any fees or other contributions associated with the health benefit plan. See Michigan Laws 500.3701 Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Rating period: means the calendar period for which premiums established by a small employer carrier are assumed to be in effect, as determined by the small employer carrier. See Michigan Laws 500.3701 Reasonably available: means able to be contacted by a procurement organization without undue effort and willing and able to act in a timely manner consistent with existing medical criteria necessary for the making of an anatomical gift. See Michigan Laws 333.10102 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSmall employer: means any person actively engaged in business that, on at least 50% of its working days during the preceding and current calendar years, employed not fewer than 2 and not more than 50 eligible employees. See Michigan Laws 500.3701 Small employer carrier: means a carrier that offers health benefit plans covering the employees of a small employer. See Michigan Laws 500.3701 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 333.10102 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trustee: A person or institution holding and administering property in trust. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Waiting period: means , with respect to a health benefit plan and an individual who is a potential enrollee in the plan, the period that must pass with respect to the individual before the individual is eligible to be covered for benefits under the terms of the plan. See Michigan Laws 500.3701