For the purposes of this chapter, the following terms have the meanings indicated. Terms Defined. “Actuarially calculated ultimate loss liability” means the sum of open claim reserves plus an estimate of incurred but not reported losses on open and closed claims through the cutoff date for the estimate in accordance with generally accepted actuarial principles. “Adequate consideration” has the meaning set forth in the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §1108(17)(B). “Administrator” means a person or entity designated by the Board of Trustees for a purpose authorized by this regulation. “Board of Trustees” means the elected governing body of a governmental group self-insurance fund. “Elect” means either: Direct election by the members of the governmental group fund; Appointment by the Board of Directors of a governmental entity member organization; or Appointment by the Board of Directors of the governmental group or sponsoring organization. “Exchange traded fund” or “ETF” means an equity fund or bond fund designed to replicate the performance of a major broad market United States, international, or global index and publicly traded on an American Stock Exchange. “Fiduciary” means: An individual or group of individuals as defined in the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §1102(21)(A); A member of the Board of Trustees; A member of an investment committee of the Board of Trustees; and An administrator. “Fiscal agent” means the entity employed by the Board of Trustees to hold the monies of the Fund. “Fund” means the governmental self-insurance group fund established pursuant to Labor and Employment Article, §9-404, Annotated Code of Maryland, and this chapter. “Party in interest” means: An administrator; A fiduciary; A member of the Fund, any of whose employees are covered by the Fund; A service company; A trustee; A fiscal agent; A spouse, ancestor, lineal descendent, or spouse of a lineal descendent of a person set forth in §B(10)(a) — (f) of this regulation; A corporation, partnership, trust or estate of which 50 percent is owned directly or indirectly by a person set forth in §B(9)(a) — (f) of this regulation; An employee, officer, director or 10 percent or more shareholder of an entity or person set forth in §B(10)(a) — (f) of this regulation; and A 10 percent or more partner or joint venturer of an entity or person set forth in §B(10)(a) — (f) of this regulation. “SEC” means the United States Securities and Exchange Commission. “Service company” means an organization, company, or person hired to perform a function of the Fund's day-to-day operations including, but not limited to: Adjusting claims; Performing safety engineering; Compiling statistics and preparing premium, loss, and tax reports; Preparing other required fund reports; Developing members' premiums and fees; Managing the investment of all or part of the Fund's assets; and Providing advisory services, including advice on investment objectives, asset allocation, manager search, and performance monitoring. “Sponsoring organization” means the governmental group that has been approved for joint self-insurance coverage under Labor and Employment Article, §9-404, Annotated Code of Maryland. “Surplus monies not needed to meet current obligations (surplus monies)” means monies not needed to pay current Fund: Expenses; Obligations; Open claim reserves; and Incurred, but not reported, claim reserves.