§21-19-2. Definitions.

As used in this article:

"Hiring party" means a person or entity that hires or enters into a contract with an independent contractor;

"Independent contractor" means an individual who performs services for a hiring party in exchange for compensation, and the relationship with the hiring party qualifies the individual as an independent contractor based upon §21-5I-1 et seq. of this code;

"Portable benefit plan" means a benefit plan administered by a third-party portable benefit plan provider chosen by the independent contractor and assigned to a beneficiary rather than to a hiring party, and includes, but is not limited to:

(A) Health insurance;

(B) Income replacement insurance;

(C) Disability insurance;

(D) Life insurance; and

(E) Retirement benefits;

"Portable benefit plan provider" means the administrator of a portable benefit account, and includes:

(A) A bank;

(B) An investment management firm;

(C) A technology provider or program manager that offers services through a bank or investment management firm; or

(D) Any other person or entity that demonstrates to the satisfaction of the West Virginia Division of Labor that the manner in which the portable benefit account will be administered will be consistent with the portable benefit account requirements under this article.