(a) A multiple employer welfare arrangement may only provide one or more of the following:
(1) medical, dental, vision, surgical, or hospital care;
(2) benefits in the event of sickness, accident, disability, or death;
(3) another benefit authorized to be provided by health insurers in this state; and
(4) prepaid legal services.
(b) Except as otherwise limited by the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.), a multiple employer welfare arrangement may only provide benefits to:
(1) active or retired owners, officers, directors, or employees of or partners in participating employers; and
(2) the beneficiaries of a person described by Subdivision (1).