; (VII) does not provide coverage under such plan to any individual other than an employee of an employer member of such group or association; (VIII) has established a governing board with by-laws or other similar indications of formality to manage and operate such plan in both form and substance, of which at least 75 percent of the board members shall be made up of employer members of such group or association participating in the plan that are duly elected by each participating employer member casting 1 vote during a scheduled election; (IX) is not a health insurance issuer (as defined in section 733(b)(2)), and is not owned or controlled by such a health insurance issuer or by a subsidiary or affiliate of such a health insurance issuer, other than to the extent such a health insurance issuer may participate in the group or association as a member; (ii) is structured in good faith with any set of criteria to qualify for such treatment in any advisory opinion issued prior to the date of enactment of the Multiple Employer Welfare Arrangement Act ; or (iii) meets any other set of criteria to qualify for such treatment that the Secretary by regulation may provide. (C) (i) For purposes of subparagraph (B), a self-employed individual shall be treated as— (I) an employer who may become a member of a group or association of employers; (II) an employee who may participate in an employee welfare benefit plan established and maintained by such group or association; and (III) a participant of such plan subject to the eligibility determination and monitoring requirements set forth in clause (iii). (ii) For purposes of this subparagraph, the term self-employed individual means an individual who— (I) does not have any common law employees; (II) has a bona fide ownership right in a trade or business, regardless of whether such trade or business is incorporated or unincorporated