(a) “ABLE Act” means the federal legislation codified in Section 529A of the Internal Revenue Code of 1986, 26 U.S.C. 529A, and related treasury regulations, as amended from time to time. Any references in this article to Section 529A include related treasury regulations.
(b) “Account” or “ABLE savings account” means an individual savings account established in accordance with the provisions of this article.
(c) “Account owner” means designated beneficiary, as defined in the ABLE Act.
(d) “Attorney in fact” means a person named in a power of attorney with the authority to open and manage an account.
(e) “Conservator” means a person appointed by the court pursuant to Chapter 44A of this code.
(f) “Designated beneficiary” means a West Virginia resident who owns the account and who was an eligible individual when the account was established or who succeeded the former designated beneficiary.
(g) “Eligible individual” means an individual who is entitled to benefits based on blindness or disability under 42 U.S.C. 401 et seq. or 42 U.S.C. 1381 et seq., as amended, and such blindness or disability occurred before the date on which the individual attained the age specified in the ABLE Act, or an individual who filed a disability certification, to the satisfaction of the secretary, with the secretary for such taxable year.
(h) “Financial organization” means an organization authorized to do business in the State of West Virginia and that is:
(1) Licensed or chartered by the Insurance Commissioner;