A quarterly report covering key regulatory issues facing the insurance industry.
11.10.2020 How to Comply with ERISA’s Prohibited Transactions Requirements For Group Benefit Plans
The Employee Retirement Income Security Act of 1974 (“ERISA”), the principal federal law which regulates the benefit plans marketed to employers in this country, imposes specific requirements on most employer-sponsored “welfare benefit plans” (defined to include such things as life insurance, medical benefits and disability benefits). Most employer sponsored health plans, are then, subject to ERISA and its Prohibited Transaction Exemption (“PTE”) rules.
10.29.2020 The High Risk of Insuring Cannabis
As the billion-dollar cannabis industry continues to develop in the tri-state region and elsewhere, investors, cultivators, retailers and various ancillary businesses are realizing the heightened risks associated with their operations. Insurers and insureds alike, however, should be aware of the unique insurance challenges.
11.10.2020 New York Home Health Care Agencies Beat Aides’ Lawsuit Over Use of a Captive To Meet Wage Parity Law
When New York adopted a wage parity law setting minimum wage and benefit levels for home care workers, innovative home health care agency companies created a captive plan structure to meet the benefits requirements. Although aides may feel that they are being cheated under such a captive plan, a recent court decision severely limits aides’ ability to contest the utilization of a captive structure.