For insurance companies, determining insurance rates is a important, though potentially tricky, matter. On the one hand, insurance companies need to charge rates that ensure they cover costs and reap some profit. On the other hand, there is also the importance of maintaining one’s customer base, and also complying with state law.
Michigan businesses: work with experienced legal counsel to meet fiduciary duties under ERISA
We’ve been looking in recent posts at the fiduciary duty retirement plan administrators owe employees with respect to monitoring appointed investment advisors for 401(k) plans. As we noted last time, the duty does not entail constant, direct monitoring of investment advisers, but enough attention to detail that the employer is able to take corrective action as necessary.
ERISA and the fiduciary duty to monitor appointed investment advisers, P.2
In our last post, we looked briefly at some general points of law under the Employee Retirement Income Security Act of 1974 (ERISA): first, that 401(k) plan fiduciaries can be held liable for mismanaging retirement plans; and second, that federal law exempts 401(k) plan trustees from liability for the acts and omissions of investment managers appointed by plan fiduciaries.
ERISA and the fiduciary duty to monitor appointed investment advisers, P.1
For employers, one important aspect of doing business is ensuring the business is in compliance with the requirements of the Employee Retirement Income Security Act of 1974 (ERISA), the federal law which lays out the rules and regulations for setting up and administering employee health and retirement plans. Of particular importance under ERISA are the fiduciary duties associated with management of retirement plan investments.
Three points to understand about assignment of no-fault benefits in Michigan
In our previous post, we looked at a recent Michigan Supreme Court decision holding that hospitals, clinics and other medical providers do not have the right to sue insurance companies for payment of bills of patients using no-fault insurance. As we noted, the decision could have a number of potential effects, including an increase in the assignment of no-fault benefits to providers.
Court decision likely to bring changes for patients, medical providers and no-fault insurers
No-fault insurance is a requirement here in Michigan, and every driver is required to carry minimum coverage amounts. Drivers may, of course, purchase higher coverage amounts and additional options for coverage. An essential aspect of any no-fault policy, though, is personal injury protection, which obligates insurance companies to pay all of their insured’s medical costs.
Work with experienced attorney when forming captive insurance company
Previously, we began looking at the potential benefits for businesses of forming a captive insurance company. As we noted last time, the timing of a captive insurance company’s formation is important to consider when forming a captive insurance company.
What is captive insurance and why is it beneficial for businesses?
For businesses, managing risks is critical to ensuring the financial success of the company. There are a variety of ways business can address risks, and insurance coverage is an important one. While ordinary commercial plays an important role, business can often benefit from alternative insurance options, such as captive insurance.
Work with experienced legal counsel to ensure compliance with insurance industry regulations
In our previous post, we briefly discussed the widespread concern at present in the insurance industry—specifically, among large insurance companies—over the nearing departure of the man who represents the insurance industry on the Financial Stability Oversight Council. As we noted, the presence of an insurance expert on the council is seen as important to represent the industry and help ensure that fair decisions are made with respect to insurance industry regulation.
Large insurance companies fear lack of industry expertise on federal council
Large insurance companies are reportedly fretting about the upcoming departure of an important figure on the Financial Stability Oversight Council, the federal body responsible for monitoring the stability of the national financial system. For readers who are not aware, the Council was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, and has the aim of identifying and responding to risks to financial stability at a national level.
