Originated From
AOL News

Erisa laws

any one familiar with Erisa Laws?

Liked this question? Tell your friends about it

Answers

Dear Richard.

The following excerpt may help you to understand ERISA Law.


What is ERISA?

ERISA stands for the Employee Retirement Income Security Act of 1974. ERISA was enacted by Congress in 1974 to address corruption in pension plans. Although Congress did not intend ERISA to control medical or disability insurance plans when it enacted ERISA, the bill that was signed into law contained the phrase "employee welfare benefit plan." As the result of federal courts’ interpretations of that phrase, today ERISA controls almost every private employee benefit, including health, disability, life and pension plans. ERISA includes the federal statute, 29 U S C ß 1001, et seq., regulations, which appear in Chapter 29 of the Code of Federal Regulations, and decisional law of the Federal Courts.

When ERISA controls, most other claims are pre-empted. This means that no punitive damages are available, no matter how abhorrent the insurance company’s tactics have been and no matter how unfair the denial. The claimant usually can recover only the amount of past benefits due, interest, costs and, in many cases, his or her attorney fees. This provides little incentive for insurance companies to treat claimants fairly. To go one step further, ERISA provides insurance companies with total immunity from any adverse consequences for their unfair and deceptive practices. In our experience, insurers routinely deny meritorious claims, knowing that the vast majority of their insureds do not have the means to fight their insurance plans. No matter how egregious an insurance company's conduct, ERISA provides it with a virtual license to steal.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: What is the federal law on marijuana

what is the federal law on marijuana

Asked: If you are unemployed and live in federal housing ...

if you are unemployed and live in federal housing is there a law that states you have to do community service????Reply to cr7717@aol.com thanks

Asked: Federal Wthdraw forms

Federal Wthdraw forms

Ask a Question... We'll forward it to people who know

More Questions

Law

Law is a term which does not have a universally accepted definition, but one definition is that law is a system of rules and guidelines which are enforced through social institutions to govern behavior. Mortlake Law

Pennsylvania state law on cameras looking into a bathroom. Is it leagal

Looking in on the loo would be in the worst of poor taste, and dangerous to mens' egos. We would do well to spare ourselves the denigration that women share about us in private.

Tn laws on law enforcement car markings.do they need to be marked.

NO! Virtually all police departments use 'unmarked cars.' There is no law stating the cars they drive must have police markings. Investigators & detectives, etc. would not use a vehicle with police markings.

Criminal slave Convey Law Complaints ?

Muslim slave traders are criminals -- nothing else. They can look forward to execution as slavery is a capital offense.

More AOL News Stories

Wall Street turns ugly as stocks go on a tailspin

Wall Street turns ugly as stocks go on a tailspin AP Although New York City may have dodged a massive blizzard, the financial market took a major tumble on...

Blizzard spares some, leaves others reeling

Blizzard spares some, leaves others reeling AP A howling blizzard with wind gusts over 70 mph brought severe devastation to parts of the New England area on...

Michelle Obama breaks protocol in Saudi Arabia

Michelle Obama breaks protocol in Saudi Arabia AP The first lady joined her husband Tuesday as they paid respects to the late King Abdullah, but she didn't conform to...

Alleged killer sends note to victim's family

Alleged killer sends note to victim's family Facebook A 16-year-old went missing from her home Monday, and now scary text messages to her relatives purport that she's...

McCarthy to star in reboot of 'Ghostbusters'

McCarthy to star in reboot of 'Ghostbusters' Getty 'Bridesmaids' standout Melissa McCarthy will reportedly be one of four top-notch actresses starring in the new take...
More Powered by