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

Criminal slave Convey Law Complaints ?

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

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.

What is the largest Social Security disability law firm in the

Most Social Security disability lawyers work in small firms based in a single city or community. To my knowledge, most, if not all of the firms that claim to be "national" are actually based in a city and if they have a case elsewhere in the country, they either associate with a local attorney ...

More AOL News Stories

Obama shifts opinion on divisive issue

Obama shifts opinion on divisive issue Getty In a new interview about a recent Supreme Court decision, Obama seems to have flip-flopped his stance on a controversial...

Researchers realize Viagra's other ability

Researchers realize Viagra's other ability Alamy The little blue pill is famous for its role in the bedroom -- but it could be helping guys in another way. Other part...

Russia lashes out against US with new threat

Russia lashes out against US with new threat AP With sanctions weighing heavily on Russia, officials are blaming America for harming Russian relations with the rest of...

Suspect in UVa. case charged in another incident

Suspect in UVa. case charged in another incident AP Jesse L. Matthew Jr., who is tied to Hannah Graham's disappearance, was handed down charges in a case stemming from...

Earth on pace to break big record

Earth on pace to break big record NASA Officials announced Monday that last month was the hottest September in 135 years -- but that was hardly the most significant...
More Powered by