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insurance law Archives

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.

Employment at-will, wrongful termination and resolving employment disputes, P.2

Last time, we began looking at the rule of at-will employment, and some exceptions to the rule under federal and state law. In addition to the exceptions we've already mentioned, there is another important exception to the rule: contractual modification of the rule.

Employment at-will, wrongful termination and resolving employment disputes

For most people, job security is an important feature—or desired feature—of their work, and yet many people do not realize that the general rule of employment is that it is at-will. This means that, just as an employee can terminate the employment relationship at any time, for any reason, employers also generally have the same right.

Recently passed law requires licensure for all Michigan midwives, P.2

In our previous post, we began discussing a new Michigan law which requires all midwives throughout the state to obtain licensure in order to practice midwifery. The idea behind the requirement is to ensure that women and their babies are protected by ensuring better oversight of the practice of midwifery throughout the state.

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