EB Insurance Regulations Flashcards
Americans with Disabilities Act (ADA)
A civil rights law enacted in 1990 that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public.
Anti-Money Laundering
A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
A health insurance program that allows an eligible employee and their dependents to maintain health insurance coverage if they lose their job or otherwise become ineligible.
Department of Insurance (DOI)
A state-level body that governs the insurance business. This includes but is not limited to reviewing and approving group contract language and provisions before they may be provided to a policyholder, and licensing and regulating insurance professionals.
Department of Labor (DOL)
A federal cabinet-level department responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics. Many states also have such departments.
Employee Retirement Income Security Act (ERISA)
A federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. The main purpose of this law is to protect the interests of employees (and their beneficiaries) who are enrolled in employee benefit plans, and to ensure that employees receive the pensions and group-sponsored welfare benefits that have been promised by their employers.
Family and Medical Leave Act (FMLA)
A 1993 labor law requiring covered employers to provide employees with job-protected and unpaid leave for qualified medical and family reasons.
Health Insurance Portability & Accounting Act (HIPAA)
A 1996 law that provides data privacy and security provisions for safeguarding medical information.
Office of Foreign Assets Control (OFAC)
A department of the federal Treasury that administers and enforces economic and trade sanctions based on US foreign policy and national security goals. This body is charged with enforcing the Patriot Act.
Summary Plan Description (SPD)
A document that employers are required to provide to employees or plan participants explaining how the plan operates - the plan’s benefits, the claim review procedures, and the participant’s ERISA rights - in a way that is easily understood.
USA PATRIOT Act of 2001
The USA PATRIOT Act includes provisions intended to prevent the financial services industry, including the insurance sector, from being used for money laundering and terrorist financing by criminals and terrorists.
It requires that insurance companies establish anti-money laundering (AML) measures to prevent the use of their products in money laundering or terrorist activity financing and report suspicious activities.
