Insurance Regulation

Question 1

Employee Retirement Income Security Act

(ERISA)

Answer 1

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.

Question 2

Family and Medical Leave Act

(FMLA)

Answer 2

A 1993 labor law requiring covered employers to provide employees with job-protected and unpaid leave for qualified medical and family reasons.

Question 3

Health Insurance Portability & Accounting Act

(HIPAA)

Answer 3

A 1996 law that provides data privacy and security provisions for safeguarding medical information.

Question 4

Office of Foreign Assets Control

(OFAC)

Answer 4

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.

Question 5

Social Security Normal Retirement Age

(SSNRA)

Answer 5

The age at which a person is eligible for retirement under the Federal Social Security Act. This is sometimes called Social Security Full Retirement Age (SSFRA). Reducing Benefit Duration (RBD) was previously used and may still appear in GAIN.