ERISA is the law that regulates employee benefit plans offered by private companies in the United States. By agreeing to such a huge fine, UNUM provides us even more evidence of its disregard for the the U.S. Department of Labor's ERISA regulations. The U.S. Attorney's office found that UNUM was actively concealing the fees paid by UNUM for insurance commissions and disclosures related to group benefit plans. As the U.S. Attorney was quoted as saying, the regulations requiring disclosure, exist "to promote transparency." So much for transparency when the biggest disability insurance company simply ignores the rules and will only follow them when the government threatens prosecution.To read more about ERISA, visit the ERISA law FAQ tuckerludin.com.
Copyright (c) 2008 by John V. Tucker and Tucker & Ludin, P.A. All rights reserved. Any content borrowed or referenced from another source is referenced by citation to the original source as noted in the text above.