4 ERISA Requirements of Group Life Insurance

The Employee Retirement Income Security Act (ERISA) requires that any employee benefit plan (including group life insurance) meet certain requirements. Among these requirements are:

  1. The plan must be established and maintained in writing
  2. The plan documents must provide for one or more named fiduciaries who administer the plan 
  3. The plan document must provide a procedure for amending the plan and specify the basis on which payments are to be made to and from the plan
  4. Additionally, the plan must provide a claims review procedure.
Reproduced with permission.  Copyright The National Underwriter Co. Division of ALM

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