Ted looked high and low....

....until he found someone who was reading his blog!

Fiduciary Liability is for Everyone

The fundamental exposure under ERISA liability is for fiduciaries of an ERISA plan. A primary purpose of ERISA is to protect employee benefit plans by establishing standards of conduct, responsibility and obligations for fiduciaries of such plans. Fiduciaries are personally liable under ERISA for breaches of fiduciary duty to an ERISA covered plan. A fiduciary who commits a breach is responsible for any resulting monetary losses to the plan. The fiduciary is also subject to "such other equitable or remedial relief as the court may deem appropriate."

Under ERISA, a "fiduciary" is defined as one who (1) exercises discretionary authority or control over plan management, administration or disposition of plan assets, or (2) renders investment advice for a fee or other compensation. ERISA fiduciary status in this latter category requires,
Ted wants to know who is reading his blog so he has devised this simple experiment.

If you are the first person to email Carol with this message: "I READ TED SAYS" you can claim a prize of $20 cash.

We're waiting.

PS Managers are not eligible to participate!

AIG Enhances Corporate Counsel Policy

The heightened risk of being named in securities litigation has lead corporate counsel to face increasing liability exposures from a variety of claimants. These liabilities may result from legal services provided on behalf of and to their employers, as well as pro bono and moonlighting services. Because the role of corporate counsel continues to change, AIG Executive Liability, a division of the property casualty insurance subsidiaries of American International Group Inc., enhanced its Corporate Counsel Premier (CCP) insurance policy to protect the personal assets of corporate counsel and their staff.

Read more at:

http://www.insurancejournal.com/news/national/2008/01/23/86658.htm

N.Y. Insurance Agency's Computer Hacked to Gain Forged Insurance Docs

Police in New York have arrested a computer consultant who is charged with fraudulently printing an insurance certificate from an agency's computer and using the document for his part-time snowplowing business.

Joseph Mori, 43, of Fishkill, has been charged with insurance fraud and criminal possession of a forged instrument. He was arrested by the New York State Insurance Department's Frauds Bureau, assisted by the Dutchess County Sheriff's Department.

Mori allegedly gained access to the computer system of Kaplan Insurance agency in Wappingers Falls to print the fraudulent insurance certificate. Agency employees discovered the fraud.
Mori reportedly worked as a computer consultant for the agency for approximately 10 years. Aside from allegedly printing the certificate, no evidence was uncovered that Mori had tampered with other agency computer files, Toucher said.

The misdemeanor insurance fraud charge could result in a sentence of up to one year in jail.

Source: New York State Insurance Dept.

Find this article at:
http://www.claimsjournal.com/news/east/2008/01/14/86402.htm