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Fraudulent and Unauthorized Insurance Entities
The course entitled Fraudulent and Unauthorized Insurance Entities examines the problem of unauthorized insurers. In so doing, it looks at the background of the unauthorized insurer problem and explains the impact of ERISA and its pre-emption on the extent of the problem. It discusses multiple employer welfare arrangements (MEWAs), union plans, association plans and professional employer organizations (PEOs), and considers the regulatory constraints to which they are subject. The discussion of unauthorized entities concludes with an examination of the damage caused by unauthorized insurers and the possible liability to which they expose agents, policyowners and healthcare providers. Upon completion of this course, the student should be able to:
- Recognize the signs that an insurer may be unauthorized
- Explain the damage caused by unauthorized insurers
- Discuss the protection afforded by the state regulatory authority’s review and oversight of insurers
- Explain the extent of review normally required before an insurer is authorized to transact insurance in a state
- Outline the causes that contribute to the proliferation of unauthorized insurers
- Understand the sanctions and liabilities that may result from representing an unauthorized insurer
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