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New HIPAA Privacy Rules Take Effect April 14
Congress recently amended the Health Insurance Portability and Accountability Act of 1996 (HIPAA) to include what has become known as the 'Privacy Rule,' a statutory provision addressing the privacy of health information. The Rule covers health care providers, health care clearinghouses and health plans, including employer-sponsored group health plans. Those plans that have fewer than 50 participants and are self-administered are exempt. This is the only HIPAA exemption for health plans. The compliance date for most providers and health plans is April 14, 2003. 'Small' health plans ' that is, those with annual receipts of $5 million or less ' have until April 14, 2004 to achieve compliance. Penalties for noncompliance include civil penalties of up to $25,000 per person, and criminal penalties of up to 10 years in prison and fines of up to $250,000.
As a practical matter, insured health plans will have a lighter compliance burden than self-funded plans because the insurance company or HMO will have the most exposure to, and interaction with, employees and their health information, and will therefore have the greatest compliance responsibilities. Self-funded group health plans, for the most part, have access to the information that an insurer or HMO would have, and will therefore have corresponding compliance requirements.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.