New LIBs Rule and PLN-04 Form Poised to Take Effect
The Division has posted a memo reminding carriers that on June 1, 2015, new Rule 131.1 and revised form PLN-04 will both take effect. Both the rule and the form relate to the initiation of Lifetime Income Benefits.
Every carrier must use the June 2015 version of the Form PLN-04 to send injured employees a plain language notice explaining whether the insurance carrier is initiating LIBs or denying LIBs eligibility. Moreover, every carrier must begin to comply with Rule 131.1.
On March 2, 2015, our firm published FOL Advisory 494, which describes how to comply with the new LIBs requirements.
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