Failure to fund in accordance with ERISA exclusion

{
  "id": "MLC-T-INS-001448",
  "term": "Failure to fund in accordance with ERISA exclusion",
  "field": "Insurance and risk management",
  "definition": "A clause in a fiduciary liability insurance policy that denies coverage for claims stemming from a plan's failure to meet minimum funding standards as mandated by the Employee Retirement Income Security Act (ERISA). This exclusion highlights the legal obligation of fiduciaries to adequately fund employee benefit plans. It often applies to deliberate underfunding or gross negligence in financial management.",
  "url": "https://mlchart.com/terminology/insurance/failure-to-fund-in-accordance-with-erisa-exclusion/"
}