Sec. 451. CONTINUATION OF HEALTH PLAN COVERAGE IN CASES OF FAILED FINANCIAL INSTITUTIONS
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## SEC. 451 CONTINUATION OF HEALTH PLAN COVERAGE IN CASES OF FAILED FINANCIAL INSTITUTIONS **[**[12 U.S.C. 1821](/us/usc/t12/s1821) nt.**]** ###
(a)Continuation Coverage The Federal Deposit Insurance Corporation— ####
(1)shall, in its capacity as a successor of a failed depository institution (whether acting directly or through any bridge bank), have the same obligation to provide a group health plan meeting the requirements of section 602 of the Employee Retirement Income Security Act of 1974 (relating to continuation coverage requirements of group health plans) with respect to former employees of such institution as such institution would have had but for its failure, and ####
(2)shall require that any successor described in subsection (b)(1)(B)(iii) provide a group health plan with respect to former employees of such institution in the same manner as the failed depository institution would have been required to provide but for its failure. ###
(b)Definitions For purposes of this section— ####
(1)Successor An entity is a successor of a failed depository institution during any period if— #####
(A)such entity holds substantially all of the assets or liabilities of such institution, and #####
(B)such entity is— ######
(i)the Federal Deposit Insurance Corporation, ######
(ii)any bridge bank, or ######
(iii)an entity that acquires such assets or liabilities from the Federal Deposit Insurance Corporation or a bridge bank. ####
(2)Failed depository institution The term “**failed depository institution**” means any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act) for which a receiver has been appointed. ####
(3)Bridge bank The term “**bridge bank**” has the meaning given such term by section 3(i)(2) of the Federal Deposit Insurance Act. ###
(c)No premium costs imposed on fdic Subsection
(a)shall not be construed as requiring the Federal Deposit Insurance Corporation to incur, by reason of this section, any obligation for any premium under any group health plan referred to in such subsection. ###
(d)Effective Date This section shall apply to plan years beginning on or after the date of the enactment of this Act, regardless of whether the qualifying event under section 603 of the Employee Retirement Income Security Act of 1974 occurred before, on, or after such date. * * * * * * *
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Sec. 451
CONTINUATION OF HEALTH PLAN COVERAGE IN CASES OF FAILED FINANCIAL INSTITUTIONS
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