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NSF Premium Procedure

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Posted by Trish Gehr on January 19, 2004 at 05:00:16:

I am a coordinator at a third party administrator who handles COBRA account for self funded clients. I have a question concerning COBRA payments that I need clarification on.

Question: If we receive and process a check and it is then returned to us for nonsufficient funds; are we required by law to allow them to replace that check? If yes, how much time? The reason I am asking is because we currently allow the participant 10 days to replace the check. I do not know if this is an IRS regulation or not.

Please verify.

Thanks!
Trish Gehr

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