Common use of COBRA and HIPAA Compliance Clause in Contracts

COBRA and HIPAA Compliance. Parent shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Parent Health and Welfare Plans with respect to Xxxxx Xxxxxxx Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Parent Health and Welfare Plans at any time on or before December 31, 2003. Effective on the Transition Date, Xxxxx Xxxxxxx or another Xxxxx Xxxxxxx Entity shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Xxxxx Xxxxxxx Health and Welfare Plans with respect to Xxxxx Xxxxxxx Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Xxxxx Xxxxxxx Health and Welfare Plans at any time after December 31, 2003. The parties hereto agree that the consummation of the transactions contemplated by this Agreement and the Separation Agreement shall not constitute a COBRA qualifying event for any purpose of COBRA.