New compensation disclosure requirements for health insurance agents and brokers will take effect Dec. 27. Have you read the memo for updates?
As highlighted previously, Section 202 of the December 2020 omnibus government funding legislation signed into law by former President Donald Trump included new compensation disclosure requirements for health insurance agents and brokers. The requirements are slated to take effect Dec. 27, 2021.
The Big “I" and certain other major producer groups have met with U.S. Department of Labor officials and submitted a joint comment letter to the federal regulators, but no regulatory guidance on disclosures relating to group health plans has been issued.
Agents and brokers who handle group health plans will still need to comply with the new requirements—even in the absence of additional guidance or regulations.
To that end, the Big “I" Government Affairs and Office of General Counsel developed a working memo regarding health insurance compensation disclosure requirements based on currently available information. This memo will be updated to reflect any further developments.
If you have any questions about this or related topics, contact Wyatt Stewart, Wes Bissett or Eric Lipton.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs. Wes Bissett is Big “I" government affairs senior counsel. Eric Lipton is senior counsel in the Big “I" Office of General Counsel.