The Big “I” intends to seek additional clarity and guidance from federal regulators concerning compliance with these new disclosure obligations and will provide additional information as the effective date approaches.
As previously reported in News & Views, at the end of 2020, President Trump signed into law bipartisan legislation that included a $900 billion COVID-19 relief package and a $1.4 trillion omnibus government funding package.
The omnibus government funding piece of the legislation included a section eliminating surprise medical billing which will have an impact on health insurance producers and consultants because it also requires them to disclose their compensation and other information to group health plan sponsors.
The act also requires health issuers to disclose to individual health insureds the compensation paid to the agent or broker involved in coverage selection and enrollment. The new requirements, which can be found in Section 202 of the omnibus law, take effect on Dec. 27, 2021.
A Big “I"-created summary of the new requirements effective later this year can be found here.
The Big “I" intends to seek additional clarity and guidance from federal regulators concerning compliance with these new disclosure obligations, and the association will be providing additional information as the effective date approaches.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.