On June 7, the Centers for Medicare and Medicaid Services (CMS) released a list of Frequently Asked Questions (FAQs) regarding compensation paid by issuers to agents and brokers who assist customers with enrollment during a Special Enrollment Period (SEP) or during Open Enrollment Periods (OEPs).
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CMS Releases New FAQs Regarding Agent/Broker Compensation for Special Enrollment Periods
Topics: Federal Advocacy CMS Compensation Regulation Insurance & Financial Advisor Regulation
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Broker Compensation Disclosure Requirements
Beginning on December 27, 2021, brokers and consultants will be held to new compensation transparency obligations under the Consolidated Appropriations Act (CAA). The CAA is a spending and coronavirus relief package that was signed into law on December 27, 2020 and expands ERISA’s existing disclosure requirements. It broadened the definition of a “covered plan” to include group health plans (previously it only included retirement plans).
Topics: Federal Advocacy Compensation Regulation DOL Insurance & Financial Advisor Regulation
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NAIFA Georgia’s Health Insurance Agent Commission Bill Sails Through the Senate
NAIFA-Georgia is celebrating a win. HB 716 (Insurance; carriers issuing a health benefit plan in this state through an agent shall file proposed commission rates with the department) passed the Senate unanimously on June 26.
