Discover our technology solutions that streamline can help streamline your business.
Discover our technology solutions that streamline can help streamline your business.
Access resources and tools that will help you understand the importance of, and comply with, broker compensation disclosure requirements and other relevant laws. If you have questions or need assistance, please call us at (800) 801-2300.
Congress passed the Consolidated Appropriations Act, 2021, (CAA) in December 2020. The CAA contains new requirements for business transparency that impact health plan providers, individual brokers and consultants.
Included in the CAA, the No Surprises Act Section 202(c) seeks to enhance compensation disclosure rules and bring them more in line with retirement plan service providers. As explained in a recent NABIP publication (formerly NAHU):
The CAA now amends the section 408(b)(2) statutory exemption to impose compensation disclosure requirements on health plan service providers that are similar to the requirements applicable to retirement plan service providers.
The Omnibus Package’s important changes for insurance agents and brokers are found in a section titled “Title II – Transparency, Section 202, Disclosure of direct and indirect compensation for brokers and consultants to employer-sponsored health plans and enrollees in plans on the individual market.” [Consolidated Appropriations Act, 2021, H.R. 133, 116th Cong. 134 STAT. 2894 (2020)]1
Disclosure requirements pertain to any covered services provider that reasonably expects to receive $1,000 or more in direct or indirect compensation for brokerage or consulting services. Disclosure is required for all forms of compensation, including standard compensation, bonuses, finder’s fees, advance or prepaid commissions, third-party payments and incentives not entirely related to the plan, plus similar forms of compensation.
No items currently match your filtering criteria.
1 National Association of Benefits and Insurance Professionals (NABIP) Compliance Corner.
Broker Compensation Disclosure, NABIP | Broker Compensation Disclosure Information.
Join thousands of brokers growing their business with our technology and support.
