Each week, you’ll find specially curated news articles to keep you up to date on the ever-evolving world of insurance and risk management. The articles are divided out between items relevant to Property & Casualty, Employee Benefits/Human Resources, and Compliance. We’ve included brief summaries of each item as well as a link to the original articles.
PROPERTY & CASUALTY
Revealed – The Top Five Insurtech Trends Reshaping America’s Insurance Landscape
“The insurtech space continues its rapid ascent as manifested in the market’s growing range of capabilities and business models – and those who will benefit the most, according to experts, are the insurance companies and investors with a deep understanding of “emerging technology and commercial trends.”” Full Article
– Insurance Business America
EMPLOYEE BENEFITS, HUMAN RESOURCES, & COMPLIANCE
What New Student Loan Relief Means for Employee Benefits “Employers may want to consider building in flexibility to their education assistance programs and to any matching contributions offered through coordination of such a program and a 401(k) plan benefit. If proposed measures take effect, more individuals will be eligible for $0 monthly income- based payment amounts in the future. Employers that do not currently offer education assistance programs may want to consider adding one by January 1, 2023, as many borrowers’ priorities will be shifting from retirement savings to student loan repayments then.” Full Article – Ogletree Deakins
Federal Court Finds Key Part of ACA’s Preventive Service Mandate Unconstitutional “The court found that U.S. Preventive Services Task Force (USPTF) members were principal officers who must be nominated by the President and confirmed by the Senate. The court noted that USPTF was not part of HHS or another agency and its members are not directed or supervised by someone appointed by the President and confirmed by the Senate. Further, the court agreed with the plaintiffs that the requirement to cover PrEP to prevent the transmission of HIV violates the RFRA because it substantially burdened their religious exercise.” Full Article – The Wagner Law Group
Employee Benefits in the United States, March 2022 “Life insurance was available to 57 percent of private industry workers in March 2022. Forty- three percent of private industry workers had access to short-term disability insurance. Thirty-five percent of private industry workers had access to long-term disability insurance. Wellness programs were available to 43 percent of private workers.” Full Article – U.S. Bureau of Labor Statistics (BLU)
Final Rule Changes No Surprises Act Requirements “The Final Rule addresses specific disclosure requirements for group health plans and health insurance issuers related to the Qualified Payment Amount (QPA) for out-of-network (OON) services and sets forth the factors and information which certified Federal Independent Dispute Resolution (IDR) entities must consider in arbitrating disputes for OON services or items. The Final Rule is effective October 25, 2022, for services/items rendered during plan years beginning or after January, 1, 2022.” Full Article – Sheppard Mullin
The Inflation Reduction Act Has Been Signed Into Law and Includes Key Health Provisions “The IRA provides a safe harbor that allows high deductible health plans (HDHPs) to cover insulin before the participant meets the HDHP’s deductible without adversely affecting the participant’s health savings account (HSA) eligibility. In addition, the IRA establishes a system for Medicare to negotiate drug prices with manufacturers, which has the potential to raise group health plans’ costs in the future because employer group health plans are not eligible for the negotiated drug price rates or the rebates.” Full Article – Miller Johnson
Three Key Strategies for Defending MHPAEA Claims: Preparing for the Lawsuit Before It Is Filed “[1] Carefully review plan terms related to the benefits that are frequently the target of MHPAEA claims and the medical/surgical treatments that plaintiffs typically claim are analogs for these treatments. [2] Confirm that the processes for designing and applying coverage limitations are well- documented and in compliance with MHPAEA’s requirements. [3] Confirm that processes are in place to comply with MHPAEA’s disclosure requirements in response to participant document requests. Such requests are an ‘early warning’ that a MHPAEA lawsuit may be coming.” Full Article – Groom Law Group
STATE & INTERNATIONAL COMPLIANCE
In addition to the RISQ Review, RISQ Consulting also provides a resource that features changes and updates to State and International Compliance measures. We’ve included brief summaries of each item below, and also provided links to the original articles if you’d like to read further.
NEW JERSEY
Changes to Posting Requirements Prompt Jersey Employers to Ensure Compliance
“The New Jersey Division on Civil Rights (DCR) recently published final regulations that change the content of certain required notifications New Jersey employers must provide to employees. On August 1, 2022, the DCR announced that these changes are effective immediately and are intended to better inform individuals of their rights under the New Jersey Law Against Discrimination (LAD) and the New Jersey Family Leave Act (FLA). Regulations under the LAD and FLA require covered employers to (1) “display” the official posters in “easily visible” places and (2) “provide” each employee with a copy of the official posters annually and upon an employee’s first request.” Full Article
– Duane Morris LLP
OREGON
Rules Governing Oregon’s New Paid Family and Medical Leave Insurance Program and Equivalent Plan Application Process
“On July 22, 2022 and August 22, 2022, the Oregon Employment Department (OED) published its latest rules governing Oregon’s new Paid Family and Medical Leave Insurance (PFMLI) program. The PFMLI program will be funded by employer and employee contributions in the form of payroll deductions beginning January 1, 2023 and will provide employees with up to 12 weeks of paid time off for leave that qualifies as family, medical, or safe leave, absent undue hardship, beginning on September 3, 2023.” Full Article
– Littler Mendelson PC
MICHIGAN
The Michigan Supreme Court Holds that Discrimination on the Basis of Sexual Orientation is Prohibited by the Elliott-Larsen Civil Rights Act
“On July 28, 2022, in a 5-2 opinion, the Michigan Supreme Court held that the prohibition of discrimination “because of… sex” in the Elliott-Larsen Civil Rights Act (“ELCRA”) includes discrimination on the basis of sexual orientation. Rouch World LLC v Department of Civil Rights, No. 162482, July 28, 2022.” Full Article
– Dickinson Wright
MISSISSIPPI
Protections for Employers Under the New
“Mississippi Medical Cannabis Act that was signed by Gov. Tate Reeves in February 2022 was written in a way to protect employers. Here are some protections that employers will see under the new law. Some of the protections offered are; employers are not required to pay for or reimburse any individual or entity for cost associated with the medical use of cannabis, no employer is required to permit or accommodate the medical use of cannabis and employers are not prohibited from hiring or discharging the privilege employment because of an individual’s use of medical cannabis.” Full Article
– Phelps Dunbar LLP
CALIFORNIA
California Creates Unelected Council to Set Minimum Wages/ Working Conditions of 500,000 Fast Food Workers
“On September 5, 2022, Governor Gavin Newsom signed the Fast Food Accountability and Standards Recovery Act or FAST Recovery Act (AB-257). The state government, which is dominated at all levels by union-friendly politicians, will appoint a 10-member Council composed of employees, employers and “union activists” to set the minimum wages and working conditions of fast food workers in the state – however, the new Council will only have jurisdiction over non-unionized fast food restaurants. Since unionized restaurants will be exempted from the law, they will be free to pay their employees lower wages and benefits than those set by the Council.” Full Article
– Proskauer Rose LLP
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