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
‘Forever Chemical’ Bans Face Hard Truth: Many Can’t Be Replaced “As lawmakers around the world weigh bans of cancer-linked “forever chemicals,” many manufacturers are pushing back, saying there often is no substitute for the compounds. Minnesota and Maine have passed legislation to effectively outlaw the use of per- and polyfluoroalkyl substances, or PFAS, in nearly all products by the early 2030s. Dozens of other states are also considering curbing their use. And the European Union’s Chemical Agency has proposed a widespread ban.” Full Article – Insurance Journal
Governments and Firms Should Spend More on AI Safety, Say Top Researchers “Artificial intelligence companies and governments should allocate at least one third of their AI research and development funding to ensuring the safety and ethical use of the systems, top AI researchers said in a paper on Tuesday. The paper, issued a week before the international AI Safety Summit in London, lists measures that governments and companies should take to address AI risks.” Full Article – Insurance Journal
EMPLOYEE BENEFITS, HUMAN RESOURCES, & COMPLIANCE
What Are the Health Plan ID Card Transparency Requirements? (PDF) “For plan years beginning on or after January 1, 2022, any physical or electronic plan or insurance identification card issued to group health plan participants or beneficiaries must clearly state … [1] any applicable deductible; [2] any applicable out-of-pocket maximum limitation; and [3] a telephone number and internet website address through which the individual may seek consumer- assistance information.” Full Article – Thomson Reuters / EBIA
Text of IRS Notice 2023-70: Insured and Self-Insured Health Plans Adjusted Applicable Dollar Amount for PCORI Fee Imposed by Sections 4375 and 4376 (PDF) “The fee imposed by sections 4375 and 4376 helps to fund the Patient-Centered Outcomes Research Trust Fund (PCORTF) and is calculated using the average number of lives covered under the policy or plan and the applicable dollar amount for that policy year or plan year.” Full Article – Internal Revenue Service (IRS)
Fiduciary Governance: HIPAA and Cybersecurity Best Practices “Plans considered ‘covered entities’ under HIPAA are subject to privacy and security rules governing individually identifiable health information. Plan sponsors must implement their plans’ physical, administrative, and technical safeguards to protect e-PHI against cyberthreats. Fiduciaries should not stop at HIPAA-covered health data but should equally safeguard any personally identifiable information of employees in connection with their welfare benefit plans.” Full Article – Nixon Peabody
10 Important Issues for Employers During the 2024 Open Enrollment Season “[1] Affordability of group health plan [2] HDHP/HSA limits [3] Updated CHIP notice [4] HIPAA notice of privacy practices [5] Summary of Benefits and Coverage [6] Annual compliance notices. [7] Wellness program notices [8] Life insurance evidence of insurability [9] Premium payments for fixed indemnity/specified disease insurance [10] Coordinate with insurer/TPA on NQTL comparative analysis and gag clause prohibition compliance attestation.” Full Article – Dickinson Wright
Transparency in Coverage Update: Status of Current Enforcement and Future Rulemaking “All covered plans will need to move ahead with publishing machine-readable files with prescription drug cost information, but future guidance will be issued on the implementation timeline for those plans that have relied on the enforcement delay. Also, plans that use alternative reimbursement arrangements for in-network providers will no longer be able to use the safe harbor that was previously available for reporting in-network rates.” Full Article – Slevin & Hart, P.C.
New Illinois Law Mandates Certain Employers Offer Pre-Tax Commuter Benefits Starting January 1 “Beginning January 1, 2024, a covered employer must make available a pre-tax commuter benefit to covered employees. Covered employees are those employees who work an average of at least 35 hours per week. The Act applies to covered employers with at least 50 covered employees in one of more of [certain specified] locations. Illinois is not the first jurisdiction to enact such a law; employers with multi-state operations should confirm which states and municipalities in which they operate may require the adoption of the same or similar type of program.” Full Article – Michael Best & Friedrich LLP
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.
CALIFORNIA
Employees in California Get a Bump in Paid Sick Leave
“Governor Gavin Newsom approved Senate Bill No. 616 (SB 616), which significantly increases the amount of paid sick leave required under California’s existing paid sick leave law. Employees are still entitled to accrue paid sick leave at a rate of not less than one hour for every 30 hours worked, but under SB 616, the accrual cap has been modified from six days or 48 hours to 10 days or 80 hours.” Full Article
– Snell & Willmer LLP
MASSACHUSETTS
Important Change to Massachusetts PFML Law: Employees May Supplement (Top Off) PFML Benefits with Vacation, PTO and Sick Time
“Effective November 1, 2023, the Massachusetts Paid Family and Medical Leave (PFML) law will allow employees to supplement (i.e. “top off”) benefits received from the Commonwealth of Massachusetts with any available accrued paid leave (e.g., sick time, vacation, PTO, personal time, etc.).” Full Article
– Seyfarth Shaw LLP
ILLINOIS
Illinois Passes Sweeping Amendments to Day and Temporary Labor Services Act, Affecting Staffing Agencies and Companies That Contract with Them
“Governor Jay Pritzker signed into law House Bill 2862, approving sweeping amendments to the Day and Temporary Labor Services Act (“DTLSA” or the “Act”). Since then, the Illinois Department of Labor (IDOL) has issued administrative regulations and proposed rules that are currently working their way through the notice-and-comment process.” Full Article
– Taft Stettinius & Hollister LLP
CONNECTICUT
Taft Stettinius & Hollister LLP Connecticut Stifles Employees’ Access to Their Earned Wages
“Earned Wage Access (or EWA) programs are popular programs that allow employees to access their salary or wages that have already been earned, prior to the scheduled payroll date. Many argue that these beneficial programs are not truly ‘loans’ because employees are accessing their own money without paying the high fees charged by payday lenders.” Full Article
– K & L Gates LLP
NEW YORK
New York State Limits Employers’ Ability to Access Social Media
“Beginning in March 2024, New York employers will be restricted from accessing employee social media accounts. The new law, A.386, amends New York’s labor law and will restrict employers from requesting, requiring, or coercing an employee or applicant for employment to provide their username and password to social media websites.” Full Article
– Gordon Rees Scully Mansukhani LLP
Subscribe to the RISQ Recap, a weekly post to help you stay up to date on news articles and resources for your organization’s compliance needs.