| Guidance to help agents and brokers comply with a new federal law requiring disclosure of health insurance compensation is now available from the Big "I" and the federal government. The requirement took effect late last month. Section 202 of the December 2020 omnibus government funding legislation signed into law by former President Donald Trump included new compensation disclosure requirements for health insurance agents and brokers. The requirements took effect on Dec. 27, 2021. After the requirements took effect last week, the Department of Labor (DOL) released Field Assistance Bulletin No. 2021-03, which provides further guidance and announces the DOL's temporary enforcement policy for group health plan service provider disclosures under ERISA section 408(b)(2)(B).
The Big “I" worked with outside counsel to produce a FAQ document and sample disclosure form, which includes the new guidance from DOL. In consultation with the Big “I" Government Affairs and Big “I" Office of General Counsel staff, these documents were prepared by Brad Campbell, a partner at the law firm of Faegre, Drinker, Biddle & Reath LLP and former Assistant Secretary of Labor for Employee Benefits.
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