COVID-19 State Regulatory Reaction

Many states have been issuing emergency alerts, orders, and bulletins requiring insurers to comply with new emergency regulations regarding COVID-19 (coronavirus outbreak). The situation is changing daily.

At least 49 jurisdictions have published advisory notices/regulations and or declared a public health emergency or a national disaster emergency. They are : AL, AK, AZ, CA,CO, CT, DE, DC, FL, GA, HI, IL,IN. KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM , NY, NC, ND, OH, OK, OR , PA, PR, RI, SC, SD, TN, TX, UT, VT, WA, WV, WY.

DOL Fiduciary Rule Updates

Final Rule: 29 CFR Parts 2509, 2510 and 2550

Published: April 6, 2016

Takes Effect: April 10, 2017

Full Compliance By: July 1, 2019

UPDATED:  The Department of Labor has granted an 18-month extension for compliance with the new fiduciary rule. The new effective date is now July 1, 2019. During the extended period, fiduciary advisers have an obligation to give advice that adheres to "impartial conduct standards". Such standards require advisers to:

• Adhere to a best interest standard when making investment recommendations,
• Charge no more than reasonable compensation for their services, and
• Refrain from making misleading statements.

California - AB72: Health Care Coverage - Out-of-Network Coverage

The California Department of Insurance (DOI) AB 72, requires a health care service plan or health insurance policy issued, amended or renewed on or after July 1, 2017 to provide that if an insured received covered services from a contracting health facility, and in the process received covered services provided by a non-contracting individual health professional, then those services must be paid at the “in network cost-sharing amount”.