04.07.2021New Disclosure Requirements Service Brokers and Consultants of Group Health PlansBuried in the Consolidated Appropriations Act of 2021 (the “Act”), which is most known for its $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic, are important new rules requiring group health plan service brokers and consultants to disclose compensation that they receive in connection with services related to these plans.
04.05.2021Hudson Insurance Federation Formed by Industry ExecutivesOn March 29, the Hudson Insurance Federation of New Jersey, Inc., (HIF) www.hifnj.org, formally announced its establishment as the newest New Jersey-based trade association. HIF consists of members across all segments of the insurance industry including property-casualty, life-health, brokers and agents, regulators, and compliance professionals.
04.05.2021William Megna Becomes Firm Partner Genova Burns LLC is pleased to announce that William F. Megna has become a partner in the firm. Mr. Megna, an insurance law expert, has been Of Counsel with Genova Burns since 2015 and will continue in his role as co-chair of the Genova Burns Insurance Law Practice Group.
11.10.2020New York Home Health Care Agencies Beat Aides’ Lawsuit Over Use of a Captive To Meet Wage Parity LawWhen New York adopted a wage parity law setting minimum wage and benefit levels for home care workers, innovative home health care agency companies created a captive plan structure to meet the benefits requirements. Although aides may feel that they are being cheated under such a captive plan, a recent court decision severely limits aides’ ability to contest the utilization of a captive structure.
11.10.2020How to Comply with ERISA’s Prohibited Transactions Requirements For Group Benefit PlansThe Employee Retirement Income Security Act of 1974 (“ERISA”), the principal federal law which regulates the benefit plans marketed to employers in this country, imposes specific requirements on most employer-sponsored “welfare benefit plans” (defined to include such things as life insurance, medical benefits and disability benefits). Most employer sponsored health plans, are then, subject to ERISA and its Prohibited Transaction Exemption (“PTE”) rules.
10.29.2020The High Risk of Insuring CannabisAs the billion-dollar cannabis industry continues to develop in the tri-state region and elsewhere, investors, cultivators, retailers and various ancillary businesses are realizing the heightened risks associated with their operations. Insurers and insureds alike, however, should be aware of the unique insurance challenges.
07.28.2020ACA Attacked By Left and Right; New Jersey’s ResponseAfter the U.S. Court of Appeals for the Fifth Circuit, in a 2-1 decision last December, declared the Affordable Care Act’s (ACA’s) individual health insurance mandate unconstitutional as a result of Congress’ elimination of the mandate’s financial penalty in the Tax Cuts and Jobs Act of 2017 (“TCJA”) and sent the case back to the district court to decide the issue in Texas v. United States, numerous state attorneys general asked the U.S. Supreme Court to review the Fifth Circuit’s decision.
07.28.2020Recent Cases Highlight Insurance Marketing RiskRecent high profile matters serve as a solemn reminder that marketing techniques in the insurance business are highly regulated and that the simple act of marketing an insurance product can be a risky and costly endeavor.
02.18.2020Lockton Affinity – NJDOBI Consent Order Highlights Affinity Marketing RiskAs set forth in our opening article, Affinity Brokerage relationship can present regulatory risk. On September 5, 2019, the State of New Jersey, Department of Banking and Insurance entered a Consent Order in the Matter of Proceedings by the Commissioner of Banking and Insurance, State of New Jersey, to fine Lockton Affinity, LLC, Reference No. 9026721.
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