The January 15, 2024 Council Brief announced a new Women in Insurance resource page and covered New York Governor Hochul's veto of the state's non-compete ban alongside other government affairs updates. The Women in Insurance resource provides member firms with tools and content supporting gender diversity and inclusion in the commercial brokerage industry. The brief also provided analysis of the NY non-compete veto and its implications for member firms.
Proposed Rule Would Rescind DOL’s 2018 Association Health Plans Rule
On December 20, 2023, the Department of Labor’s (“DOL”) Employee Benefits Security Administration issued a proposed rule to rescind the Trump Administration’s 2018 Association Health Plans (“AHP”) Rule (the “Proposed Rule”). The Proposed Rule would rescind the 2018 AHP Rule in its entirety. The Proposed Rule also requests comments on codifying the pre-2018 guidance. Comments are due on or before February 20, 2023.
The Affordable Care Act (“ACA”) imposed new essential health benefits and other requirements on individual and small group market insurers to which large group market insurers are not subject. If an association is considered a “bona-fide” single-employer that would otherwise qualify for a large-group plan, it is exempted from the ACA’s small group market requirements.
ICYMI: Governor Kathy Hochul Vetoes New York Non-compete Ban
On December 22, NY Governor Kathy Hochul vetoed a full ban on non-compete agreements that was passed by the State legislature in June. Veto of this bill by the Governor is a positive outcome for Council member firms, and consistent with recommendations from our association and the broader financial services community. The veto also aligns with the Governor’s previous public comments, stating that she was trying to strike a balance between protecting low-and-middle-income workers and preserving negotiating power for higher income workers.
The Council submitted a letter to the Governor from Council leadership in July, encouraging her to veto or materially amend the full non-compete ban, and encouraged our members to follow suit. In The Council’s letter, we emphasized the negative impact the ban would have on New York businesses, particularly in industries like insurance.
The Council Launches Women in Insurance Resources Page
Elevating women in insurance careers will be an area of focus for The Council In 2024. To support this effort, we have launched a Women in Insurance resource page with articles, podcasts and videos to help guide members’ diversity, equity and inclusion efforts and advise leaders at your firm on various ways they can champion women in our industry. We will continue to build out this page with additional resources, so check back regularly for updates.
