January 23, 2018
Cadillac Tax Delayed Two Years
Implementation of the Cadillac Tax on health insurance plans will be delayed by two years, from 2020 to 2022, as part of a deal reached in Congress yesterday afternoon to fund the government through February 8. The major hurdle to the effort continues to be the $87 billion cost associated with the bill, a figure with which The Council and our allies take issue. We will continue to work with our Congressional allies to see a full repeal of the tax.
Last Chance: Q4 2017 P/C Market Survey Closes Today
This is your last chance to participate in The Council’s Q4 2017 Commercial P/C Market Survey. We are closing the survey today, Tuesday, January 23.
Your input will help us gauge Q4 market conditions including underwriting, claims and pricing. All survey participants will receive an exclusive report that portrays the top challenges faced by brokerage firms in 2017 and the prime opportunities for 2018. The survey takes about 10 minutes to complete.
REMINDER: NYSDFS Cybersecurity Regulation Compliance Deadlines Approaching!
Under the New York State Department of Financial Services’ (NYSDFS) cybersecurity regulation, covered entities are required to submit their first annual Certificate of Compliance by February 15, 2018. Further, any covered entity that filed a Certificate of Compliance before January 1, 2018 must refile its Certificate of Compliance.
A covered entity is required to certify that it is in compliance with the regulation’s (1) cybersecurity program and policy requirements, (2) Chief Information Security Officer requirements, (3) policies to protect against unauthorized user access, (4) requirements to have qualified cybersecurity personnel to implement the entity’s cybersecurity program, and (5) requirements to notify NYSDFS in the event of a cybersecurity event.
For those covered entities that filed for a “limited” exemption under Section 500.19(a), however, they must only certify they are in compliance with the cybersecurity program and policy requirements, policies to protect against unauthorized user access, and requirements to notify NYSDFS in the event of a cybersecurity event.
The Certificate of Compliance may be found in Appendix A of the Cybersecurity Regulations; and should be filed via the NYSDFS cybersecurity secure portal, accessible here. Further information can be found in the NYSDFS’ FAQs.
Furthermore, by March 1, 2018, covered entities must be in compliance with: (1) the Chief Information Security Officer’s cybersecurity program reporting requirements, (2) penetration and vulnerability testing requirements, (3) requirements to perform risk assessments, (4) multi-factor authentication requirements, and (5) requirements to provide regular cybersecurity awareness training.
New Health Benefit Option for Small Employers
A somewhat overlooked provision in the 21st Century Cures Act allows some employers to offer a new kind of tax-preferred arrangement—qualified small employer health reimbursement arrangements (QSEHRAs)—to their eligible employees. The ACA implementing agencies have now released guidance on QSEHRAs.
Notably, they clarify, QSEHRAs are not subject to the agencies’ prior guidance, which concluded that non-integrated HRAs violate various ACA requirements like the prohibition on annual dollar limits and provision of preventive services without cost-sharing.
So what are the benefits of QSEHRAs for eligible employees? And who can take advantage of them?
Save the Date: 2018 CFO & Finance Managers Conference
Mark your calendar for the 2018 CFO & Finance Managers Conference, June 5-7 in Charleston, South Carolina.
On the agenda: Delivering Compelling Messages, CFO Roundtable, Employee Benefits Captives, Industry Compensation Data and more. CPE credits available.
Making Sense of Something
Each year we ask our intrepid lobbyists, Joel and Joel (that’s Wood and Kopperud to most of you), to take up their partisan cudgels and defend their passions, explain their political visions and give us some clarity about our industry’s political future (i.e., what the hell is Washington doing to us now).
Cheryl Matochik, SVP, Strategic Resources & Initiatives
Four Health Systems Band Together to Create Generic-Drug Company
Jennifer Urso, VP, Market Intelligence & Insights
The Problem with Insurance is a Bad User Experience
Joel Wood, SVP, Government Affairs
Proposed delay of Cadillac tax stalls in spending showdown
Employee Benefit Advisor
Joel Kopperud, VP, Government Affairs
Why Private Equity Isn’t Cheering the Tax Overhaul war
New York Times
Feb 5 – 8 Legislative & Working Groups Summit 2018
Feb 12 & 26 Virtual Workshop: Sales Management Fundamentals
Feb 20 – 22 Broker Smackdown International
For event registration or general information, contact firstname.lastname@example.org.
Have feedback on Council Brief? Email email@example.com.