Life and Health News
April 2022
Welcome to our latest newsletter! As a thought leader in the Insurance Industry for over 50 years we are always excited to share the latest sampling of insurance compliance related bulletins, regulations, and legislative activity. Please feel free to share this newsletter with others that may be interested. Contact Us with any questions on the items in this newsletter or with any other compliance related matter we can assist you with. Enjoy!
AFFORDABLE CARE ACT
Centers for Medicare and Medicaid Services (CMS) has issued its notice extending non-enforcement of the Affordable Care Act in connection with certain non-grandfathered health insurance coverage in the individual and small group markets that is out of compliance with specified market reforms. CMS Notice dated March 23, 2022
Centers for Medicare and Medicaid Services (CMS) issued the Key Dates for calendar year 2022 for Qualified Health Plan (QHP) data submission and certification, rate review and risk adjustment. CMS Notice dated March 24, 2022
Health Resources & Services Administration (HRSA) reports it has expanded the ACA-Approved List of Women's No-Cost, Preventive Services in effect for plan years starting in 2023. Women's Preventive Services Guidelines - HRSA.gov
AGENT / PRODUCER LICENSING AND APPOINTMENT
Connecticut published its producer appointment renewal schedule for 2022. It sets forth key dates by which insurer terminations must be posted as well as instructions for payment and appointments. Notice dated March 14, 2022
ANNUITIES / ANNUITY CONTRACTS
New Mexico adopted the NAIC Suitability in Annuity Transactions Model Regulation. NMAC 13.9.20
South Dakota amended its annuity laws to incorporate Suitability in Annuity Transactions standards. SB 148
CREDIT FOR REINSURANCE
Maine approved amendments to Rule 740 dealing with Credit for Reinsurance. The changes are consistent with provisions of the National Association of Insurance Commissioners model rule 786. Rule 740.2021
CYBERSECURITY
Connecticut's Insurance Commissioner asks all domestic insurers to be vigilant in their efforts to protect their operations, consumer data, and investments given the events in Eastern Europe and the threat of cyber-attacks. In addition, insurers should review investments and consider rebalancing them as appropriate given financial sanctions levied against Russia and Belarus. Other instructions are given. Department Notice dated March 3, 2022
Virginia's Commissioner of Insurance advises all licensees to be aware of the increased risk of cyber-attacks on U.S. targets given the Russian Federation's attack on Ukraine on February 24, 2022. Licensees should review cybersecurity guidance and their responsibilities under Virginia law. Letter dated March 7, 2022
DISCRIMINATION
Health & Human Services (HHS) issued a notice providing additional guidance on federal civil rights protections and federal health privacy laws that apply to gender affirming care for transgender and gender nonconforming youth. It reiterates ACA Section 1557's prohibition of gender identity discrimination. HHS Notice dated March 2, 2022
FILING REQUIREMENTS / PROCEDURES
Indiana advises companies submitting premium tax and/or annual renewal fees to the Department that they must use OPTins to submit filings, fees, and payments electronically. Paper filing will no longer be accepted. Bulletin 264
Michigan has published the 2023 Form and Rate Filing Requirements for Medical Plans on and off Marketplace. Bulletin 2022-10-INS
Oregon has updated its Listing of Current Filing Forms as of March 23, 2022. It contains changes to Standard Provisions for Individual and Small Employer Health Benefit Plan form filings. List of Current Filing Forms as of March 23, 2022
GUARANTY ASSOCIATION
North Carolina changed an address on the Guaranty Association Summary Document. Advisory Memorandum dated March 18, 2022
HEALTH INSURANCE - COMPREHENSIVE
California prohibits a health insurance policy from applying a deductible, coinsurance, or cost sharing requirement on abortion services. Effective January 1, 2023, prior authorization, utilization management, and annual or lifetime limits on abortion services is prohibited. SB 245
Montana's Commissioner of Insurance informs carriers of recent federal guidance that health plans must cover follow-up colonoscopies without cost sharing after abnormal findings. This applies to both group and individual health insurance coverage. Advisory Memorandum dated March 11, 2022
INSURER INVESTMENTS / SECURITIES
California's Insurance Commissioner calls on insurance companies to halt the purchase of Russian debt, prohibit any money to flow from California to Russia, and re-evaluate their investment in the stock of multinational corporations, assets, and debt that have some relation to Russia's financial markets. Notice dated March 14, 2022
Georgia's Commissioner of Insurance urges insurance companies to begin the process of eliminating any financial support, via investments or business operations, for the Russian regime. Bulletin 22-EX-2
MISCELLANEOUS
Internal Revenue Code allows a safe harbor for Health Savings Accounts. In the case of plan years beginning on or before December 31, 2021, or in the case of months beginning after March 31, 2022, and before January 1, 2023, a plan will not fail to be treated as a High Deductible Plan because it fails to have a deductible for telehealth and other remote services. HB 2471; 26 USC s 223
MISCELLANEOUS HEALTH / ACCIDENT
Internal Revenue Service (IRS) issued guidance for calculating the No Surprises Act's qualifying payment amount (QPA) for items and services furnished in 2022, when a health plan does not have sufficient information to calculate the amount under Revenue Procedure 2022-11. IRS Notice 2022-11; 26 CFR 54.9816-6T
NONFORFEITURE
South Dakota revised the standard minimum nonforfeiture amount for individual deferred annuities from 1% to .15%. HB 1117; 58-15-85
Wyoming amended the minimum nonforfeiture interest rate for certain annuities from 1% to 0.15%. SF 75
NOTICE TO INSUREDS
Michigan requires health insurance carriers to post a non-opioid directive form on their website. HB 5263
REPORTS - DATA CALLS & OTHER REPORTS
Alaska's Insurance Division reminds insurers licensed to transact health insurance in Alaska they must submit a completed Annual Survey on Health Insurance by May 2, 2022. Stop loss insurance is considered health insurance in Alaska and, therefore, must be reported on the survey. Bulletin B22-04