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The National Association of Insurance Commissioners (NAIC) this week adopted a resolution to protect the ability of licensed insurance professionals to continue to serve the public. The resolution affirms the important role of health care insurance agents in providing services to consumers and businesses as standards for implementing the Patient Protection and Affordable Care Act (PPACA) are developed.
“State insurance regulators recognize the important service that agents provide to all consumers as they make critical health care decisions for their families,” said Jane L. Cline, NAIC President and West Virginia Insurance Commissioner. “Significant changes for health plans under the PPACA precipitate the need for clarity and guidance by licensed, specially trained insurance professionals. The continuing role of producers in the health insurance transaction is an essential part of protecting consumers during this transition.”
Licensed insurance agents assist consumers in numerous financial planning decisions, including benefit and contribution arrangements to ensure compliance with applicable state and federal laws/regulations; assisting with establishing Section 125 plans, HRA, FSA and other programs to maximize tax advantages; and ensuring compliance with applicable IRS guidelines.
Producers are required to complete continuing education in order to maintain appropriate licenses, which helps ensure that agents remain current in the evolving insurance marketplace.
The resolution was sponsored by Illinois, Maine, Florida, Kansas, Oklahoma, Louisiana, Alaska, New Hampshire, Utah, South Carolina, North Carolina, Nevada, Montana, Ohio, New Jersey, Kentucky, Missouri, Michigan, Connecticut, Tennessee, Washington, Delaware, California, New York and North Dakota.
Click here to view the resolution.