Insurance

FDIC Board Meeting to Discuss Potential Impact on Large Bank Holding Companies and Foreign Banking Organizations

Pieter Gunst02 mins

The Federal Deposit Insurance Corporation (FDIC) has announced an upcoming meeting of its Board of Directors. Set to convene next week, the group will review and discuss several important issues and proposals that have potential implications for large bank holding companies, certain intermediate holding companies of foreign banking organizations, and large insured depository institutions. Notably,…

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Louisiana Insurance Department Enforcing Compliance on Catastrophe Response Plans

Pieter Gunst03 mins

The Louisiana Insurance Department has recently commenced an effort to ensure compliance with the state’s regulations concerning Catastrophe Response Plans. According to a notification sent out by the Department, a considerable number of third-party administrators (TPAs) have not adhered to the requirements outlined in the Louisiana Revised Statute 22:572. This specifically relates to the obligation…

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BCBSIL Data Breach Exposes Confidential Customer Information: Incident Highlights Cybersecurity Challenges

Pieter Gunst02 mins

Blue Cross and Blue Shield of Illinois (BCBSIL) recently reported a data breach that occurred at HCSC Insurance Services Company. The incident took place on August 14, 2023, which BCBSIL then informed the Attorney General of Maine about it according to JD Supra. According to BCBSIL’s notice, the breach resulted in unauthorised access to consumers’…

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IRS Grants Two-Year Transition for SECURE Act 2.0 Roth Catch-up Implementation

Pieter Gunst02 mins

In an attempt to ease the compliance burden on employers, the Internal Revenue Service (IRS) has offered a two-year transition period to implement the new Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0 Roth catch-up requirement. Detailed in Notice 2023-62, the IRS addresses a few pressing implementation issues surrounding this new legislation. The…

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New Federal Measures Strengthen Mental Health Parity and Addiction Equity Act Compliance

Pieter Gunst02 mins

In a significant move for those working in the insurance, healthcare and legal industries, the U.S. federal government introduced new regulations and guidance on July 25, 2023. These changes are aimed at improving adherence to regulations outlined in the Mental Health Parity and Addiction Equity Act (MHPAEA). The requirements of the MHPAEA mandate insurance companies…

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Seventh Circuit Dismissal Highlights Standing Challenges in Privacy Class Action Cases

Pieter Gunst03 mins

On August 22nd, the U.S. Court of Appeals for the Seventh Circuit affirmed the dismissal of a major proposed class action case. This suit alleged that defendant insurance companies engaged in misconduct by leaking the plaintiffs’ driver’s license numbers. The court’s decision hinged on the premise that the plaintiffs didn’t have the standing necessary to…

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Mississippi Federal Court Shifts Burden: Insurers Must Prove Prejudice in Untimely Notice Cases

Pieter Gunst03 mins

In an insightful recent ruling, the United States District Court for the Southern District of Mississippi reversed a well-established insurance precedent. This development, of great interest to legal professionals in large corporations and law firms, tackles the issue of untimely notice in the context of insurance coverage. It decrees that an insurer must establish prejudice…

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Health Insurance Giant DMA Reports Major Data Breach: Cybersecurity Risks Heightened for Corporations and Legal Sector

Pieter Gunst04 mins

Data Media Associates, LLC (DMA), a major player in the health insurance industry, recently reported an important data breach related to their MOVEit platform. As reported on JD Supra, DMA discovered that an unauthorized party gained access to confidential consumer information stored on its third-party software platform, MOVEit. As such, it appears that complex cybersecurity…

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AmeriBen Data Breach Exposes Confidential Health Information: Repercussions and Lessons Learned

Pieter Gunst02 mins

On August 23, 2023, IEC Group, trading under the name AmeriBen, lodged a data breach notification with the Texas Attorney General. This action was necessitated after the realization that confidential customer data within the company’s purview was indeliberately accessible. In this remarkably troubling notification, AmeriBen reveals that this incident led to an unauthorized party’s ability…

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Proposed Updates to Mental Health Parity Act Focus on Enhanced Compliance Measures

Pieter Gunst03 mins

Updates have been proposed to the technical compliance requirements of the Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA). The Departments of Labor, Health and Human Services, and the Treasury (referred to collectively as the “Departments”) introduced these proposals on July 25. These highly anticipated improvements focus on mental health and substance use…

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Banking Agencies Release Long-Awaited Guidance on Third-Party Risk Management

Pieter Gunst03 mins

After an extended notice and comment period spanning almost two years, the Comptroller of the Currency, Federal Reserve, and the Federal Deposit Insurance Corporation have released a notably anticipated final guidance for banks concerning the management of risks tied to third parties. An article published by JDSUPRA outlines the broad strokes of these guidelines. Alongside…

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Nevada Joins Growing Movement to Strengthen Consumer Health Data Privacy Laws

Pieter Gunst03 mins

In the midst of the COVID-19 pandemic, one could imagine the surprise among many, learning that HIPAA (Health Insurance Portability and Accountability Act), doesn’t give broad protection for all health-related data. This acknowledgment spurred conversations among lawmakers, leading to some states passing statutes designed to protect consumer health data. Nevada has recently joined other states,…

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Assessing the Viability of Group Captive Insurance for Your Client’s Risk Management Strategy

Pieter Gunst03 mins

Increasingly, companies across a variety of sectors are turning to innovative insurance solutions to manage risks and enhance business security. Among these solutions, group captive insurance structures are garnering significant interest. However, the question remains – Is group captive insurance right for your client? Group captive insurance and other captive structures have several benefits that…

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ERISA Preemption Reaffirmed: Tenth Circuit Rules in PCMA v. Mulready, Impacting Pharmacy Benefit Managers

Pieter Gunst03 mins

In a recent, much-anticipated judgement given on August 15, 2023, the Tenth Circuit Court decided the PCMA v. Mulready case, rejecting Oklahoma’s argument that its pharmacy network requirements were not preempted by ERISA (The Employee Retirement Income Security Act). A detailed report on this judgment can be found in an article in JD Supra. The…

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Embracing Flexibility: Navigating the World of Part-Time Law Practice

Pieter Gunst04 mins

Law practice has often been misconstrued to necessitate round-the-clock commitment. However, delving into part-time law practice is a viable option that challenges this presumption. For practitioners who seek a balance between career and other personal pursuits, such a model provides them the flexibility to fulfill their professional and personal satisfaction as well as monetary ambitions…

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Florida Medicaid Terminations Face Class-Action Lawsuit Over Inadequate Notice Claims

Pieter Gunst05 mins

Two families based in Florida have initiated a class-action lawsuit against the Florida Agency for Health Care Administration (AHCA) and the Florida Department of Children and Families (DCF). The suit alleges that officials are terminating ‘tens of thousands’ of residents’ Medicaid coverage, without providing ‘adequate individualized written notice.’ States, including Florida, have resumed determining eligibility…

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AI in Insurance: Addressing Concerns Over Denied Claims and the Call for Transparency Legislation

Pieter Gunst01 mins

Insurance claims and the growing role of artificial intelligence (AI) within this process are currently under debate. In a particular incident, 300,000 health insurance claims were denied with a limited human review. This case has prompted the creation of a bill in Harrisburg, which if passed, will compel insurance companies to disclose the use of…

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Surrogacy Insurance Liens: The Costly Trend Impacting Parents-to-Be

Pieter Gunst04 mins

Children are expensive. Moreover, expenses could mount dramatically when the parent-to-be needs to resort to surrogacy due to reasons like a medical condition or having a partner lacking the complementary reproductive capability. The cost of surrogacy could be especially heavy due to a rising phenomenon: Surrogacy insurance liens. The American medical insurance system is especially…

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