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Compliance Alert: COBRA Series, Part IV: Common Errors and How to Correct Them

… fail to collect COBRA premiums by the due date, extend due dates when premium grace periods apply, or discontinue coverage due to insignificant premium shortfalls. To avoid such failures, procedures should be in place to administer the required grace period and to address underpayment and late issues. FAILURE TO OFFER COBRA COVERAGE FOR ALL HEALTH PLANS Plan administrators should be sure to identify and offer continuation coverage for all health plans subject to COBRA. Some health plans are obvious, such as medical or dental plans, but often overlooked are health flexible spending accounts, health reimbursement arrangements (HRAs), as well as

https://www.epicbrokers.com/insights/compliance-alert-cobra-series-part-iv-common-errors-and-how-to-correct-them/

Cargo Insurance

Transportation & Logistics / Cargo Insurance Our Transportation & Logistics team understands the importance of managing the financial risks related to products moving throughout the global supply chain. Our unique understanding of logistics, knowledge of carrier financial responsibility and expertise has helped us design a comprehensive and competitive cargo insurance program suited for your business. We work only with top-rated insurers, so your policy is backed by financially secure carriers. CONNECT WITH OUR TEAM Let’s Talk Tailored Insurance from Top-Rated Carriers Logistics companies that arrange cargo insurance on behalf of their customers through our certificate issuance system receive a lot …

https://www.epicbrokers.com/industries/transportation-logistics/cargo-insurance/

Customs & Transportation Bonds

Transportation & Logistics / Customs Bonds Surety Bonds, Fast and Easy Customs brokers who arrange bond placement for their importers through EPIC get a lot more than just bonds at competitive rates. We work with you and deliver exceptional expertise, highly responsive service, and advanced automation. Our goal is to make your job easier and more efficient, resulting in your increased profitability. CONNECT WITH OUR TEAM Let’s Talk Real Value for Brokers and Importers User-friendly bond issuance and management eliminates the need to toggle multiple screens. Expedited filing of continuous customs and OTI (Ocean Transportation Intermediary) bonds by the Bond …

https://www.epicbrokers.com/industries/transportation-logistics/customs-transportation-bonds/

Music & Events

Entertainment & Sports / Music & Events Whether on tour in the U.S. or abroad, our team of Music & Events specialists provide custom risk analysis and consultation and arrange for the insurance products needed by the touring entertainer, and for all other parts of the world of Entertainment. In addition, we arrange Event Insurance for many of the leading production companies organizing festivals, major award ceremonies, industry exhibitions, after-show parties, product launches, film premiere parties, and the like. Connect with Sales Coverages Whether you’re just beginning to book steady gigs or you’re arranging global tours and festivals for a …

https://www.epicbrokers.com/industries/entertainmentandsports/music-events/

Financial Services and Executive Protection

… regulations and spousal legislation will apply to regulate what happens to those assets Your current agreements may not be properly worded to deal with the transfer of your interest in the firm and its income and, when applicable, carried interest It’s common to see a significant number of these arrangements not following key regulations and legislative guidelines These items can cause litigation risk and will cause taxation issues if not followed, many do not understand the nuances of these rules Avoid potential litigation from interested parties Carried interest for partners of a fund is illiquid and creates potential issues …

https://www.epicbrokers.com/products/financial-services-executive-protection/

Compensation Disclosure

… be owned in whole or part by EPIC or may be affiliates of EPIC, captive managers or premium finance companies (collectively, “Intermediaries”). EPIC is compensated in a variety of ways for the services it provides to its clients, and a particular placement may involve one or a combination of such arrangements.  Primarily, EPIC is compensated through commission payments that are based on (and a part of) the premium charged and collected by Insurers for each insurance policy secured for EPIC’s clients.  In some cases, EPIC may receive specific fees from clients in lieu of or, as permitted, in addition …

https://www.epicbrokers.com/compensation-disclosure-statement/

Compliance Alert: COBRA Series, Part I: The Basics of COBRA

… COBRA applies to plans maintained by most private-sector and state and local governmental employers. The law does not apply to plans sponsored by the federal government or by churches and certain church-related organizations. ELIGIBILITY FOR COBRA BENEFITS A covered group health plan must offer COBRA continuation coverage to certain participants after a QE. A group health plan is any arrangement that an employer establishes or maintains to provide employees or their families with medical care, whether it is provided through insurance, by an HMO, out of the employer’s assets (self-funded), or through any other means. QUALIFIED

https://www.epicbrokers.com/insights/compliance-alert-cobra-series-part-i-the-basics-of-cobra/

Compliance Alert: DOL Announces Increased Health Plan Violation Penalties

… day Failure of a multiple employer welfare arrangement (MEWA) to file an annual report (Form M-1) with the DOLUp to $1,558 per dayUp to $1,597 per day Failure to furnish plan-related information requested by the DOL *Under ERISA, administrators of employee benefit plans must furnish to the DOL any documents relating to the employee benefit plan upon requestUp to $152 per day, not to exceed $1,527 per requestUp to $156 per day, not to exceed $1,566 per request Failure to provide the annual notice regarding Children’s Health Insurance Program (CHIP) coverage opportunities …

https://www.epicbrokers.com/insights/compliance-alert-dol-announces-increased-health-plan-violation-penalties/