Pertinent Federal Law Review Pertinent to Florida Licensed Insurance Professionals
Each state’s insurance director manages most insurance issues and products at the state level. There are, however, instances in which the state and federal governments work together, for example, Medicaid is a state and federally funded program.
State and Federal Relationship
There is a relatively new (3-years) Federal Insurance Office (FIO) that was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), which, so far, has allowed states the same freedoms as before creation of the FIO.
The fall of the economy, during which we endured the exposure of an insurance industry debacle, played a significant role in Title V of the DFA. It created the FIO and appointed a director who had previously been the acting Insurance Director in Illinois, and an officer for the NAIC. This appointment allowed a voice for the state-run industry and, as the director said during his first press conference, the FIO has refrained from stepping into state lines. He can, however, intervene if a reasonable request is made. The FIO authorities extend to all lines of insurance except health and LTC insurances (except those lines of insurance included with life or annuity components).
Although the FIO states, “authority extends to all lines except health … “ we can hardly call the Affordable Care Act “health insurance without federal input!” We have been virtually hit over the head with volumes of Affordable Care Act documentation, rules, policies, and dates. The Act is set to run on a rolling calendar, which results in yearly changes to the rules you become accustomed, each time January 1st rolls around.
Registration for Index-Linked Annuities Act
This bill requires the Securities and Exchange Commission (SEC) to create a new form for the registration of index-linked annuities to ensure that a purchaser can make a knowledgeable decision.
The bill defines a registered index-linked annuity as an annuity that is deemed a security, that must be registered with the SEC, and that is issued by an insurance company subject to state supervision. Furthermore, the returns of these annuities:
- are based on the performance of a specified benchmark index or rate, and
- may be subject to a market value adjustment if amounts are withdrawn early.
Affordable Care Act
The comprehensive health care reform law was enacted in March 2010.
The law has 3 primary goals :
1. Make affordable health insurance available to more people. The law provides consumers with subsidies (the “premium tax credit”) that lower costs for households with incomes between 100% and 400% of the federal poverty level (FPL)
2. If your income is above 400% FPL, you may still qualify for the premium tax credit.
3. If your income is at or below 150% FPL, you may qualify to enroll in or change Marketplace coverage through a Special Enrollment Period.
The Affordable Care Act (ACA) open enrollment period for 2025 ran from November 1, 2024 to January 15, 2025 in most states. The enrollment period varied by state.
Eligibility
· Most US citizens and lawfully present immigrants are eligible
· DACA recipients were eligible for the first time in 2025
Enrollment
· You can enroll by visiting HealthCare.gov or your state's online marketplace
· You can also call 1-800-318-2596 to fill out an application
You can find a Navigator, Certified Application Counselor, or agent or broker on HealthCare.gov
Cost
· Costs depend on your income, location, age, family size, and plan choice
· Most enrollees qualify for subsidies
Changes for 2025
· More insurers in many markets
· New federal standards for timely appointments
· Increased efforts to combat fraud
· Simplified options for consumers
· A voter registration question on the HealthCare.gov application
· More support for ACA enrollment navigators
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