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Environmental insurance reduces risk when investing in distressed property
A strong real estate market in Northern California has led property owners, businesses and developers to look more closely than ever at environmentally contaminated properties.
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What you need to know to protect your company and its valuable data
An unfortunate fact of life in todays digital world is that no one, be it an individual consumer of technology or a Fortune 100 business leader, can count on complete protection against becoming the next victim of cybercrime.
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Third Quarter 2015 Insurer Results
This article focuses on an update on major insurance carriers in the third quarter of 2015.
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Group Captive Insurance Programs
Captive insurance programs trace their roots to the 1950s as an alternative form of risk financing in which the insurance company is owned by its policy holders. The type, size and complexity of Captives continue to grow and have become an increasingly popular means of risk transfer and financial control. The construction industry is reliant on insurance products and risk management for balance sheet protection, but the cyclical nature of insurance and catastrophic risks inherent in construction makes predictability in rates and coverages elusive at best.
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Cal-OSHA Releases New Heat Illness Requirements
On February 27, 2015 Cal-OSHA approved the much anticipated revisions to its Heat Illness Requirements. Despite the objections from a variety of employer groups, including construction and agriculture, the Standards Board adopted the requirements on a vote of 5-1. Based on a summary issued by the Cal-OSHA Reporter (2/27/2015 Vol24No.8) key elements include:
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Controlled Insurance Programs: Important Issues to Consider During Bid Preparation
Controlled Insurance Programs (CIPs) have been in existence for over 70 years and their use by both owners and, more recently, general contractors has continued to increase as a vehicle for risk transfer in the construction industry. The passage of anti-indemnity provisions in California effective January 1, 2013 (via SB 474) has also served to make CIPs more attractive to general contractors and government entities. However, despite this long history and relative commonality of coverages, each program is different and if not properly vetted, general contractors and subcontractors alike could be at risk.
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W-2 Health Insurance Reporting Review
It’s that time of year again, and large employers need to remember to include the cost of health insurance in employee W-2s. The ACA requires employers to report the “aggregate cost” of certain types of employer provided health coverage on an employee’s W-2. The reporting requirement does not affect the tax status of the benefits, but was designed to assist in collecting the data necessary to administer various provisions of the ACA. The reporting requirement has been delayed by the IRS for small employers. This briefing details these requirements, what must be reported and reporting guidance.
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Final Mental Health Parity Regulations Released
The DOL, IRS and HHS jointly released final rules regarding the Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA). For those group health plans offering both medical/surgical benefits and mental health (MA) or substance abuse (SA) benefits, the plans must provide MH and SA benefits at least equal (“in parity”) to the medical/surgical benefits provided.
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Final Shared Responsibility Regulations
On Tuesday, February 10, 2014, the Internal Revenue Service (IRS) published final regulations on the Affordable Care Act’s (ACA) large employer Pay or Play mandate, which requires large employers to provide health care benefits to full-time/FTE employees or risk paying substantial penalties. The mandate was originally set to apply this year but was delayed until 2015 by the IRS through transitional relief published in July 2013 (IRS Notice 2013-45). Now, with the release of the 227-page final regulations, we have been given more transitional relief for 2015 plan years, especially for employers with 50 to 99 full-time/FTE employees.
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IRS Issues Final ACA Employer Reporting Rules
The IRS has released final regulations regarding important new employer reporting requirements contained in the Affordable Care Act (ACA). The ACA requires applicable large employers (as defined by the ACA) to provide new health plan reporting to the IRS beginning in 2016. The IRS previously released proposed reporting rules in September 2013 and requested comments on a number of issues. These final regulations provide some simplification of the requirements and address a number of questions left unanswered in the proposed regulations. However, even with the changes, the reporting requirements will create significant administrative obligations for some employers.
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Health FSA Carryovers HSA Eligibility
The IRS released guidance March 28, 2014, via a memo from the Office of Chief Counsel in regard to the health flexible spending account (FSA) carryover (up to $500) and health savings account (HSA) eligibility. The guidance clarifies methods under which an employer may implement the carryover provision, first introduced under guidance provided in 2013, while allowing individuals to maintain eligibility for HSA contributions.
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Elimination of Small Group Deductible Limit
On April 1, 2014, the President signed into law the Protecting Access to Medicare Act of 2014. The bulk of the provisions relate to Medicare; however, the law also contained a provision repealing the limitation on deductibles that applied to fully-insured small group plans under the Affordable Care Act (ACA).