Insurers to disclose financial relationships under proposed rule

The Biden administration on Friday issued a proposed rule requiring marketplace and short-term, limited duration plans to disclose whether they have a financial relationship with an agent or broker.

The rule would also require insurers that sell group or individual market plans to report more information about coverage for air ambulance services to the federal government. Air ambulance providers would also have additional reporting requirements under the proposed rule.

Congress called for federal regulators to issue such rules in the No Surprises Act and in last December’s end-of-year spending package.

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