As the conflict involving Ukraine, Russia and Belarus progresses, a number of questions regarding its insurance, risk, regulatory, socioeconomic and geopolitical implications continue to arise for our clients. Lockton is closely monitoring this evolving situation and engaging with our business leaders globally to ensure we are providing clients with the best advice and guidance.
Here are the top issues in today's alert
New law bars Russian insurers from transacting with insurers, reinsurers and brokers of or controlled by "unfriendly states". US fits that category.
Broad sanctions against Russia complicate most insurance transactions (paying premiums, claims, binding coverage, etc.).
Impact to organizations with operations in Ukraine and Russia (wheat, energy, minerals, etc.)
Currency devaluation effect on global insurance programs
Lockton's affiliations in Russia (Lockton does not do business with the Russian government or affiliated entities. Lockton does not and has never had a shared or owned interest in any broker intermediary in Russia.)
Not legal advice: Nothing in this alert should be construed as legal advice. We recommend consultation with your own legal advisors and local / global rokers.
Many employers are concerned about by the situation in Ukraine as they strive to ensure the safety, health, welfare and well-being of employees in the region. Global benefit professionals are facing several volatile issues related to the unfolding Russia-Ukraine conflict.
To support our HR colleagues, we are providing the information below concerning key considerations along with the attached Ukraine Client Alert.
As a result of this conflict, needs will emerge in the coming days, months, and perhaps even years. Ongoing monitoring, continued planning and collaboration across the enterprise will be critical to providing the support employees need now and in the future. Lockton will continue to monitor and update these situations as they develop.
Not legal advice: Nothing in this alert should be construed as legal advice.
Now that the US Supreme Court has decided that Federal vaccine requirements for companies with 100+ employees cannot move forward, many employers are left wondering whether to keep pressing forward, pause or pursue their own workplace vaccination strategy. Employers are trying to balance the desire to keep employees safe in the workplace with providing employees the freedom of personal choice when it comes to being vaccinated.
Lockton's latest pulse survey on Employer COVID-19 Vaccine Strategies is designed to capture employer responses to this pressing issue. Key findings are
Details of the employer requirements under the Emergency Temporary Standard (ETS) are spelled out on Lockton’s ETS Compliance Alert including a registration link for a webcast on Wednesday, November 10th from 2-3 CST.
In summary, ETS announced today by OSHA requires that employers with 100 or more employees must develop, implement and enforce a mandatory COVID-19 vaccination policy OR adopt a policy to ensure that their workers are fully vaccinated or tested at least weekly.
Steps such as policy establishment, employee vaccination status, communication and records retention have a deadline of December 5, 2021 with weekly testing commences no later than January 4, 2022.
Employers have been asking Lockton for a vaccine communication resource. Here is a COVID-19 Vaccine Communication Resource an overview about vaccine safety, efficacy, how the vaccine works, and commonly asked questions to help navigate information available.
Employers can take many steps to prepare. The experts at Lockton Companies have put together an Employer Checklist for COVID-19 Vaccines of items and issues to consider as employers determine the best course of action for their workforce.
The Checklist Addresses:
In light of ever-increasing pharmaceutical costs and the growing use of specialty medications, understanding prescription-drug trends is in every company’s best interest. Like all components of the recent health reform legislation, the prescription-benefits industry is in a state of flux. Our Pharmacists not only evaluate the financial aspects of plan performance whether through a self-insured arrangement with an insurance carrier or an independent PBM: they have great perspectives on prescription drug trends. Their thoughts are contained in our Quarterly Newsletters.
The rise of the Delta variant across the U.S. has employers revisiting vaccination strategies for their workforces. Employers are trying to balance the desire to keep employees safe in the workplace with providing employees the freedom of personal choice when it comes to being vaccinated. Lockton's latest Webcasts are designed to capture new Federal requirements and employer responses to these pressing issues.
September 14, 2021 Webcast
Feds poised to issue vaccine and testing mandates for thousands of employers: What's in store for you?
Click image below for Webcast Replay
August 24, 2021 Webcast
Lockton Coronavirus Advisory Team
Password is Lockton.1
Benefits compliance in 2021 has never been more challenging; the implications of the Affordable Care Act pale in comparison to 2021. Employers are required to know all of their obligations. We understand the intensity of compliance and have created a 2021-22 Compliance Playbook to help you. This playbook summarizes the vexing challenges Employers are facing and gives you practical, real world advice on how to understand these obligations.
• Cafeteria plan & flexible spending account accommodations
• Change tax treatment of dependent care benefits (qualifying children)
• Outbreak period guidance (suspension of COBRA and HIPAA special deadlines)
• American Rescue Plan Act COBRA subsidies & their interplay the outbreak
• Mental health parity
• Healthcare plan cost reporting
• Prohibition on price and quality data gag clauses
• Healthcare plan online price comparison tool
• Healthcare plan “advance explanations of benefits”
• In-network, out-of-network and prescription drug costs
• Surprise billing requirements and protocols
• New ID cards
• New network accuracy requirements
• New “continuity of care” disclosures
• New broker/consultant/vendor compensation disclosure requirements
For more information on these topics and more, please contact me
Mike Smith - trying to put my history degree to good use through research and writing . Mom would be proud but she still wanted me to study business.