A wave of new regulatory initiatives is hitting the life insurance industry. These reporting requirements are leading many insurers to take a deeper look at their current employees and evaluate their staffing efforts.

According to a study by Towers Watson, merely 27 percent of current life insurance personnel understand the basics of these new regulatory requirements. In addition, only 13 percent of key personnel are considered experts in these new requirements and the changes they will bring. Insurance companies are looking to implement in-house training programs, as well as bring in additional staff with a better grasp of the regulatory changes and compliance needs.

It is my pleasure to introduce a guest blogger for this latest post. Jenn Shorr is a contract analyst here at Jacobson, administering contracts and overseeing Jacobson’s risk management program. Her insights into mandated employer benefits are worth a read. Enjoy…

The past five to seven years have seen a marked increase in the number of cities, municipalities and states enacting regulations or legislation that require employers to provide a variety of benefits including: paid or unpaid sick leave, disability coverage, extended FMLA leave, and mandated healthcare assistance. There are currently ten cities, municipalities or states that require employers to provide at least some sort of employee benefit—a number that is set to increase by the end of 2014. While some of these regulations have been impacted by the implementation of the PPACA, the movement towards local mandates has been a familiar employee benefits trend. As the workplace experiences a fundamental shift with traditional employment models being modified to make room for part-time, temporary, and consulting relationships, so too has the concept of benefits eligibility and entitlement.

With its ruling released on June 28th, the Supreme Court has, absent an unexpected legislative repeal, cemented the Patient Protection and Affordable Care Act (PPACA) into U.S. law. Now that the judicial challenges have run their course, there is some clarity around the impacts this law will create.

In the short term, I view this development as moderately positive for the health Insurance industry and perhaps even stimulative for the health insurance labor market. Over the past several months, as the uncertainty around the Supreme Court decision grew, I have seen countless health insurance decision makers put developmental projects on hold until some clarity emerged.