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Congress values the benefits of Agents and Brokers in Health Insurance

Congress finds the following: HR 1206 SEC. 2. FINDINGS.HR 2328 Rogers

(1) Licensed independent insurance producers (agents and brokers) provide a wide range of services for both individual consumers and the business community. Producers interface with insurers, acquire quotes, analyze plan options, and consult clients through the purchase of health insurance.

(2) Licensed independent insurance producers provide guidance regarding benefit and contribution arrangements to ensure compliance with applicable State and Federal laws and regulations; assist with establishing section 125 plan tax savings under the Internal Revenue Code, health reimbursement arrangements, flexible spending arrangements, and other programs to maximize tax advantages and ensure compliance with applicable Internal Revenue Service guidelines; create educational materials and provide on-site assistance to aid in employee benefit communication; assist in managing eligibility for new hires and terminated employees; provide advocacy for employees through the health insurance claim process; and advocate for employers with insurers in developing proposals, renewals, and for service issues throughout the year.

(3) In order to meet these responsibilities, licensed independent insurance producers are required to complete continuing education on an ongoing basis in order to maintain appropriate licenses. This requirement to maintain educational standards helps assure the insured public that producers remain current with the ever-evolving insurance market.

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(4) It is essential that licensed independent insurance producers continue to perform these duties, and others, as the Patient Protection and Affordable Care Act has made significant changes to the regulatory environment for health plans. To understand these changes, employers and consumers will need professional guidance even more in the future. This service is especially important for small businesses, as such producers often fill the role of a human resources department as well as professional consultant.

(5) The National Association of Insurance Commissioners--whose core mission is to protect consumers in all aspects of the business of insurance–strongly advocates for the continuing role of licensed independent insurance producers in health insurance, and has expressed that the ability of insurance agents and brokers to continue assisting health insurance consumers at a time of rapid insurance market changes is more essential than ever.

(6) It is critical that the indispensable role played by licensed independent insurance producers is recognized and protected. thomas.loc.gov

Laws, Education, Rules, Powers of Principal (Insurance Company) by agent

Overview of Agency Relationships SHSU.Edu

Agent: A person who agrees to act on behalf of and instead of his or her principal, subject to the principal’s control. A good example would be an insurance agent.

Implied Authority:  actual authority that is
(i)    conferred by custom (“everyone in the job has always done this…”),

(ii) inferred from the position the agent occupies (you would expect a vice president to be able to act on behalf of the company), or

(iii) inferred as being reasonably necessary to carry out express authority (sign the contract).

Apparent Authority: Authority that arises when a principal, by either words or actions, causes a third party to believe that an agent has authority to act, even though the agent has no express or implied authority to act with regard to the particular matter at hand.

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