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Now that plan sponsors can see exactly what they’re paying for, they may be able to take a more evidence-based approach on which brokers are providing the best value for their dollars. (Photo: 2019 kentoh/Shutterstock)

The new broker compensation disclosure law that went into effect at the end of December will add transparency to the broker/client equation—and that may benefit some brokers more than others, according to industry observers.

The Consolidated Appropriations Act of 2021 (CAA) requires brokers and consultants who work in the health benefits field to disclose compensation from sources such as insurance carriers, including commissions, fees, and non-cash compensation. The new disclosure rules are similar to rules that went into effect for the retirement plan industry about 10 years ago.

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