The CLEAR Forms Act calls for forms tailored to registered non-variable insurance contracts.

CEO Dara Khosrowshahi announced the cuts in a Wednesday memo to staff, describing a company that had become more complex as it scaled.

Nearly 70% of the estimate rests on payments above an insurer-calculated benchmark that a federal appeals court recently found could be artificially low.

Employers will need to take stock of any changed reporting obligations and assess whether they are going to continue collecting employee demographic information in light of the changes.