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By Corinne Mitchell

What are Section 125 Plans?

One type of group insurance benefits that may be offered by an employer are Section 125 Plans. These Section 125 Plans are also known as cafeteria plans, flexible benefit plans or mini-flex plans. The Internal Revenue Code Section 125 outlining these plans first appeared in the tax code in 1978, but didn't gain popularity until tax laws changed in 1986 and gave employees greater tax advantages.

The purpose of the code was to allow employers to have a separate written plan for their employees that provided them with an opportunity to receive certain fringe benefits on a pretax basis. All plans are strictly regulated by the IRS and must meet specific requirements and regulations that can and do change. The written plan must specifically describe all benefits and establish rules for eligibility and elections. Because of the stringent guidelines, many employers offering these plans have them administrated by an outside source.

How do Flexible Benefit Plans Work?

More on Group Insurance Benefits - Section 125 Plans

By Michael Birzon

Following the 2004-2005 Florida Hurricane season, two important events occurred. First, the number of Florida public adjusters, both resident and non-resident grew substantially. Second, established public adjuster firms became concerned that their market share was diluted by the increased competition.

Following a lobbying effort by FAPIA (Florida Association of Public Insurance Adjusters), changes in the licensing laws for public adjusters were made. In addition, new laws concerning customer contact, fees and contracts were also passed. The intended effect of the laws were to protect the public and protect the market share of established public adjuster firms.

Some of these changes became effective October 1, 2008. Additional changes regarding an apprenticeship program will take effect January 1, 2009.

More on Florida Public Adjusters Face Tougher Regulation

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