You may have been recently contacted by Wrangle, LLC with a statement to the effect that Life Insurance Company of North America, a Cigna company, will no longer send ERISA Form 5500, Schedule A information to insurance brokers.
Cigna has advised that this is not a true statement. They have and will continue to provide a copy of the Schedule A insurance information that is sent to the policyholder to the policyholder’s broker of record. However, they will not provide the policyholder’s Schedule A information to other third parties without the policyholder’s authorization.
It is important to know that there has been increased focus on the part of employers in protecting not only the individually identifiable personal information of their employees, but also their own proprietary business information. Many now require written commitments to that effect.
Cigna has informed Wrangle, LLC that they cannot provide such information directly to them without the policyholder’s authorization and have suggested that they seek that authorization as part of their own contracting with their clients.