Not done yet, but this endorsement will help pass the bill. Anyone think that this could backfire (pulling commissions out of the MLR?)
TD Ameritrade
State Insurance Regulators Vote to Pad Broker Income and Insurer Profits at the Cost of Billions in Higher Health Insurance Premiums and Lost Rebates for Consumers
Last update: 6/30/2011 3:30:00 PM
WASHINGTON, June 30, 2011 /PRNewswire via COMTEX/ -- NAIC Task Force Endorses Plan to Gut Minimum Standards for Health Care Spending in Health Reform Law
With no public discussion and on a voice vote, a subgroup of state insurance regulators with the National Association of Insurance Commissioners (NAIC) voted to endorse legislation that would cost consumers billions in higher health insurance premiums and lost rebates under the federal health reform law. Consumer Watchdog condemned the move to gut a central consumer protection of the Affordable Care Act and called on the full NAIC to reject the plan.
The legislation, written by lobbyists for insurance brokers, would preserve broker sales commissions and benefit the bottom line of insurance companies at the expense of consumers. The bill, proposed in Congress as HR 1206 (Rogers), would change the federal health reform law to allow insurance companies to exclude broker commissions from their administrative costs when calculating how much they spend on actual health care.
...........
Today's vote was taken by the NAIC's Professional Health Insurance Advisors Task Force, and was a recommendation to the NAIC's executive director that the NAIC endorse HR 1206. However, a decision with such dramatic negative consequences for consumers should not be decided by a minority of regulators, and should be considered and voted on by the full membership of the NAIC, said Consumer Watchdog.
The Chair of the Task Force, Florida Insurance Commissioner Kevin McCarty called for a voice vote which meant no individual commissioner's vote was recorded. However, West Virginia Commissioner Cline voted no, and North Carolina Commissioner Goodwin abstained. Other regulators present for the vote included representatives from: Alaska, Kansas, Louisiana, Mississippi, Montana, North Dakota, New Hampshire, Vermont, West Virginia and Wisconsin. No public comment was allowed on the call.
TD Ameritrade
State Insurance Regulators Vote to Pad Broker Income and Insurer Profits at the Cost of Billions in Higher Health Insurance Premiums and Lost Rebates for Consumers
Last update: 6/30/2011 3:30:00 PM
WASHINGTON, June 30, 2011 /PRNewswire via COMTEX/ -- NAIC Task Force Endorses Plan to Gut Minimum Standards for Health Care Spending in Health Reform Law
With no public discussion and on a voice vote, a subgroup of state insurance regulators with the National Association of Insurance Commissioners (NAIC) voted to endorse legislation that would cost consumers billions in higher health insurance premiums and lost rebates under the federal health reform law. Consumer Watchdog condemned the move to gut a central consumer protection of the Affordable Care Act and called on the full NAIC to reject the plan.
The legislation, written by lobbyists for insurance brokers, would preserve broker sales commissions and benefit the bottom line of insurance companies at the expense of consumers. The bill, proposed in Congress as HR 1206 (Rogers), would change the federal health reform law to allow insurance companies to exclude broker commissions from their administrative costs when calculating how much they spend on actual health care.
...........
Today's vote was taken by the NAIC's Professional Health Insurance Advisors Task Force, and was a recommendation to the NAIC's executive director that the NAIC endorse HR 1206. However, a decision with such dramatic negative consequences for consumers should not be decided by a minority of regulators, and should be considered and voted on by the full membership of the NAIC, said Consumer Watchdog.
The Chair of the Task Force, Florida Insurance Commissioner Kevin McCarty called for a voice vote which meant no individual commissioner's vote was recorded. However, West Virginia Commissioner Cline voted no, and North Carolina Commissioner Goodwin abstained. Other regulators present for the vote included representatives from: Alaska, Kansas, Louisiana, Mississippi, Montana, North Dakota, New Hampshire, Vermont, West Virginia and Wisconsin. No public comment was allowed on the call.
