The National Association of Insurance Commissioners (NAIC) gathered this week to vote on a controversial resolution that would have drastic effects on a consumer protection clause of the Affordable Care Act. The provision would have saved consumers nationwide approximately $1 billion in premiums while offering them protections from future rate hikes. The provision is also part of the controversial medical loss ratio provision of the health care law – which requires insurers to pay no less than 80% of their premium money on medical care. Regulators have been divided on…
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American Cancer Society opposes exclusion of insurance sales commissions from administration spending limits
Regardless of not having performed a single study or impact analysis on the legislation, the American Cancer Society has recently opposed an effort in Congress to exclude insurance sales commissions from the regulations that control the maximum amount that can be spent on administration by insurers. The reason that the American Cancer Society is standing against the congressional effort is that it claims that it will lead to a rise in insurance premiums. Many argue that there is no proof, numerical, or statistical evidence that would suggest this, but at…
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