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…
Read MoreTag: health insurance agents jobs
Idaho health insurance exchange, Insurance Commissioner notes that it may cost insurance agents their jobs.
The debate on whether to pursue federally mandated health insurance exchanges continues in Idaho. The state has stood divided on the issue since Congress passed the Affordable Care Act back in 2010. Opponents of the health care overhaul say that the changes to health care are unconstitutional and have resisted efforts to establish an insurance exchange in the state. Many have gone so far as to reject monetary aid from the government for the initiative. Governor C.L. Otter, backed by several lawmakers, now says that time is growing short and…
Read MoreThe National Association of Insurance Commissioners withdraws its support of an insurance bill on its way to Congress
Insurance brokers have been rallying behind a controversial bill before Congress. The bill was first introduced last month by Senator Mike Rogers of Michigan. The legislation seeks to remove the sales agent fees from insurers’ administrative costs. Supporters of the bill assert that it will help protect the jobs of agents. Furthermore, by reducing costs, insurers will be able to transfer the savings down to consumers. For insurers, the bill holds such promise that they were hoping that federal insurance regulators would endorse it. Regulators, however, have a much different…
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