Congress is considering a bill that would allow insurance companies to sell policies across state lines. The bill has been before Congress for some time, but legislators have yet been unable to determine the necessity or viability of such a law. Now, Congress is calling upon witnesses to testify whether or not the law will actually help lower the number of uninsured people in the nation and entice insurers to provide more affordable coverage. These witnesses have begun appearing before the Health Subcommittee of the House Committee on Energy and…
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Changes to Illinois health insurance up for vote
Illinois Governor Pat Quinn is expected to make a decision on a bill arriving at his desk today. The State’s House of Representatives passed legislation— by a sweeping majority of 98-15 – that would keep the state’s health insurance contracts intact for the next two years. This conflicts with Quinn’s move to change the state’s health insurance carrier, a measure that would have left more than 100,000 government workers in need of new coverage. The bill will also reopen the health insurance procurement process and allow the state’s insurers to…
Read MoreFlorida insurance bill opens up new market for audit
New legislation in Florida may mandate the state’s insurers to present the books of affiliated management companies for audits. This legislation would close a loophole left over from the last time the state’s insurance laws were amended, a loophole that kept this information private. Insurers also exploited the loophole to spend the money collected through premiums on ventures that they owned. Such spending was not regulated in any way by the state. The legislation is an amendment added to a much larger insurance bill, sponsored by Senator Garrett Richter of…
Read MoreNational Flood Insurance Program on financial shaky ground
On Wednesday, a subcommittee of the House of Representatives approved amendments that could help revitalize the stagnant National Flood Insurance Program. The program is currently in a state of bankruptcy, having been unable to procure any additional funding from the government. It will continue to operate until September 30, when funding will run out completely. The legislation, which was passed by a voice vote, seeks to revamp the program to make it more financially sound and provide federal agencies such as FEMA more flexibility in their operations. “In the near…
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