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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The 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…
Read MoreUncertain future for health insurance brokers
A growing number of insurance brokers are concerned for their livelihoods in light of the new health care reform law passed last year. They are urging Congress and state legislators to establish protections that will guarantee agents a role in the emerging online marketplaces that will accompany state health insurance exchange programs. The exchanges are a mandatory provision of the Affordable Care Act and each state must establish their own exchange by 2014. “The brokers are nervous,” said Sabrina Corlette, a professor at Georgetown University’s Health Policy Institute who has…
Read MoreHealth insurance exchange debate over agents role
As states begin to take steps to establish their health insurance exchanges, private insurance agents in West Virginia are not quite enthusiastic of the efforts. State legislators are beginning t debate a pending bill that would create a state-run health insurance exchange. The measure could be passed this week, as Republicans who oppose the bill find themselves in the minority. Independent agent lobbyist, Gary Marion, argues that the bill would hamper agent’s ability to compete in the market. Health insurance exchanges act as a means for individuals and small groups…
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