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The New York Insurance Exchange could be leading toward restructuring as a federal marketplace, if it is able to win wider support from other state regulators. Eric Dinallo, Superintendent of the New York Insurance Exchange is examining the possibility of what can be seen as a Lloyds of London type shift. The New York Insurance Exchange was founded in 1980 and was hit by market changes in the late 1980s causing the doors to close.
The laws permitting the exchange are still on the state's books. The Exchange would allow underwriters to form syndicates to reinsure and insure unusual or very large exposures, just as Lloyds of London does throughout 30 countries.
The New York Insurance Exchange, which ran for seven years, created a central marketplace for insurance. U.S. insurers are regulated by each of the states they do business in, but there is impetus from the industry, which has gained some support on Capitol Hill, to create a federal insurance regulator.
Many issues have yet to be ironed out and the revival is not without resistance. Donald Kramer, who is now chief executive of Bermuda
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This week Congress overrode President Bush’s veto of legislation that delays a Medicare physician payment and approved a bill that would preserve health coverage for college students.
The new Medicare law blocks a 10.6% cut in Medicare physician payments for 18 months and gives physicians a 1.1% pay increase in 2009. The law requires some private fee-for-service plans to join provider networks and eliminates payments to private insurers in the Medicare Advantage program for indirect medical education. The law also postpones for 18 months a Medicare competitive bidding program for certain types of durable medical equipment. A legislative solution to prevent future cuts could be included in a larger health care bill next year. In 2010, physicians will face a 20% payment cut.
The House of Energy and Commerce Committee clarifies, in an amendment, that insurers must provide coverage to students who change their status to part-time because of injury or illness while under full-time student status. The coverage would be extended for one year from the time of medical leave when students change their status to part-time from the full-time vecause of injury or illness.
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Insurance News
July 22, 2008
Law Makers Voice Opinions on Health Care
By Senior Staff Editor, Corey May
Legislators voiced their opinions last week of heath care and cancer. Here are some of the opinions published by The Hill.
Representative Nathan Deal (R-GA): "America's health care system will achieve its full potential only when all Americans have their own affordable and portable health insurance plan, and all Americans are empowered to make the health care decisions that are truly best for them and their families. The system can be made more affordable by encouraging competition on the basis of price and quality of care.”
Acting U.S. Comptroller General Dodaro: “The U.S. government faces structural deficits of staggering proportions in the coming decades" and "the principal cause is the escalating cost of health care. The health care system needs to provide incentives to help contain costs and greater transparency about the actual value and costs of various health care options," as well as "examine how to better define, deliver and finance health care ... both in the public and private sectors. The challenge is for policymakers to act soon. There is a window of opportunity to act and phase in meaningful changes that will allow providers
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SA Insurance News
July 24, 2008
by Staff Writer, Julie Armstrong
Health Care Groups Push Reform
“AHIP or America’s Health Insurance Plans in Columbus Ohio launched a nationwide campaign titled “Campaign for an American Solution.” According to CEO, Karen Ignagni, “It is very important to take the campaign out of Washington.”
The campaign supports grassroots initiative for affordable, quality and valuable with choices for America’s uninsured and uninsurable. AHIP’s plan is to expand Medicare and Medicaid on a sliding scale for impoverished US citizens. The announcement of the campaign was met with protest from Health Care for America Now, HCAN, claiming that the AHIP plan will “mess up” the American system.
"AHIP will try, against all the facts, to convince us that we are happy and well served by the private insurance. The reality is, we're not." Richard Kirsch, HCAN's national campaign manager, in a release said, "Americans know that the last people we can trust to fix the health care mess are insurance companies."
Representative Pete Stark (D-CA) in a statement on Tuesday said, "I hope it is true that these companies intend to be a positive force in health reform efforts, but I tend to be cautious when the fox starts drawing up plans for
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