Congress will take up cybersecurity legislation the week of April 23. On April 5, Vince Vitkowsky, of Edwards Wildman’s New York office, moderated a panel on Capitol Hill that included, among others, representatives of the House Permanent Select Intelligence Committee, the U. S. Chamber of Commerce, and the Constitution Project.
Read More Video of Cybersecurity Legislation Panel
Federal Legislative Developments
FIO Misses Deadline To Submit Federally-Mandated Report to Congress
By Troutman Pepper Locke on
The Federal Insurance Office (FIO) has missed its deadline to release its widely-anticipated report to Congress on how to improve and modernize insurance regulation in the U.S. The report, which was due in January 2012, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and is expected to provide insight into how the FIO plans to use its authority. …
Read More FIO Misses Deadline To Submit Federally-Mandated Report to Congress
Obama’s 2013 Budget Proposes Tax on Excess Reinsurance Premiums to Offshore Affiliates Again
President Obama’s recently released Budget of the U.S. Government for the Fiscal Year 2013 (the “Proposed 2013 Budget”) would disallow the current deduction for non-taxed reinsurance premiums paid to foreign-affiliates by U.S. insurance companies. …
Read More Obama’s 2013 Budget Proposes Tax on Excess Reinsurance Premiums to Offshore Affiliates Again
NRRA Appeals to FIO for Reform of Liability Risk Retention Act
By Troutman Pepper Locke on
In a December 2011 letter to the Federal Insurance Office (FIO),1 the National Risk Retention Association (NRRA) advised FIO that revisions are needed to stop the states from encroaching on risk retentions groups’ (RRGs’) rights to operate nationally when licensed in a single state.2 …
Read More NRRA Appeals to FIO for Reform of Liability Risk Retention Act
Congressional Panel Expresses Concern over Medical Loss Ratio
By Troutman Pepper Locke on
Concerns over the Medical Loss Ratio (“MLR”), a key requirement under the Patient Protection and Affordable Care Act of 2010 (“PPACA”), were expressed at a House Subcommittee on Investigations, Oversight and Regulations (the “Subcommittee”) hearing in mid-December over how it will reduce competition among healthcare insurers and harm healthcare insurance agents and brokers. The Subcommittee is a subset of the House Small Business Committee. …
Read More Congressional Panel Expresses Concern over Medical Loss Ratio
Healthcare Update: Senate Passes Temporary “Doc Fix”; MedPAC Issues Draft Recommendations for 2013; CMS Issues “Essential Health Benefits” Bulletin; Home Care Worker Wage Protection Proposed
By Troutman Pepper Locke on
SENATE PASSES TEMPORARY “DOC FIX”; HOUSE ACTION AWAITED
On December 17, the U.S. Senate voted 89-10 to pass the “Temporary Payroll Tax Cut Continuation Act of 2011,” which included a two-month delay in implementing the Medicare Physician Fee Schedule for calendar year 2012. As we reported in our Healthcare Update on November 7, the new Fee Schedule calls for an overall 27.4% reduction in payment rates for physicians, nurse practitioners and physical therapists. …
Read More Healthcare Update: Senate Passes Temporary “Doc Fix”; MedPAC Issues Draft Recommendations for 2013; CMS Issues “Essential Health Benefits” Bulletin; Home Care Worker Wage Protection Proposed
House Financial Services Subcommittee Holds Hearing: “Insurance Oversight and Legislative Proposals”
By Troutman Pepper Locke on
In November 2011, the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity held a hearing to discuss proposed legislation to:
- Prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from insurers.
Subcommittee Approves Removal of FIO Subpoena Power Over Insurers
By Troutman Pepper Locke on
On December 8, 2011 the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity approved legislation eliminating the Federal Insurance Office’s (“FIO”) and the Office of Financial Research’s (“OFR”) authority to subpoena information from insurance companies. H.R. 3559 (the Insurance Data Protection Act), was introduced by Representative Steve Stivers (R-OH) and was approved by a party-line vote of 7-5, with each Republican on the Subcommittee voting in favor. …
Read More Subcommittee Approves Removal of FIO Subpoena Power Over Insurers
FIO Conference — Reaffirming Support of State Regulation
By Troutman Pepper Locke on
On December 9, 2011, the Federal Office of Insurance (“FIO”) held its first meeting at the U.S. Department of Treasury, entitled “Insurance Regulation in the United States: Modernization and Improvement.” The conference was attended by insurance regulators and industry representatives. …
Read More FIO Conference — Reaffirming Support of State Regulation
Consumer Advocate Groups Issue Letter to Members of Congress Imploring Them Not to Amend the Medical Loss Ratio in the Patient Protection and Affordable Care Act
By Troutman Pepper Locke on
Several healthcare consumer advocacy groups are signatories to a letter (the “Letter”) that was sent to members of Congress in response to a letter that was sent to Congress by the National Association of Insurance Commissioners (the “NAIC”), as discussed in our previous post here. The NAIC letter urged Congress to exempt fees and commissions paid to health insurance producers from the medical loss ratio (“MLR”) calculation under the Patient Protection and Affordable Care Act (“PPACA”) in order to preserve consumer access to agents and brokers. …
Read More Consumer Advocate Groups Issue Letter to Members of Congress Imploring Them Not to Amend the Medical Loss Ratio in the Patient Protection and Affordable Care Act