Federal Legislative Developments

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In late June, two Members of Congress requested that the Centers for Medicare and Medicaid Services (CMS) expedite the implementation of a Medicare home care demonstration project.  In other CMS news, the agency issued a proposed outpatient hospital rule in early July, and during Congress’ July 4th recess, President Obama made the decision to officially appoint his CMS Administrator. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – July 12, 2010

Fund managers and other investment advisers will face tight new restrictions on their ability to make – or facilitate – contributions to politicians, candidates and other officials who are responsible for public assets, including pension plans and Section 529 tuition plans.  The new Securities and Exchange Commission “pay-to-play” rule  applies to investment advisory firms that are exempt from SEC registration under the private investment adviser (fewer-than-15-clients) exemption as well as to registered investment advisers. …
Read More Investment Managers are Restricted from Making Political Contributions to Win Business — Unregistered Advisers are Covered by the SEC’s New Pay-to-Play Rule — Third Party Solicitors are Spared . . . if they are Registered Advisers or Broker-Dealers

In advance of a June 18 deadline for comments, top hospital groups expressed strong opposition to proposed payment cuts issued by the Centers for Medicare and Medicaid Services (CMS).  The following week, President Obama announced a set of regulations that will implement various provisions of the recently-enacted healthcare reform law (Public Law 111-148) relating to pre-existing conditions, lifetime coverage limits and other patient protections. …
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – June 28, 2010

Late last week, the House and Senate drafters of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) came to final compromise on the language creating the first ever office in the federal government that is focused on the insurance industry called the Federal Insurance Office (the “FIO”), housed in the United States Department of the Treasury. …
Read More Language on Authority of New Federal Insurance Office Agreed to by Drafters of the House and Senate Financial Reform Bill

In the early morning hours of June 25, House and Senate conferees completed action on financial regulatory reform legislation (H.R. 4173) by approving a final conference report by a vote of 20-11 among House conferees and a vote of 7-5 among Senate conferees. …
Read More Financial Reform Conferees Complete Work on Overhaul Legislation

With only a few key differences to overcome, the House and Senate have hammered out several points regarding the creation of an office to monitor the insurance industry as part of the currently debated financial industry reform bill. …
Read More House and Senate Conferees Close on Establishing Federal Insurance Office; Include State Insurance Regulator on Financial Stability Oversight Council

In a letter from the National Association of Insurance Commissioners (the “NAIC”) to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the “FSOC”). …
Read More State Insurance Commissioners Make Their Case for Inclusion in the Financial Stability Oversight Counsel

As negotiations over a final financial reform overhall draw closer to a conclusion, leadership at the National Conference of Insurance Legislators (“NCOIL”) petitioned Senate leadership for membership in the Financial Stability Oversight Council (“FSOC”). …
Read More State Lawmakers Lobby for a Seat at the Financial Stability Oversight Council