Federal Legislative Developments

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As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance. …
Read More National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

Recently, the United States Treasury Department (the “Treasury”) has announced that certain life insurers that have acquired banks and thrifts are eligible to receive assistance from the Capital Purchase Program, a sub-program of the Troubled Asset Relief Program. 

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Read More United States Treasury Department to Offer Financial Assistance to Life Insurers

H.R. 1253, the Health Insurance Restrictions and Limitations Clarification Act of 2009, was passed on March 31, 2009 in the House of Representatives by a vote of 422 to 3. 

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Read More House Overwhelmingly Passes Bill to Mandate Upfront Disclosure of Source of Injury Coverage Exclusions in Group Health Plans

This morning, Representatives Melissa Bean, D-Ill., and Ed Royce, R-Calif., introduced the National Insurance Consumer Protection Act of 2009 (“NICPA”) in the House of Representatives.  NICPA would establish a new system of federal regulation and supervision for insurers and insurance producers. 

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Read More BREAKING NEWS: Legislation Introduced for Federal Regulation of National Insurers and Producers

As reported in our December 8, 2008 posting, the National Association of Inusrance Commissioners (“NAIC”) adopted a proposal to modernize reinsurance regulation (the “Proposal”) at its 2008 Winter Meeting. 

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Read More NAIC Exposes Draft Federal Legislation for Implementation of Reinsurance Regulatory Modernization Framework

Last week, Senator John D. Rockefeller IV, (D-W.Va.) introduced the Preexisting Condition Patient Protection Act of 2009 (S. 623) (the “Bill”).  According to Senator Rockefeller, the Bill will address any coverage gaps created in the Health Insurance Portability and Accountability Act of 1996 regarding preexisting condition exclusions by eliminating the use of preexisting condition exclusions in all health insurance markets. 

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Read More Senate Bill Aims to End the Use of Preexisting Condition Exclusions by Health Insurers

On March 18, 2009, U.S. Congressmen Gene Taylor (D-Miss.) and Peter DeFazio (D-Ore.) introduced the Insurance Industry Competition Act of 2009 (H.R. 1583).   H.R. 1583 seeks to amend the McCarran-Ferguson Act, 15 U.S.C. §§ 1011 et seq., by removing the federal antitrust exemption for the insurance industry. 

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Read More Legislation Introduced to Repeal Insurance Industry’s Antitrust Exemption

Earlier this month, Rep. Gene Taylor (D-Miss.) reintroduced legislation, the Multiple Peril Insurance Act of 2009 (H.R. 1264), into the House of Representatives that would amend the National Flood Insurance Program (“NFIP”) to allow homeowners to purchase multiperil insurance covering windstorm damage in addition to flood damage. 

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Read More Multiperil Bill Amending NFIP Reintroduced In House

The Medicare, Medicaid, and SCHIP Extension Act of 2007 (S. 2499) (the “Act”), signed into law late last year, contains a new mandatory reporting requirement for insurers covering medical expenses. 

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Read More New Medicare Reporting Requirement for Non-Group Health Plan Providers Effective July 1, 2009