The National Association of Insurance Commissioners on March 3 released for comment draft legislation (see below) that would remove broker compensation from the medical loss ratio calculation. Reportedly “nearly identical” to upcoming legislation from Michigan Rep. Mike Rogers (R), the National Association of Health Underwriters’ Jessica Waltman calls the bill a significant step.
The NAIC’s Professional Health Insurance Advisors Task Force, established last November, is behind the proposal. According to Waltman, Florida Insurance Commissioner Kevin McCarty, who chairs the task force, announced that the NAIC will hold a public hearing on the legislation during their spring meeting at the end of March. He’s requested comments on the legislation be sent to his office by March 14.
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