On the hill: congress faces significant health insurance and regulatory reform bills in September.The outcome of several major bills of interest to insurers was uncertain when Congress headed into its August recess. Health insurance and regulatory reform Regulatory Reform concerns improvements to the quality of government regulation. At the international level, the "OECD Regulatory Reform Programme is aimed at helping governments improve regulatory quality -- that is, reforming regulations that raise unnecessary obstacles to measures are all close to passage--yet there are only 22 days left on Congress's legislative calendar when it returns Sept. 6. The bill with the broadest effect on the property/casualty industry, the Nonadmitted and Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Reform Act, was approved by the House Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Committee, but will not see action by the full House until this month. Health insurers are none too pleased with a provision within a mammoth health-care information technology bill, H.R. 4157, that calls for implementation of a new health-care coding system Noun 1. coding system - a system of signals used to represent letters or numbers in transmitting messages code - a coding system used for transmitting messages requiring brevity or secrecy by 2010, rather than by 2012, as they have called for. The Pension Protection Act, H.R. 2830/S. 1783, was passed in a last-minute vote shortly before the break. The legislation makes sweeping changes to many aspects of the insurance industry. HEALTH Health Information Technology Promotion Act (H.R. 4157) Summary: Would mandate a massive upgrade of health-care billing and coding. What Happened: Passed full House by 270-148 margin. (07/27) What's Ahead: Health insurers demand amendments before Senate takes up bill, arguing that 2010 deadline for switching to new health codes in all health-care diagnosis and billing should be pushed back two years. Medicare Health Savings Accounts Act (S. 3697) Summary: Would create tax-advantaged HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) option for all Medicare participants. What Happened: Introduced by Sen. James Inhofe, R-Okla. (07/20) What's Ahead: Referred to Senate Finance Committee. AmeriCare Health Care Act (H.R. 5886) Summary: Would mandate all Americans receive health insurance coverage either through work or through AmeriCare, a new government program that would be modeled on Medicare. What Happened: Introduced by Rep. Pete Stark Fortney Hillman "Pete" Stark, Jr. (born November 11, 1931) is an American politician from the state of California. A Democrat, he has been a member of the U.S. House of Representatives since 1973, in three different districts (due to redistricting). , D-Calif. (07/25) What's Ahead: Referred to House Energy and Commerce Committee, House Ways and Means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. Committee and House Education and the Workforce Committee. LIFE Pension Protection Act (H.R. 4) Summary: Calls for comprehensive overhaul of funding system a system or scheme of finance or revenue by which provision is made for paying the interest or principal of a public debt. See also: Funding for defined-benefit plans. Also would allow firms to provide investment advice to 401(k) participants; encourage automatic employee enrollment in 401(k) plans; give safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. to hybrid "cash balance" and DB/k plans; clear the way for long-term-care insurance to be combined with life and annuity products; and affirm the subrogation The substitution of one person in the place of another with reference to a lawful claim, demand, or right, so that he or she who is substituted succeeds to the rights of the other in relation to the debt or claim, and its rights, remedies, or Securities. rights of large employee health plans. What Happened: Passed the Senate by a 93-5 vote. (08/03) What's Ahead: President Bush signed the bill into law; provisions will begin to take effect. Estate Tax and Extension of Tax Relief Act (H.R. 5970) Summary: Would exempt the first $5 million of an individual's estate or the first $10 million of a couple's estate, and would tax estate values in excess of $25 million at 30% and those less than $25 million at prevailing capital-gains rates. Also would raise federal minimum wage to $7.25 an hour and extend a variety of tax cuts. What Happened: Senate voted 56-42 to invoke cloture The procedure by which debate is formally ended in a meeting or legislature so that a vote may be taken. Cloture is a means of terminating a filibuster, which is a prolonged speech on the floor of the Senate designed to forestall legislative action. and consider the bill, falling four votes shy of the 60 needed. (08/03) What's Ahead: Senate Majority Leader Bill Frist switched his cloture vote to "no," leaving himself the option to reintroduce the measure later in the session. PROPERTY/CASUALTY Passenger Vehicle Loss Disclosure Act (S. 3707) Summary: Would require auto insurers to disclose to the National Highway Traffic Safety Administration The National Highway Traffic Safety Administration (NHTSA, often pronounced "nit-suh") is an agency of the Executive Branch of the U.S. Government, part of the Department of Transportation. information pertaining to total-loss vehicles. What Happened: Introduced by Sen. Trent Lott, R-Miss. (07/20) What's Ahead: Referred to the Senate Commerce Committee. Nonadmitted and Reinsurance Reform Act Summary: Would grant regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities over nonadmitted market to home state of the insured. Bill also provides that surplus lines premium taxes would be paid to an insured's home state, while reinsurers' home states would have solvency oversight authority. What Happened: Approved by House Financial Services Committee. (07/26) What's Ahead: House floor vote expected after August recess. Workplace Goods Job Growth and Competitiveness Act (H.R. 3509) Summary: Would exempt manufacturers and sellers of durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. from workplace products-liability claims arising more than 12 years after an item's delivery. What Happened: Cleared the House Judiciary Committee in a 21-12 vote (07/19/ What's Ahead: Floor vote must war until after House returns from five-week August recess. Catastrophic Disaster Risk and Insurance Commission Act (H.R, 5891) Summary: Would create a 17-member bipartisan commission to recommend ways to assure the availability of adequate private insurance coverage in light of growing concerns about natural disasters. What Happened: Introduced by Rep. Debbie Wasserman-Schultz, D-Fla. (07/26) What's Ahead: Referred to House Financial Services Committee. Farm Risk Management Act (H.R. 5932) Summary: Would let farmers create tax-free, interest-bearing "risk management accounts," with the U.S. Department of Agriculture matching farmers' contributions. What Happened: Introduced by Rep. Terry Everett, R-Ala. (07/27) What's Ahead: Referred to the House Ways and Means Committee and the House Agriculture Committee. |
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