Health Insurers Lead Lobbying Spending
Posted by PF Northeast
on Monday, 10 October 2011
in Insurance
PF Northeast
PF Northeast has not set their biography yet
User is currently offline
Health insurers continue to lead lobbying spending in Washington, while the property/casualty side and life insurers are investing in influencing Dodd-Frank implementation.
Total industry spending on federal lobbying stood at $77.3 million for the first six months of 2011, on par with the $157.9 million reported for all of 2010, according to data from the independent Center for Responsive Politics and the U.S. Senate Office of Public Records.
The top spenders are Blue Cross and Blue Shield entities (combined $6.3 million spent in 2011) and America's Health Insurance Plans ($4.5 million). This spending follows the pattern set in 2009, at the beginning of debate over what became the Affordable Care Act.
Keeping insurers' voices prominent on Capitol Hill is vital as the Obama administration continues to roll out rules and regulations for putting the health reform law into effect. Insurers, along with agent and broker groups, are advocating a rollback of at least part of medical loss ratio rules. Regulations for minimum benefits and state-based insurance exchanges remain in development. AHIP is also pushing for a reversal of cuts to Medicare Advantage subsidies.
Eighteen months after the law's passage, "We're trying to mitigate the unintended consequences as reforms are implemented," AHIP spokesman Robert Zirkelbach said.
The three main property/casualty trade associations — the American Insurance Association, the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America — have spent a combined $2.9 million to date in 2011 (they reported $6.4 million for 2010).
As health insurers are with health reform, property/casualty insurers are with the Dodd-Frank financial reform law: minding the details of implementation for potential land mines.
"The focus going forward is obviously on the rule-making process," said AIA spokesman Blain Rethmeier said.
A top priority for the sector, and for life insurers, is to avoid strong regulatory oversight proposed for nonbank entities deemed to be systemically important financial institutions. The Dodd-Frank-established Financial Stability Oversight Council is currently debating what criteria will merit a SIFI designation and whether many insurers would qualify (Best's News Service, Sept. 19, 2011). Industry representatives have been shuttling between both end of Pennsylvania Avenue, expressing industry concerns before the House and Senate and the Treasury Department.
Total industry spending on federal lobbying stood at $77.3 million for the first six months of 2011, on par with the $157.9 million reported for all of 2010, according to data from the independent Center for Responsive Politics and the U.S. Senate Office of Public Records.
The top spenders are Blue Cross and Blue Shield entities (combined $6.3 million spent in 2011) and America's Health Insurance Plans ($4.5 million). This spending follows the pattern set in 2009, at the beginning of debate over what became the Affordable Care Act.
Keeping insurers' voices prominent on Capitol Hill is vital as the Obama administration continues to roll out rules and regulations for putting the health reform law into effect. Insurers, along with agent and broker groups, are advocating a rollback of at least part of medical loss ratio rules. Regulations for minimum benefits and state-based insurance exchanges remain in development. AHIP is also pushing for a reversal of cuts to Medicare Advantage subsidies.
Eighteen months after the law's passage, "We're trying to mitigate the unintended consequences as reforms are implemented," AHIP spokesman Robert Zirkelbach said.
The three main property/casualty trade associations — the American Insurance Association, the National Association of Mutual Insurance Companies and the Property Casualty Insurers Association of America — have spent a combined $2.9 million to date in 2011 (they reported $6.4 million for 2010).
As health insurers are with health reform, property/casualty insurers are with the Dodd-Frank financial reform law: minding the details of implementation for potential land mines.
"The focus going forward is obviously on the rule-making process," said AIA spokesman Blain Rethmeier said.
A top priority for the sector, and for life insurers, is to avoid strong regulatory oversight proposed for nonbank entities deemed to be systemically important financial institutions. The Dodd-Frank-established Financial Stability Oversight Council is currently debating what criteria will merit a SIFI designation and whether many insurers would qualify (Best's News Service, Sept. 19, 2011). Industry representatives have been shuttling between both end of Pennsylvania Avenue, expressing industry concerns before the House and Senate and the Treasury Department.
| Copyright: | (c) 2011 A.M. Best Company, Inc. |
| Source: | A.M. Best Company, Inc. |
