Two Pennsylvania insurance associations say they do not expect that a bill that calls for electing rather than appointing the state’s insurance commissioner to earn Pennsylvania General Assembly approval this year.
A bill regulating the use of senior-specific professional designations and business practices by insurance agents and brokers was passed by the Pennsylvania House Insurance Committee last week.
Two bills, one dealing with viatical settlements and the other with agents’ handling of life insurance and annuities, will be considered by the Pennsylvania House Insurance Committee this month.
Highmark Blue Shield’s recent shifting of its small-group business to its for-profit subsidiary has led to a wave of complaints from employers, and an investigation into each by regulators, according to Pennsylvania Insurance Commissioner Joel Ario.
The chairman of the Pennsylvania House Insurance Committee has asked the Pennsylvania Insurance Department to investigate health insurance industry lobbying, especially the TV advertisements of America’s Health Insurance Plans, on national health care reform.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.