Regulators in South Carolina have issued an emergency cease and desist order against two state residents and several individuals and companies, in what they are calling a “nationwide, multimillion dollar health insurance fraud scheme.”
The National Association of Insurance Commissioners will submit to Congress a federal bill to modernize the regulation of reinsurance by state regulators.
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.