Facing an estimated $1.5 billion budget shortfall for the current fiscal year, Virginia legislators are seeking solutions to get the state out of the red, but don’t appear to be going the same route as their peers in Connecticut.
Like many states, Maryland faces a multi-billion dollar budget shortfall for the current fiscal year, but legislators don’t appear to be closing that gap in the same manner as their counterparts in Connecticut.
As part of a new two-year, $37.6 billion budget, Connecticut has doubled the majority of its fees levied by the department of insurance, a move other states might emulate given widespread deficits in their coffers.
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.