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FOR IMMEDIATE RELEASE NAIC URGES STRONGER MEDICARE REGULATION KANSAS CITY, Mo. (May 8, 2008) — National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Sandy Praeger today issued the following statement in response to the proposed regulation on Medicare marketing released by the U.S. Centers for Medicare & Medicaid Services (CMS): “We are pleased with a number of specific items that CMS has included in their proposed regulation to strengthen the marketing and sales of Medicare private plans. In fact, some of the items are things that the NAIC has previously urged CMS to consider. For example, the prohibition on cross-selling, which we have urged for several years, and the proposal to require plans to adhere to state agent appointment laws. “However, even with all of the positive changes proposed in this new rule, there is still a significant issue left unaddressed. That is, there is no change to address the fundamental problem that states do not have sufficient regulatory authority to ensure proper enforcement in the marketing and sales of Medicare private plans, or to provide timely responses to address and resolve consumer complaints. “Although CMS has made a number of attempts over the past year to tighten their rules, we have continued to see problems in the marketplace because the federal government is unable to provide adequate enforcement. The proposed rule fails to ensure that the states have the ability to properly oversee the marketing activities of these plans.”
About the NAIC Headquartered in Kansas City, Mo., the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit www.naic.org/press_home.htm.
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©2008 National Association of Insurance Commissioners. All rights reserved. | ||
