FOR IMMEDIATE RELEASE

NAIC To Congress: Stabilize U.S.
Health Insurance Markets Now

South Carolina Insurance Director testifies before Congress on health insurance

WASHINGTON (Sept. 14, 2017) — Representing the National Association of Insurance Commissioners (NAIC), Raymond G. Farmer, NAIC Secretary-Treasurer and South Carolina Insurance Director, testified before Congress today. Farmer encouraged the Senate Committee on Health, Education, Labor and Pensions to take action quickly to stabilize the U.S. health insurance market.

In response to uncertainty in the individual health insurance market, the NAIC has pushed Congress to fully fund cost-sharing reduction payments and provide sufficient and sustained stability funding in response to market uncertainty.

"There are three immediate actions Congress can and should take to stabilize the individual health insurance markets across the country: ensure health insurance carriers will be reimbursed for the enhanced cost-sharing plans they offer to lower-income consumers under the law, reinstate the federal Reinsurance Program, and, amend Section 1332 to create a waiver process that is clear, timely and flexible," testified Farmer. "These actions would help stabilize rates, encourage carriers to remain in the market and improve consumer choice." 

The hearing was the fourth in a series held by the Senate Committee on Health, Education, Labor and Pensions, the first hearing included testimony by four current and one former state insurance commissioner.

"State regulators remain committed to working collaboratively with Congress on a non-partisan basis to address the longer-term issues related to health insurance," concluded Farmer's testimony. "As your partners in government, we look forward to working with you as we all seek to make health insurance coverage more affordable and accessible." 

Submitted Testimony

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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