FOR IMMEDIATE RELEASE

Regulators Urge Immediate Congressional Action to
Stabilize U.S. Health Insurance Markets

WASHINGTON (Sept. 6, 2017) — Members of the National Association of Insurance Commissioners (NAIC) encouraged Congress during Congressional testimony today to act quickly to stabilize U.S. health insurance markets. The first in a series of hearings planned by the Senate Committee on Health, Education, Labor and Pensions, this hearing included testimony by four current and one former state insurance commissioner.

The NAIC has pressed Congress to fully fund cost-sharing reduction (CSR) payments and provide sufficient and sustained stability funding in response to market uncertainty.

"The CSR funding issue is the single most critical issue that you can address to help stabilize insurance markets for 2018 and potentially bring down costs," said Julie Mix McPeak, NAIC President-Elect and Tennessee Insurance Commissioner. "And to be clear, this issue is not an 'insurer bailout.' CSR funding ensures that some of our most vulnerable consumers receive assistance for copays and deductibles that are required to be paid under federal law."

The hearing also included testimony from Oklahoma Insurance Commissioner John D. Doak, Washington State Insurance Commissioner Mike Kreidler, Alaska Insurance Director Lori K. Wing-Heier and former Pennsylvania Insurance Commissioner Teresa Miller.

NAIC Secretary-Treasurer and South Carolina Insurance Director Raymond G. Farmer will testify on behalf of the NAIC before the committee on Sept. 14.

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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