Hamm in Washington, D.C. to discuss financial and health care reform legislation
Posted on 5/20/2010
Hamm is in Washington, D.C. to discuss financial and health care reform legislation
BISMARCK, N.D.-North Dakota Insurance Commissioner Adam Hamm and fellow members of the National Association of Insurance Commissioners (NAIC) were in the nation's capital this week to discuss ongoing financial and health reform efforts.
More than 35 state insurance commissioners gathered for the NAIC Washington Forum where they heard from Rep. Earl Pomeroy (D-ND), Michael S. Barr, Assistant Secretary for Financial Institutions at the U.S. Department of Treasury, Meg Lundsager, U.S. Executive Director of the International Monetary Fund, and senior officials from the Department of Health and Human Services (HHS).
Commissioners specifically urged the United States Senate to support a bipartisan amendment that would make the proposed Office of National Insurance (ONI) more consistent with narrow language in the reform package passed by the U.S. House of Representatives. The amendment ensures that the ONI would have limited preemptive power and would be required to consult with state regulators and Congress before negotiating international agreements. Additionally, commissioners urged the inclusion of an amendment to add state financial regulators to the Financial Stability Oversight Council (FSOC) and voiced support for the legislation's general approach of leaving insurance regulatory authority with the states.
"As experts in matters of financial stability and systemic risk, state regulators have a wide breadth of experience and insight to offer," Hamm said. "Our support of these amendments reflects our commitment to protecting consumers by strengthening proven principles to improve the financial services regulatory structure."
Health care reform was also a critical topic of discussion at the forum. The NAIC submitted responses last week to HHS, which provide answers to questions published in the Federal Register on April 14, 2010 about medical loss ratios and rate review. The NAIC is currently working on recommendations to HHS for the definitions and calculations that make up the final medical loss ratio formula when that provision takes effect in 2011.
"I will continue to work to ensure my office is able to do what is best for the people of North Dakota during the implementation of the new health care reform law," said Hamm.