Insurance Archives

Jun 28, 2017

Senate Health Care Bill -No July 4th Celebration

Today, Senator Majority Leader Mitch McConnell (R. KY.) announced that the health care bill to repeal and replace the Affordable Care Act (ACA) will not be put up for a vote in the Senate until after the July 4th holiday. According to the New York Times (6/27, Steinhauer, Subscription Publication), it appears that he “miscalculated in the first round of play.” He is said to have “put his legislative thumb on the scale in favor of conservatives, quickly alienating” other senators including Sens. Susan Collins (R. ME) and Lisa Murkowski (R. AK). Other Senators have also opposed the Medicaid eligibility… Read more

Jun 26, 2017

Health Care Bill-Opposition Continues While CBO to Weigh In On Cost

As previously discussed in this blog, a discussion draft of the Senate version of the American Health Care Act (AHCA) was introduced in the Senate last Thursday. Since that time, in addition to unanimous condemnation from the Democrats, including rallies by former Presidential candidate and Senator Bernie Sanders (D., Vt.), several Republican Senators have also voiced their opposition to portions of the bill. In some cases, it is demand for including certain provisions, such as opioid treatment. But the key point of contention appears to be the bill’s treatment of Medicaid. As a reminder, Medicaid is a Federal/State collaboration, with… Read more

Jun 22, 2017

Senate Health Care Bill Introduced Today

The Senate health care bill, titled as the “Better Care Reconciliation Act” was introduced today. The discussion draft of the bill ( a mere 142 pages) is the Senate version of the American Health Care Act (AHCA) passed by the House. Included in the draft is an additional $50 billion over four years to stabilize insurance exchanges. It also includes $15 billion a year in market-stabilizing funds over the next two years and $10 billion a year in 2020 and 2021. Under this bill, cost-sharing subsidy payments will remain available. $62 billion has also been allocated over eight years for… Read more

Jun 21, 2017

Coming Tomorrow-Draft of Senate Health Care Bill

Senate Majority Leader Mitch McConnell (R-Ky.) stated today that a discussion draft of the Senate version of the American Health Care Act (AHCA) will be presented tomorrow, with plans for a vote next week before the July 4th break. He also stated that, although the nonpartisan Congressional Budget Office (CBO) still has to determine the cost of the bill, he expected that process would be completed next week. Under the House version of the AHCA, an estimated 23 million people could lose their health care according to the CBO. Senator McConnell said on Tuesday that the Senate health-care bill would… Read more

Jun 20, 2017

Senate May Vote on Health Care Next Week (Quietly)

As reported in several media outlets, the Senate appears ready to schedule a vote on the American Health Care Act (AHCA), the proposed replacement for the Affordable Care Act (ACA). As mentioned in my blog yesterday, Senate Majority Leader Mitch McConnell (R-Ky.) wants a vote on the bill before the July 4 recess. The fate of Medicaid expansion and tax credits to consumers, sticking points for many Senate Republicans, appear to be close to resolution. Under an option being strongly considered, the AHCA would include deeper financial cuts to Medicaid, which may draw criticism from some Republican governors who desire… Read more

Feb 1, 2017

New York DFS Issues First in the Nation Cybersecurity Regulation

The New York Department of Financial Services (“DFS”) recently issued proposed cybersecurity requirements for financial services companies. The proposed regulation would be codified at 23 NYCRR 500, and would be effective March 1, 2017. This action, which places New York squarely in the vanguard of US regulators, will have wide-ranging effects given the number of banks, insurance companies, and financial services companies that are licensed in New York. It will also affect companies that do business with those regulated companies, referred to in the proposed regulation as “Third Party Service Providers,” whether or not the business affiliates are otherwise required… Read more

Jan 26, 2017

Court Grants Summary Judgment to Intermarket Insurance Agency

Intermarket Insurance Agency, Inc. recently escaped liability to its insured on a policy placement, winning summary judgment on the two counts of the complaint directed to it. Intermarket placed a business personal property policy with Travelers on behalf of Artvale, a fabric and textile wholesaler. The policy excluded flood and sewage backup. And when Artvale moved its inventory to a warehouse in Passaic, New Jersey, Artvale asked Intermarket to amend the policy with Travelers to reflect the move, which Intermarket did. Artvale did not ask Intermarket to obtain flood coverage. Hurricane Irene caused flooding at the warehouse on August 27,… Read more