According to National Underwriter, Insurance Agents are voicing dismay over health care reform legislation passed by the House of Representatives on November 7, 2009. Many hope a more acceptable product would be produced by the Senate. Robert Rusbuldt, president and chief executive officer of the Independent Insurance Agents and Brokers of America, states, “As the Senate and House move to a conference, the IIABA urges Congress to reconsider what this bill will do to consumers and small businesses”.
Among the provisions in the House bill that concern the industry is one that would create a public option for government provided insurance which IIABA officials say, “Would unfairly compete with the private insurance marketplace, limit consumer choice and increase the taxpayer burden. “This bill picks winners and losers, and small businesses and health care consumers are the biggest losers today”, said Charles Symington, IIABA’s senior vice president of government affairs. “The Bill also risks completely derailing employer provided benefits. Other concerns include a provision that imposes a 5.4 percent surtax on small businesses that file income tax returns as individuals, and another that creates a new Small Business Administration grant program that would award federal money to nonprofits for the purpose of providing small businesses.”
A Likely senario is that the Senate will pass a bill by the end of the year, and the final bill enacted next year before the State of the Union, which usually occurs in Late January. To view the entire National Underwriter article click here. Visit our website at www.kimberleyvassal.com