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Federal Involvement in Insurance Regulation Modernization and Health Care Reform Task Force. Prepared by Francine L. Semaya & Alan N. Gamse October, 2013. FIIRM/HCR TASK FORCE. Who are we? What are we doing? What is our relevance to TIPS and its members? What have we accomplished?
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Federal Involvement inInsurance Regulation Modernization and Health Care Reform Task Force Prepared byFrancine L. Semaya & Alan N. Gamse October, 2013
FIIRM/HCR TASK FORCE • Who are we? • What are we doing? • What is our relevance to TIPS and its members? • What have we accomplished? • What are we working on now? • What does the future hold?
Who Are We? • Task Force created by Jim Carroll in August 2004. • Initially called “Task Force on Federal Regulation” • In October 2004 at the TIPS Fall Meeting name changed to Federal Involvement in Insurance Regulation Modernization Task Force (“FIIRM”). • Health Care Reform Task Force merged into FIIRM in 2011.
Current Membership of Task Force Reporter: Open Legal and Regulatory Consultant • Francine L. Semaya – Chair • Academic: • Jeffrey Thomas – Professor (University of Missouri Law School – Kansas City) • Regulator: • Alan Rachlin (New York Department of Financial Services)
Current Membership of Task Force Insurers and Insurer Representatives: Timothy Penn (St. Paul Travelers) Michelle Dicks (OwnerGuard) Edward Collins (Allstate Insurance) Craig Berrington (retired from AIA) Leo J. Jordan (retired State Farm) • Kathleen Wharton(retired from CCIA)
Who Are We? (cont’d) • Law Firm: • Alan N. Gamse – Chair-Elect (Semmes, Bowen & Semmes) • Anthony MacCauley – Worker’s Comp (Hanna Brophy) • Briana Montminy – (Burr & Forman, LLP) • Ginger S. Busby - (Burr & Forman, LLP) • Joshua Bachrach – (Wilson Elser Moskowitz Edelman & Dicker) • Keith Hopkinson - (Winstead PC) • Kelly A. Cruz-Brown - (Carlton Fields) • Russell Buhite - (Fowler White Boggs PA) • Laurie Sands - (Riker Danzig, et al) • Robin Sanders - (Jorden Burt LLP) • Sandra Tvarian Stevens – (Wiley Rein LLP)
Current Membership of Task Force Ex Officio Trade Association Representatives: JS “Stef” Zielezienski – American Insurance Assoc.Wes Bissett – Bellemore Group ( former IIAA)Matt Wulf– Reinsurance Association of America Lenore S. Marema (Surety Association)
WHAT ARE WE DOING? • Initial Charge to Study and Report on 2004 “State Modernization and Regulatory Transparency Act” (“SMART”) • Dodd Frank (2010) • Federal Insurance Office (“FIO”) • Financial Stability Oversight Council (“FSOC”) • Federal Advisory Committee on Insurance (“FACI”) Nonadmitted and Reinsurance Reform Act of 2010 Terrorism Risk Insurance Act (TRIA / TRIAE)
What Are We Doing? • National Flood Insurance Program • Health Insurance Reform (PPACA) • Medicare Secondary Payer • Support McCarran Ferguson • Other Federal Initiatives impacting Regulation of Insurance
DODD - FRANK • Report to Council on Impact of Dodd-Frank Act on Insurance Industry • Coordinate with ABA Task Force on Financial Markets Regulatory Reform • FIO Recommendation and Report to ABA HOD in February, 2010 • Prepare Comment Letter to Secretary of Treasury on FIO Study on “How to Modernize & Improve the System of Insurance Regulation in US”
DODD - FRANK • Comment Letter sent to Michael McRaith, Director of Federal Insurance Office, on August 27, 2012 on “Global Reinsurance Market” • Monitor Rules being promulgated under Dodd-Frank that impact Insurance and Reinsurance • Keep TIPS updated on Developments • Update Task Force Website
HEALTH CARE REFORM • Monitor Supreme Court PPACA Litigation • Present TIPS Webinar on PPACA Litigation • Prepare and Update Health Insurance Exchange Map • Articles on Health Care Reform • Co-Sponsor CLE Programs on Health Care Reform
Terrorism Risk Insurance Act (TRIA / TRIAE) • Prepared “White Paper” that was adopted by TIPS Council. • TRIA Recommendation and Report to ABA HOD in February 2007. • Adopted as ABA Policy. • Met with Senators, Representatives and/or Senior Staff to explain ABA policy on TRIA Reauthorization. • Work with NAIC/State Insurance Regulators on TRIA policy. • Work on proposal to extend TRIAE beyond 2014.
What is THE Task Force’s Relevance to TIPS and Its Members? • TIPS Exposure – National and International Recognition • Educate TIPS Members on Federal Impact on Insurance and Health Care Regulatory Issues • Develop Policy on Insurance Regulatory Issues to be adopted by the ABA
What Have We Accomplished? • ABA Policy on TRIA Reauthorization • ABA Policy on the Role of FIO • Blanket Authority on Proposals regarding State and Federal Insurance Issues. • Insurance Commissioners and NAIC “Reaching Out” to Task Force
What Have We Accomplished? • Informative Task Force Website • CLE Programs and Publications • PPACA Webinar • Articles on PPACA and FIO • Legislative Updates for TortSource
WHAT Are We Working On Now? • Health Care Reform • Monitoring PPACA Developments • Co-Sponsor TIPS Health Care Reform Programs • TRIA Reauthorization 2014 • NFIP - developments and written materials
WHAT Are We Working On Now? • Monitoring & Reporting on International Insurance Regulatory Developments • Monitoring & Analyzing Federal Proposals on Resolution Authority and SIFI designations • Monitoring & Reporting on NAIC activities and decisions • State v. Federal Issues
What Does The Future Hold? • Analyze & Respond to FIO Reports on State of Insurance Regulation and Reinsurance • Testify as Required under Blanket Authority on Insurance Regulatory Issues
What Does The Future Hold? • Study New Proposals • National Flood Insurance Program • TRIA Reauthorization • PPACA and other Health Care Reform developments • Resolution Authority (US and International Developments • Amendments to Dodd-Frank