House Democrats Inquiry Into 52 Insurance Companies

[El Guapo 8]

This is amazing to me. So far it reads as just a request, but how is this the business of the Federal Government at all?Text of letter (fairly short)Article

[DonkSlayer 1]

They're doing it as a PR move, I'm sure, to sway people to the "boo insurance companies, yay public optino" side. What they dont understand is that many of us don't want our healthcare managed by the gov, regardless.

[El Guapo 8]

They're doing it as a PR move, I'm sure, to sway people to the "boo insurance companies, yay public optino" side. What they dont understand is that many of us don't want our healthcare managed by the gov, regardless.

This is not just health care. It's life, auto, homeowners, etc.

[strategy 4]

what strange times we live in. I never thought I'd see people getting bent out of shape over the idea of putting insurance providers out of business.

[strategy 4]

also: obviously this is more about PR than regulation, but most firms (publicly traded or not) have to disclose this information each year to each state they're licensed in as a way of making sure policyholders don't become bagholders. IIRC, only fraternal insurers can get around that regulation, so it's a lock that none of these firms consider this information particularly private...

[El Guapo 8]

also: obviously this is more about PR than regulation, but most firms (publicly traded or not) have to disclose this information each year to each state they're licensed in as a way of making sure policyholders don't become bagholders.

I was just going to post this. It's just retarded. Of course private companies, like Kaiser don't have to report shit.

[Jeepster80125 0]

source...Dozens of insurers received the request, part of an investigation into executive compensation and other business practices inside the industry.A spokesman for Rep. Bart Stupak, D-Mich., said Tuesday night that 52 letters had been sent to health insurers with $2 billion or more in annual premiums. He said letters were not dispatched to other industry groups, some of which have been airing television advertising in support of Obama's call for legislation.The request to insurance companies included records relating to compensation of highly paid employees, documents relating to companies' premium income and claims payments, and information on expenses stemming from any event held outside company facilities in the past 2 1/2 years....

[El Guapo 8]

The bolded are for sure not Health Insurance Companies, although they may have things like Long Term Care insurance, which may fall under these guidelines.

Aetna Aflac Incorporated Allina Health Group American International Group, Inc.  Amerigroup Group Assurant Incorporated Group Blue Cross and Blue Shield of Florida Blue Cross Blue Shield of Massachusetts Blue Cross Blue Shield of Michigan  Blue Shield of California BlueCross BlueShield of Alabama Group BlueCross BlueShield of Louisiana BlueCross BlueShield of Minnesota Group BlueCross BlueShield of North Carolina Group BlueCross BlueShield of South Carolina BlueCross BlueShield of Tennessee Group CareFirst Centene Corporation Group CIGNA Corp. Coventry Health Care, Inc Dentegra Group Genworth Financial Group GHI Services Group Group Health Cooperative Guardian Life Group Hartford Fire & Casualty Group  Harvard Pilgrim Health Care Group Health Care Service Corporation Health Insurance Plan of New York (HIP) Health Net of California, Inc Health Net, Inc. Health Now New York Inc. Highmark Inc Horizon Blue Cross Blue Shield of New Jersey Humana Inc. Independence Blue Cross Kaiser Foundation Health Plan Lifetime Healthcare Group Medical Mutual of Ohio Group MetLife, Inc Molina Healthcare Group Premera Blue Cross Group Principal Financial Group The Regence Group Tufts Associated HMO Inc. United Health Group Universal American Financial Corp Group Unumprovident Group UPMC Health System Group WellCare Health Plans, Inc. Wellmark BlueCross Blue Shield WellPoint, Inc.

[nutzbuster 7]

Gobama

[hblask 1]

what strange times we live in. I never thought I'd see people politicians getting bent out of shape over the idea of putting insurance providers out of business private voluntary transactions between consenting adults.

FYP

[strategy 4]

FYP

I don't think we're on the same page here.I'm saying people traditionally hate insurance companies, and now we see a movement to keep them in business.I'm not espousing an opinion either way, just pointing out the weird situation.

[Nimue1995 1]

I don't think we're on the same page here.I'm saying people traditionally hate insurance companies, and now we see a movement to keep them in business.I'm not espousing an opinion either way, just pointing out the weird situation.

Insurance companies are like congresspeople. Everybody hates them in general but most like the ones they have.

[strategy 4]

Insurance companies are like congresspeople. Everybody hates them in general but most like the ones they have.

until you have a claim and there's some disputeyes, I listen to that from across the cubicle every day at work

[Mercury69 3]

So, basically, what some of you are saying is that private insurance companies have nothing to answer for with regard to the disposition and distribution of their funds. Does this also include the methods they use to structure their policies and their accountability to their "clients"?

[DonkSlayer 1]

So, basically, what some of you are saying is that private insurance companies have nothing to answer for with regard to the disposition and distribution of their funds. Does this also include the methods they use to structure their policies and their accountability to their "clients"?

Unless they're doing something illegal, they should answer to no one besides their stockholders and customers.

[Naked_Cowboy 0]

So, basically, what some of you are saying is that private insurance companies have nothing to answer for with regard to the disposition and distribution of their funds. Does this also include the methods they use to structure their policies and their accountability to their "clients"?

Nor does my local grocery store have to answer for the prices it pays its suppliers, how much it marks up what products or what kind of car the owner drives. If i don't like shopping there, i'll go to another grocery store. I have the choice to shop there and they have the choice to run their business in a way that makes me a happy customer or not. As long as they aren't relabeling possum as beef, their internal structure is absolutely none of my business.If I like the price and service i'm getting, I will become or remain a customer of someone. If i'm not, I will find someone else. In my country, we call this capitalism.

[DonkSlayer 1]

If anything, states should be forced by the fed to loosen up regulation of private healthcare insurance providers...GUARANTEE you that would force premiums down. If the fed would allow an opening-up of the market and coverage options, and take health insurance away from an almost-completely-employer-based provision, I would support a public option for the poor and uninsurable.

[Balloon guy 158]

If anything, states should be forced by the fed to loosen up regulation of private healthcare insurance providers...GUARANTEE you that would force premiums down. If the fed would allow an opening-up of the market and coverage options, and take health insurance away from an almost-completely-employer-based provision, I would support a public option for the poor and uninsurable.

Yea,if there's one thing that the past hs shown us, it's that the insurance industry will cut it's prices when given opportunities by the government.Like when California required every automobile driver to carry insurance, my rates plummetted to a modest 15% increase instead of the 18% they had planned for that year.

[strategy 4]

Unless they're doing something illegal, they should answer to no one besides their stockholders and customers.

again, this inquiry is NOT related in any way to the regulation and oversight that serves a legitimate purposebut given the service they provide, the collateral damage that occurs as a result of a failed insurance company, and the ramifications of a loss of faith in the industry... it seems rather clear to me that insurance needs much stricter regulation than other industries. I do think florida's rules are a bit heavy-handed right now because of what happened in 2004.