Missouri Insurance Director John Huff has been voted to represent state insurance commissioners at the Financial Stability Oversight Council, department spokesperson Travis Ford confirmed. The commissioners of the National Association of Insurance Commissioners, Kansas City, Mo., voted to name Huff approximately two weeks ago.
The NAIC was granted one seat on the 10-seat council designed to monitor systemic risks.
Separately, work on the medical loss ratio by the NAIC’s accident and health working group is at the point where a model several issue resolution documents are ready to be finalized on Sept. 20 and a model regulation may be ready for exposure by the end of September.
The IRDs that are ready for a vote are IRD 28 addressing multi-state employer plans and IRD #77 addressing the dual option of transferring claims around.
Much of the discussion was about three year averaging of rebates for 2010, 2011 and 2012 and whether any individual year was given too much weight and how an equitable method can be reached that brings the average near to an 80% MLR. For instance, it was pointed out that for 2011 estimates, one reason why the MLR falls below 80% is that it was priced before the Patient Protection and Affordable Care Act (PPACA) was passed. Steve Ostlund, an Alabama regulator who is spearheading the discussions, said that regulators will proceed with the approach unless industry can come up with compelling reasons to reconsider the current work.
Consumer reps said that they still had some concerns about the credibility table but realize that at some point the work needs to advance.