Thursday, May 19, 2011

Law to make Insurance Policy Legalese easier to read and understand for Consumers…GONE!! Too Costly for Industry?

Forget what it might cost consumers, the state Office of the Commissioner of Insurance thinks the industry shouldn't make the “costly” (?) one time investment to write easily understandable explanations of coverage.
Health plans supported the simplified policy statements.
jsonline: Ted Nickel, the state insurance commissioner, plans to move ahead with his proposed emergency rule to scrap new regulations to make insurance policies easier to read and understand.

The pending regulation, a holdover from the previous administration, also would have required health insurers to list all of the exclusions and limitations - basically what's not covered - in one section of a policy.

Bobby Peterson, a lawyer for ABC for Health, a statewide public interest law firm based in Madison, said the Office of the Commissioner of Insurance received 54 comments supporting the new regulations while one health plan opposed them.

The Office of the Insurance Commissioner cited the cost to the industry and the pending changes under federal health care reform as two of the reasons for issuing its emergency rule. The final rule next will be sent to the Legislature for review.
 Any questions about who this administration serves after getting your vote? 

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