President Obama will meet Wednesday with state insurance commissioners — a group that has been critical of the administration’s proposal to let insurers offer limited plans that do not meet ObamaCare’s requirements.
When they meet with Obama, members of the National Association of Insurance Commissioners (NAIC) will likely express their discontent with the administration over the executive action, which was proposed to quell the bipartisan outcry that the healthcare law doesn’t comply with the president’s promise that you can keep your plan if you like it.
The NAIC and other insurance groups, like America’s Health Insurance Plans, and the The American Academy of Actuaries, have argued the proposal isn’t logistically feasible and would be an administrative nightmare.
Jim Donelon, president of the NAIC, said in an interview last week that the action “threatens the solvency of the system and it threatens to spike the cost to policyholders across the board.”
The trade groups contend that premium prices have been set based on assumptions about what plans would be available, and that any last-minute change could cause chaos in the marketplace.