Trump promises “much lower deductibles”
President-elect Donald Trump says that his replacement for Obamacare is almost ready and has promised that it will involve “much lower deductibles.” In an interview over the weekend, he told the Washington Post with his trademark ambiguity that “It’s very much formulated down to the final strokes. We haven’t put it in quite yet but we’re going to be doing it soon.”
He also warned Congress, including his opponents within the GOP that the people won’t let them block his plans, although he added that he is confident that he will get enough votes to move ahead.
Ahead of his inauguration Friday, the president-elect gave little detail of the ACA replacement but promised “insurance for all” and that people would be “beautifully covered.”
AIA welcomes European deal for US insurers
A new deal which will ease regulatory issues for US insurers operating in the European Union has been welcomed by the American Insurance Association.
The completion of the covered agreement on prudential measures for insurance and reinsurance carriers establishes mutual acknowledgement of prudential supervision in the European Union and the United States.
Leigh Ann Pusey, AIA’s president and CEO called the agreement a win for US insurers operating in the EU and for the US state-based system of regulation.
“EU supervisors acknowledge and affirm the U.S. insurance regulatory framework and allow U.S. insurers and reinsurers to compete in their
markets without the costly and duplicative regulations being imposed on them under Solvency II. In exchange, E.U. insurers and reinsurers will receive fair reciprocal treatment and be able to compete in U.S. markets,” Ms. Pusey said.
Meanwhile, the National Association of Insurance Commissioners says it was not part of the agreement process but will now consider its impact.
“The NAIC is coordinating a thorough review of the agreement to ensure consumer protections are not compromised through the preemption of state law, and we encourage Congress to do the same,” said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. “Of great concern is the potential to use this agreement as a backdoor to force foreign regulations on U.S. companies."
The agreement will be effective 90 days after it is submitted to four relevant Congressional committees while the EU will hold its own internal process.
Marsh & McLennan to acquire JSL
Marsh & McLennan Agency is to acquire J. Smith Lanier & Co. (JSL) for an undisclosed sum.
The deal is expected to close in the first quarter of 2017 and will see JSL become MMA’s Southeast regional hub with all the brokerage’s employees joining MMA.
JSL chief executive D. Gaines Lanier will continue to lead the team along with COO Gary Ivey. Lanier will report to Marsh & McLennan Agency’s CEO David Eslick.
“J. Smith Lanier is among the oldest and most highly-regarded agencies in the US,” Eslick said. “Its focus on clients, distinguished leaders, and talented team make JSL a great fit with MMA. I look forward to working with Gaines Lanier, Gary Ivey, and the rest of the JSL team to further enhance MMA’s presence in the Southeast.”
