Statement from NAIC CEO Mike Consedine:
State regulators across the country are very disappointed in the decision to stop funding CSR reimbursement payments. The immediate cancellation of these payments will cause premiums to increase by an additional 12-15 percent in 2018. Cancelling these payments cuts more than $1 billion in payments owed to insurance carriers in 2017 for assistance they provide to low-income consumers. Also, according to the Congressional Budget Office, this will increase taxpayer costs by $6 billion in 2018. Combined with the Executive Order issued yesterday, we will see further disruption of already volatile markets.