Compiling...

CSR Funding Ceased, NAIC Response

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.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

Related Content