Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Commissions topic
No spam. Unsubscribe anytime.
Subcommittee clears bill to equalize commissions for Medicare supplement producers
Summary
Senate Bill 556, which requires carriers to pay the same commission rates to insurance producers for Medicare supplement policies regardless of whether they are sold as underwritten policies or during open enrollment, was approved unanimously after a brief appearance by an industry witness.
Madam Chair introduced Senate Bill 556, which would require carriers to pay the same commission rates to insurance producers selling Medicare supplement policies regardless of whether the sale occurs during an open enrollment period or as an underwritten policy. Lisa said the bill addresses a broker-impact created by an earlier "birthday" law and aims to level the playing field for producers.
Brad Maenster, who identified himself as a 30-plus-year veteran of the insurance industry, offered to answer questions and said he did not need to take additional time if members had none. "Basically, I'm available for questions as a 30 plus year veteran of the insurance industry," Maenster said. With no questions and no opposition recorded, the committee moved, seconded and approved SB 556 unanimously.
Next steps: SB 556 advances following subcommittee approval; the remote transcript shows unanimous consent but does not list individual roll-call votes.
