Some people are troubled by the huge amount of power the Baucus Bill would give to the non-governmental organization, the National Association of Insurance Commissioners. The NAIC is made up of the insurance commissioners from all 50 states, DC, and five US territories. His bill would give the NAIC the power to devise:
Model Regulation within 12 months of enactment that is consistent with the new Federal law with regards to Federal health insurance rating, issuance and marketing requirements. This model becomes the new Federal minimum standard without any further Congressional action.
On Tuesday during debate in the Senate Finance Committee Sen. Rockefeller expressed his concerns about providing the NAIC with the power to write legally binding regulation. He stressed that there is no provision mandating transparency from the NAIC.
It looks like Rockefeller accidentally picked up a strong advocate against this provision of Baucus’s bill, Sen. Max Baucus. During debate over an amendment by Sen. Enzi, Baucus said, “I agree with you senator. Senator Collins, Senator Nelson and others have been commissioners, we trust them. I’m just not sure about the others."
I’m glad to see Baucus now agrees that Baucus came up with terrible idea. Having a non-government association of “bureaucrats” who are unaccountable to Congress, that even Baucus is “not sure about” is not the people you want writing important regulation.