 |
 What UAHU members and insurance agents need to know about "Utah Insurance Exchange" (Currently referred to as Utah Insurance Exchange / Some referred to it as CONNECTOR or MECHANISM) Kent Michie's perspective as per Association meeting 9-11-07.
|
Note from Webmaster: On Tuesday September 11th 2007, the Salt Lake Valley Association of Health Underwriters held its monthly luncheon, and welcomed Utah Insurance Commissioner Kent Michie to address the membership. Commissioner Michie reported that under Governor Huntsman's health care reform proposal, commonly referred to as the Utah Insurance Exchange, the state insurance department would continue to function as a regulator of private insurance plans, and that the department would not take on the role of managing the Exchange. Mr. Michie reported that under the Exchange, the business model for the sale of insurance in Utah would be radically changed. Commissioner Michie reported that under Governor Huntsman's health care reform proposal, commonly referred to as the Utah Insurance Exchange, the state insurance department would continue to function as a regulator of private insurance plans, and that the department would not take on the role of managing the Exchange.
Members of the audience included insurance producers (agents), insurance CEO's, actuaries, department managers of insurance carriers, customer service representatives, claims managers, and underwriters. Many in attendance expressed concern that if agents are eliminated from the health insurance purchasing system, consumers could be hurt by the loss of the significant knowledge and experience that these key advisors represent. Commissioner Michie stated that he supports certain government mandates and was unwilling to comment on the potential funding shortfall that could occur under the Exchange. Some members expressed concern that such shortfalls would likely result in significant tax increases.