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Senate Bill – Workers Compensation Could Be In Trouble

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Federalization Of Workers Comp Senate Bill

The Senate bill to Federalize insurance and Workers Comp appeared on the radar this week.

Painted Red of House of Court with Icons background Senate Bill Federalize Insurance
(c) 123rf.com

. Last week, I posted on 24 hour coverage and its negative effects on the Workers Compensation process. I had thought that bill would be the last we would hear of any federalization of Workers Comp and that the bill would not even make it to a vote. I was wrong as the following came across the wire yesterday evening.

The chairman of a key House subcommittee has released draft legislation that would establish a new Federal Insurance Office within the Treasury Department. Rep. Paul Kanjorski, D-Pa., who chairs the House Financial Services Committee’s Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, unveiled the Federal Insurance Office Act of 2009 on Thursday.

According to the draft language, the Federal Insurance Office (FIO)  would have the authority to monitor all aspects of the insurance industry and assist the Treasury secretary in administering the federal terrorism insurance program.

USA Senate Bill Capitol Picture
Wikimedia Commons – Scrumshus

In addition, the new office would coordinate federal efforts and establish federal policy “on prudential aspects of international insurance matters” and determine whether the International Insurance Agreements on Prudential Matters preempt some state insurance measures. The document resembles earlier bills introduced by Rep. Kanjorski to set up a Federal Insurance Office within Treasury. The full committee is slated to hold a hearing Oct. 6 on the draft legislation and other regulatory reform draft bills.

With bills being introduced over and over again to federalize Workers Compensation and all insurance lines, the subject is just not going to drop. I suggest contacting your Senators and State Representatives as this legislation could harm the Workers Comp landscape that is handled very well on a state-level basis.

 

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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