State insurance commissioners are voicing serious concerns about President Barack Obama's plan to postpone cancellations for people whose individual policies don't comply with the new health care law.
In a statement, the National Association of Insurance Commissioners warned that the president's decision to let those policies remain in effect could undermine the new insurance markets being created under his overhaul law. The group says Obama's proposal could lead to higher premiums and market disruptions next year and beyond.
The following is a statement from South Dakota State Insurance Director Merle Scheiber on the Obama Administration’s announcement regarding policy cancellations and the role of state insurance regulators:
“The Division of Insurance is sorting through the logistics of how this announcement will impact insureds and carriers. The President's new direction requires a detailed analysis in order to identify the best options for consumers and businesses. We will do what is best for South Dakotans and are demanding more details regarding this policy change," Scheiber said.