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August 21, 2009
Reps. Waxman, Stupak seek compensation records, profit data from 52
Bloomberg News (8/20, Woellert, Faler) reports that letters dated Aug. 17 to 52 insurers indicated that the House Energy and Commerce
Committee "is investigating 'executive compensation and other business practices in the health insurance industry.'"
Among the requests, Committee chair Rep. Henry Waxman (D-CA) and Energy and Commerce Investigations and Oversight Subcommittee Chair Rep. Bart Stupak (D-MI) have asked "the companies to name all employees who were paid more than $500,000 in a single year"; to provide documentation on compensation for executives"; and to provide "data on profits from the individual insurance market and insurance provided through employers" as well as
the Medicare Advantage program.
The Politico (8/20, Brown, Allen) explains that "by Sept. 4,
the firms are supposed to supply detailed compensation data for board
members and top executives, as well as a 'table listing all conferences, retreats, or other events held outside company facilities from Jan. 1, 2007, to the present that were paid for, reimbursed, or subsidized in whole or in part by your company.'"
For employees or officers "making $500,000 or more, the committee wants information on salary, bonus, options and pension." And by "Sept. 14, the firms are supposed to provide copies of reports from compensation consultants, plus board drafts of compensation plans and information about market.
Related Links:
- House Democrats Examine Health Insurers’ Pay, Profit," Lorraine Woellert and Brian Faler, Bloomberg Press, August 19, 2009.
- Democratic investigators target health insurers," Carrie Budoff Brown and Mike Allen, Politico, August 19, 2009.
Posted by admin at August 21, 2009 01:55 PM