Congressional Democrats want CEO pay data, other information from health insurers : Mike Sunnucks

Sunday, August 23, 2009

Democrats in Congress are investigating the private health insurance industry, requesting data on CEO salaries and bonuses, profit margins, corporate retreats and spending and premium charges from the largest insurance companies.

U.S. House Energy and Commerce Committee chairman Henry Waxman, D-Calif., sent letters to 52 insurance companies Monday, asking for the CEO pay, profit and other data by next month.

The list includes Aetna, Cigna Corp., Blue Cross Blue Shield arms in several states (but not Arizona), American International Group Inc., Aflac Inc., UnitedHealth Group and Health Net Inc.

The move comes amidst the contentious debate over creation of government-run health system to operate alongside private providers and insurers. It also comes in the wake of criticism of banks and Wall Street investment firms over executive pay and bonuses and corporate spending in the wake of federal bailouts and subsidies including the much maligned Troubled Assets Relief Program. Bank of America, Goldman Sachs, AIG and JP Morgan Chase & Co have also received various political and media heat on those front.

Congress sent letters to the following health insurance companies requesting data on executive pay, revenue and profits:

Aetna, Aflac Inc., Allina Health Group, American International Group Inc., Amerigroup Group, Assurant Incorporated Group, Blue Cross and Blue Shield of Florida, Blue Cross Blue Shield of Massachusetts, Blue Shield of California, BlueCross BlueShield of Alabama Group, BlueCross BlueShield of Louisiana, BlueCross BlueShield of Minnesota Group, BlueCross BlueShield of North Carolina Group, BlueCross BlueShield of South Carolina, BlueCross BlueShield of Tennessee Group, CareFirst.

Centene Corporation Group, CIGNA Corp., Coventry Health Care Inc., Dentegra Group, Genworth Financial Group, GHI Services Group, Group Health Cooperative, Guardian Life Group, Hartford Fire & Casualty Group, Harvard Pilgrim Health Care Group, Health Care Service Corporation, Health Insurance Plan of New York (HIP), Health Net of California Inc., Health Net Inc., Health Now New York Inc., Highmark Inc., Horizon Blue Cross Blue Shield of New Jersey, Humana Inc., Independence Blue Cross, Kaiser Foundation Health Plan, Lifetime Healthcare Group, Medical Mutual of Ohio Group.

MetLife Inc., Molina Healthcare Group, Premera Blue Cross Group, Principal Financial Group, The Regence Group, Tufts Associated HMO Inc., UnitedHealth Group, Universal American Financial Corp Group, Unumprovident Group, UPMC Health System Group, WellCare Health Plans Inc., Wellmark BlueCross Blue Shield, WellPoint Inc.

This is a mighty long list. The government will have its hands full with this project! Let's see what the outcome is.

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