WASHINGTON -- Democrats on a House committee are seeking detailed financial
records from dozens of large insurance companies, officials disclosed
Tuesday, part of an investigation into "executive compensation and other
business practices" in an industry opposed to President Barack Obama's plan
to overhaul health care.
The request included records relating to compensation of highly paid
employees, documents relating to companies' premium income and claims
payments, and information on expenses stemming from any event held outside
company facilities in the past 2 1/2 years.
The requests were made in letters signed by Rep. Henry Waxman, D-Calif., who
guided a portion of health care legislation through the House Energy and
Commerce Committee last month as chairman, and Rep. Bart Stupak, D-Mich.,
who heads the Energy and Commerce investigations and oversight subcommittee.
They wrote that the committee was "examining executive compensation and
other business practices in the health insurance industry." The Associated
Press obtained a copy.
The requests were issued at a time when Obama's health care proposal is
under intense attack from Republicans and other critics, including the
health insurance industry. Much of the opposition focuses on proposals for
the government to sell insurance in competition with private carriersA
spokesman for the insurance industry declined to comment on the letter sent
by Waxman and Stupak.
Nick Choate, a spokesman for Stupak, said 52 letters were sent late Monday
to the nation's largest health insurers, those with $2 billion or more in
annual premiums. He said letters were not sent to other industry groups,
some of which have been airing television advertising in support of Obama's
call for legislation.
The letter from Waxman and Stupak requested the information be provided by
early September. While companies are not under legal obligation to comply,
the committee could respond to a refusal by voting to subpoena the
information at a later date.
Among the documents requested were records relating to compensation paid to
any company executive earning more than $500,000 in any year from 2003 to
2008.
Waxman and Stupak also sought documents relating to premiums paid by policy
holders, claims payments, sales expenses, administrative expenses and
profits, broken down by categories such as employer-provided coverage;
individual coverage, Medicare and Medicaid. |
