Waxman Demands Financial Details from Major Insurers

August 20, 2009 (PLANSPONSOR.com) - A U.S. House Democrat has demanded extensive compensation and general information from 50 large commercial health insurers.

The demands were contained in letters signed by Representative Henry Waxman (D-California), chairman of the House Energy and Commerce Committee, which has jurisdiction over health care reform legislation, Business Insurance reported.

The letters say the information is needed as part of the committee’s examination of “compensation and other business practices in the health insurance industry.”

Among the information request was the name of each executive who earned at least $500,000 a year in any year between 2003 and 2008, information about bonuses and the fair value of stock and option awards, and other areas. The letters also request premium payments, claims payments, sales expenses, administrative expenses, and profits for each year between 2005 and 2008, according to the report.

In addition, Waxman asks the insurers to detail the money they have spent on conferences held outside their facilities since 2007.

More information about the letters is available  here .