Charles Symington, Big “I” senior vice president for government affairs, has been in the insurance news recently. His comments on the so-called 1099 provision of the new health care overhaul have been at the forefront in several industry news outlets. A.M. Best contacted Symington for his insight as part of a print article for its website, then included a video interview with him for a special Regulatory Week series recently. To watch that segment, click here.
Symington says the law, which requires firms to file a 1099 form with the IRS for every business transaction more than $600 a year, is expensive and time-consuming for independent agencies. The new requirement was intended to ultimately help finance expanded health coverage for the nation. This week, the U.S. Senate voted to roll back the 1099 measure and the House of Representatives is expected to follow soon. Symington says the Senate’s move is an important first step toward repeal of this burden for Big “I” members and others. For more information, contact Sue Nester (susan.nester@iiaba.net), Big “I” broadcast media director, or Margarita Tapia (margarita.tapia@iiaba.net), Big “I” public affairs director.