Regulation/Legislation

President Barack Obama has told Congress that any health care legislation he signs must give individuals and small businesses the ability to purchase affordable coverage.

The Vermont Captive Insurance Association said it has selected Richard Smith, a veteran Vermont state official with "political savvy," as the group's new president.

Sen. Chris Dodd, D-Conn., said he will not take the chairmanship of the Senate Health, Education, Labor and Pension Committee left vacant by the death of Sen. Edward Kennedy, D-Mass., and will remain as Senate Banking Committee chairman.

The House passed legislation to reform and streamline regulations for nonadmitted commercial surplus lines insurers and reinsurers.

Health insurance reform legislation drafted for the Senate Finance Committee would create a network of nonprofit cooperatives as an alternative provider for the coverage, according to an outline obtained by National Underwriter.

An insurance regulators' poll of small businesses finds nearly two thirds of owners lack the know-how to pick a health plan fitting their company's finances and workers' needs.