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November 03, 2005 at 07:00 PM
Members of the Senate voted 51-47 Thursday to approve S. 1932, a 2006 budget bill that includes several measures of interest to the life insurance industry.[@@]
S. 1932, the Deficit Reduction Omnibus Reconciliation Act of 2005, is supposed to cut $35 billion in spending over 5 years.
Some provisions of the bill, which was sponsored by Sen. Judd Gregg, R-N.H., would double premium rates for defined benefit pension plans covered by the Pension Benefit Guaranty Corp.; cut funding from an arrangement that is supposed to encourage private health insurers to offer Medicare Advantage managed care plans to residents of rural areas; and make the Long Term Care Partnership program available in all states.
