The insurance industry is facing a whole new world in Washington.
Sen. John McCain, R-Ariz., the Republican presidential nominee, tonight has conceded the presidential election to Sen. Barack Obama, D-Ill.
Current tallies show Obama will have a 252-173 Democratic majority in the House.
It appears to be unlikely that the Democrats will emerge with a filibuster-proof 60-seat majority in the Senate.
CONGRESS
At this point, the Democrats seem to have won at least 54 seats in the Senate.
Independents who have caucused with Democrats in the past – Joseph Lieberman of Connecticut and Bernie Sanders of Vermont – hold 2 other seats.
The 4 Senate races without clear-cut winners are in Alaska, Georgia, Minnesota and Oregon.
In Alaska, Sen. Ted Stevens, R, is leading 48-46.5% over Mark Begich.
In Georgia, Sen. Saxby Chambliss, R, is ahead of Jim Martin. Chambliss has 49.9% of the vote, Martin has 46.7% of the vote, and Libertarian Allen Buckley has 3.4% of the vote.
Although Chambliss is leading, he may be headed for a December run-off if he fails to get 50% of the total vote.
In Minnesota, Sen. Norm Coleman, R, and comedian Al Franken, D, appear to be on the path to a recount. Coleman now has 1,211,616, or 42%, of the votes cast; Franken has 1,210,895, or 41.97%, of the votes cast; Dean Barkley, an Independence party candidate, has 437,373 votes, or 15.16% of the votes cast; and Charles Aldrich, a Libertarian candidate, has 13,915 votes, or 0.48% of the votes cast, according to Minnesota election officials.
In Oregon, Sen. Gordon Smith, R, has 586,499 votes, or 47.57% of the votes cast; Jeff Merkley, D, has 574,865 votes, or 46.63% of the votes cast; and Dave Brownlow, a Constitution party candidate, has 68,086 votes, or 5.52% of the votes cast.
One senator of importance to the insurance industry who was reelected today is Sen. Tim Johnson, D-S.D
Some speculate that Sen. Christopher Dodd, D-Conn., could succeed Sen. Joseph Biden, D-Del., the vice president-elect, as chairman of the Senate Foreign Relations Committee.
Johnson then might succeed Dodd as chairman of the Senate Banking Committee.
But Joel Wood, a senior vice president at the Council of Insurance Agents and Brokers, Washington, has written members a note predicting that Dodd will stay at the Senate Banking Committee to help oversee a comprehensive overhaul of federal financial services efforts.
Sen. Elizabeth Dole, R-N.C., a member of the Senate Banking Committee, was defeated for reelection.
Also defeated was Sen. John Sununu, R-N.H., who joined with Johnson to sponsor a bill that could create a federal charter option for insurers. He left the banking panel earlier this year to become a member of the Senate Finance Committee.
Rep. Paul Kanjorski, D-Pa., chairman of the Capital Markets Subcommittee of the House Financial Services Committee, another lawmaker of interest to insurers, has been facing a strong challenge from Lou Barletta.