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GOP tax bill to repeal individual mandate; Maryland extends enrollment deadline

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GOP tax bill to repeal individual mandate; Maryland extends enrollment deadline

Senate Majority Leader Mitch McConnell, R-Ky., said a compromise tax bill from House and Senate Republicans will, among other things, repeal the Affordable Care Act's individual insurance mandate, Bloomberg News reported, citing an emailed statement from McConnell. The tax overhaul legislation must still be approved by both House and Senate.

House Republicans have proposed bills aimed at delaying some of the ACA taxes, Bloomberg News reported. One would suspend the annual health insurance tax for two years and the other would provide retroactive relief for the past three years and next year from the ACA's so-called Cadillac tax, which taxes companies for high-cost employer health plans. Congress is likely to tie the measures to a year-end spending bill needed to be passed before Dec. 22, according to the report.

Wisconsin Gov. Scott Walker's administration is discussing about submitting an ACA 1332 waiver to find alternative ways to provide affordable insurance, the Wisconsin State Journal reported, citing J.P. Wieske, the state's deputy commissioner of insurance. Under the waiver, Wisconsin may seek to set up reinsurance, or reestablish a program similar to a high-risk pool, among other things.

Maryland extended the deadline for open enrollment in health plans offered at the state's ACA health exchange, Maryland Health Connection, to Dec. 22. The open enrollment period was earlier scheduled to end Dec. 15.

The New York State Department of Financial Services finalized a regulation that protects drivers from "unfairly discriminatory" auto insurance rates. The new rule prohibits insurers from setting rates on the basis of a person's occupational status or educational level, unless the insurer convinces the superintendent that the process will not lead to discriminatory rates.

The House Financial Services Committee voted 56-4 to pass H.R. 4537, a measure aimed at preserving the U.S. state-based system of insurance regulation. The bill also gives Congress greater oversight and transparency on international negotiations over reinsurance standards.

American International Group Inc. is the lead insurer on the combined hull and liability cover for a Qatar Airways plane that caught fire on Dec. 8 resulting in an estimated damage of $40 million, The Insurance Insider reported. Willis Towers Watson reportedly brokered the insurance deal.

Genworth Financial Inc. may consider selling its mortgage insurance business and pay down debt if it cannot close its planned merger with China Oceanwide Holdings Group Co. Ltd., James Riepe, Genworth's nonexecutive chairman, said during a shareholders meeting.

Humana Inc.'s board approved a $3 billion share repurchase authorization. The new authorization will expire Dec. 31, 2020, and replaces the company's previous $2.25 billion share repurchase authorization, which has no further capacity.

United Insurance Holdings Corp. closed an underwritten public offering of $150.0 million of 6.250% senior notes due 2027.

Oklahoma Workers' Compensation Commission Executive Director Kim Bailey has resigned, according the Insurance Journal. Administrative Law Judge Patricia Sommer has been appointed to lead the agency on an interim basis.

Featured news

Teva to cut 25% of staff in restructuring; Lilly banks on diabetes, oncology: Teva Pharmaceutical announced that it will cut 14,000 jobs worldwide over the next two years to cut costs; and Eli Lilly is counting on its diabetes and cancer drugs to help it reach its 2018 revenue targets.

Financial news in other parts of the world

Asia-Pacific: US Fed raises rates; Blackstone to enter Australian mortgage market

Europe: UBS reshuffles top brass; Aegon chair retiring; SEB divests Danish pension biz

Middle East & Africa: Saudi Arabia, UAE lift rates; Fitch takes Qatari banks off Rating Watch Negative

Latin America: Ecuador VP jailed in graft case; Itaú to buy back up to 1.18B reais of shares

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng dropped 0.19% to 29,166.38, while the Nikkei 225 slid 0.28% to 22,694.45.

In Europe, around midday, the FTSE 100 shed 0.19% to 7,482.40 and the Euronext 100 fell 0.29% to 1,042.12.

On the macro front

The jobless claims report, the retail sales report, the import and export prices report, the PMI Composite Flash, the Bloomberg Consumer Comfort Index, the business inventories report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.