Business Insurance articles from March 2002

Business Insurance archives from March 2002

Observers see more mergers, acquisitions on horizon.(Brief Article)
March 4, 2002... Two major deals in which banks purchased insurance brokerages may be harbingers of more such financial services convergence. 2001 saw the two biggest bank/broker deals to date when Wells Fargo & Co. purchased Acordia Inc. and Greater Bay...

GLB not responsible for Enron collapse, panel says; Congress urged to resist temptation to tamper with law.(Gramm-Leach-Bliley Financial Services Modernization Act)(Brief Article)
March 4, 2002... Lawmakers and regulators must resist the temptation to overreact to the collapse of Enron Corp. or risk undoing the good accomplished by the modernization of federal financial regulation. That was the message delivered by participants in a...

Buyers increase risk load; Claims service needs higher in hard market.(many losses typically handled by claims adjusters are no longer covered by traditional insurance)(Brief Article)
March 4, 2002... Insurance buyers are taking on more risk in the current hardening market, and that is changing the demand for claims services. Rising insurance rates, which accelerated after last year's terrorist attacks, have driven many risk managers to...

Buyers shopping for agencies experiencing a seller's market; Expansion-minded banks paying more to get foot in the door.(Brief Article)
March 4, 2002... It's a good time to be selling an insurance agency. A plethora of buyers-spearheaded by banks set loose on a buying spree-along with higher revenues and profits caused by the hard market have pushed up prices for agencies to levels not seen...

TPAs seek wider acceptance of flexible spending accounts; Debit cards make use of FSAs easier for employees.(third party administrators)
March 4, 2002... The flexible spending account debit card, one of the latest innovations in the third-party benefits administration marketplace, could boost employee participation in the tax-exempt medical savings programs, say advocates of the tools. The...

A/BT Briefs.(multiple industry briefs)(Statistical Data Included)
March 4, 2002... Independent producers dominate market: IIAA A recent study by the Independent Insurance Agents of America found that the total commercial lines direct written premium placed by independent agents grew 7% in 2000, to $145.9 billion. ...

Hiring dispute not an ERISA case: Court.(Mack Trucks Inc. wins appeal in case with former workers, Employee Retirement Income Security Act)(Brief Article)
March 4, 2002... PHILADELPHIA-Employers do not violate federal law when they refuse to rehire laid-off workers on the grounds that the former workers would cost them more in retirement benefits, a federal appeals court has decided. In upholding a lower...

Phony claims are costly; Scam artists targeting self-insurers and TPAs.(tips for prevention of insurance fraud)
March 4, 2002... Self-insurers have lagged behind insurance companies in fighting fraudulent claims and have increasingly become targets of scam artists as a result, fraud experts warn. Deterred partly by the cost of anti-fraud efforts, many self-insured...

Banks, brokers lead merger, acquisition trend; More deals expected in 2002.(Brief Article)
March 4, 2002... Insurance industry merger and acquisition consultants generally expect deal-making to continue in 2002. In particular, banking companies will continue to look at buying insurance producers, though they are unlikely to acquire underwriting...

CEO panel assesses terrorism and how insurers respond; Bermuda Insurance Symposium.(Brief Article)
March 4, 2002... SOUTHAMPTON, Bermuda-Although some insurance executives say that the marketplace ultimately will find a way to cover terrorism and other difficult risks, others aren't so optimistic. ``A lot of this is a function of time,'' said Paul...

Weather risk products hope for expanded demand; Bermuda Insurance Symposium.(Brief Article)
March 4, 2002... SOUTHAMPTON, Bermuda-The weather risk market continues to grow, but end-user companies' participation in the market is critical to its long-term success, say representatives of several companies involved in weather risk business. ...

Captives face problems with fronting, reinsurance; Bermuda Insurance Symposium.
March 4, 2002... SOUTHAMPTON, Bermuda-Captive insurers should expect their future to involve fronting difficulties, higher reinsurance costs and larger retentions, according to a panel of experts. ``Fronting is going to be one of the biggest challenges,''...

Convergence benefits both banks, insurers: Panel; Bermuda Insurance Symposium.
March 4, 2002... SOUTHAMPTON, Bermuda-Convergence of the insurance and capital markets is continuing because each sector has qualities that can benefit the other, according to a panel of executives whose companies are involved in the process. Speaking as...

Insurers distance themselves from HIH probe; Australians deny use of finite risk.(hearings on the collapse of HIH Insurance Ltd.)(Brief Article)
March 4, 2002... SYDNEY, Australia-Two of Australia's largest insurers sought to distance themselves from the world of financial reinsurance last month as the use of such programs is scrutinized at ongoing hearings on the collapse of HIH Insurance Ltd. QBE...

Products & Services: Selective Insurance upgrades Web site.(Brief Article)
March 4, 2002... BRANCHVILLE, N.J.-Selective Insurance Group Inc. has revamped its Web site in an effort to make it more user-friendly. The site, www.selective.com, offers insurance buyers an agent locator that lists intermediaries in their area. There also...

Global benefits a challenge.(for employers, according to survey from William M. Mercer Inc.)(Brief Article)
March 4, 2002... Growing globalization means that companies must increasingly deal with the challenges of providing benefits to a diverse, international workforce. A new survey, conducted in early 2001 by William M. Mercer Inc., found that most...

Supreme Court case has high stakes for employers; Worker suing under ADA to get job despite danger.(Chevron USA vs. Mario Echazabal ; Americans with Disabilities Act)(Brief Article)
March 4, 2002... WASHINGTON-The U.S. Supreme Court will soon decide whether the Americans with Disabilities Act can force employers to place workers in jobs that could harm or even kill them. The justices heard oral arguments in Chevron USA vs. Mario...

Editorial: Don't ground FAA's coverage plan yet.(airlines' exposure to third-party war risks)(Brief Article)(Editorial)(Statistical Data Included)
March 4, 2002... THE PRIVATE INSURANCE marketplace, subject to free-market forces, provides a better solution for most risks facing businesses than government relief. This is true even for the new and enlarged terrorism threat facing U.S. companies, whose...

Analysts praise plan for Zurich changes.(Zurich Financial Services Group)(Brief Article)
March 4, 2002... ZURICH, Switzerland-Zurich Financial Services Group's announcement last week that Rolf Hueppi will step down this year as chief executive officer but stay on as chairman is drawing praise from insurance analysts. The move, expected to take...

Arbitration victory in coverage dispute gives buyers hope; EPL cover sought for overtime lawsuits.(lawsuits that allege employers illegally denied workers overtime pay)
March 4, 2002... Some employers and their attorneys are hopeful that a recent arbitration outcome favorable to employers signals improved chances of obtaining coverage for a growing form of class-action litigation brought by employees. Employers are...

Need for terror cover cited; Push for federal program gets a boost from Fed chief.(Alan Greenspan, General Accounting Office's Richard Hillman)(Brief Article)
March 4, 2002... WASHINGTON-Proponents of a federal guarantee for terrorism insurance may face a somewhat easier task thanks to the chairman of the Federal Reserve Board and the General Accounting Office. In separate appearances before the House Financial...

World Updates.(multiple briefs)(Brief Article)(Statistical Data Included)
March 4, 2002... Swiss Re ups estimate for Sept. 11 losses Swiss Reinsurance Co. has increased its estimated net losses from the Sept. 11 terrorist attacks by 45%, to 2.95 billion Swiss francs ($1.78 billion), after retrocessions and tax. Zurich-based Swiss...

Underwriter seeks to recover from police for claims paid following U.K. fire loss.(cites Riot (Damages) Act of 1886)(Brief Article)
March 4, 2002... LONDON-A Lloyd's of London underwriter is seeking to recover up to L43 million ($61.6 million) from the Bedfordshire Police Authority following a fire that caused extensive damage to an immigration center last month. David Pye, underwriter...

ID theft suits in the cards ; Companies may face liability.(identity theft)
March 4, 2002... Companies that contribute to identity theft by failing to protect their customers' and employees' Social Security numbers and other personal information could be held liable, some observers warn. Although relatively few cases of this type...

PBGC surplus is declining; Future large claims promise further hits.(United States Pension Benefit Guaranty Corp.)(Brief Article)(Statistical Data Included)
March 4, 2002... WASHINGTON-Reversing a multiyear trend, the Pension Benefit Guaranty Corp.'s surplus declined substantially last year as the agency was hit with losses from several underfunded pension plans it took over. In fiscal 2001, the PBGC's surplus...

Anger over AIG memo; Airlines bemoan limited options.(American International Group Inc.; airlines' third-party war risk)(Brief Article)(Statistical Data Included)
March 4, 2002... NEW YORK-Airline and insurance brokerage officials are denouncing American International Group Inc.'s effort to kill a federal aviation war risk insurance program created in response to a drastic cutback of commercial coverage after the Sept....

Workers comp secondary payer; Medicare seeks claim preapproval.(adequately funding for injured workers' future medical expenses when making lump-sum settlements)(Brief Article)
March 4, 2002... WASHINGTON-A push by Medicare administrators to encourage workers compensation payers to seek its approval before settling a small-but costly-segment of claims is increasing delays, costs and potential liabilities for employers and insurers....

The honeymoon is officially over.(commercial insurance relationships; Bermuda Insurance Symposium)(Brief Article)
March 4, 2002... There is a lot of fear, anger, recrimination and unhappiness in commercial insurance relationships today. Buyers and sellers, partners in this dance we call insurance, are becoming increasingly polarized as the marketplace hardens and...

For The Record.(Gov. Jesse Ventura, Swiss Re and XL Insurance, Verizon, Enron)(News Briefs)
March 4, 2002... Minnesota to tap workers comp funds The Minnesota Legislature acted quickly to override Gov. Jesse Ventura's veto last week of the state's budget bill, H.B. 351. The state may now tap into monies from two special workers compensation...

Late News.(companies based in the United States allowed to establish their headquarters in Bermuda to reduce taxes)(includes other articles)(Brief Article)
March 4, 2002... Treasury examines Bermuda HQ laws Laws that allow companies based in the United States to establish their headquarters in Bermuda to reduce taxes are coming under scrutiny by the Treasury Department. A spokeswoman said the department is not...

Buyers shopping for agencies experiencing a seller's market; Expansion-minded banks paying more to get foot in the door.(Insurance agencies prized by banks)(Brief Article)(Statistical Data Included)
March 4, 2002... It's a good time to be selling an insurance agency. A plethora of buyers-spearheaded by banks set loose on a buying spree-along with higher revenues and profits caused by the hard market have pushed up prices for agencies to levels not seen...

Errors & Omissions.(Correction Notice)
March 11, 2002... * A story in the March 4 issue on aviation war risk insurance incorrectly stated that Delta Air Lines Inc. carries about 700 million passengers a year. That figure is actually the approximate number of passenger enplanements-or passenger...

Ask a casualty actuary.
March 11, 2002... Q: How reliable is the use of premium-to-surplus ratios in gauging the relative financial strength of an insurer? A: Well, we first have to acknowledge that everybody uses such ratios. We all calculate the premium-to-surplus ratio of any...

Federal government has a duty to people.
March 11, 2002... Today's lesson in political risk management comes from the most fundamental contract between the government of the United States and the people it represents: the Constitution of the United States. The phrase ``provide for the common...

Comings & Goings.
March 11, 2002... Insurers: Timothy J. Padovese has been named chief executive officer of Ophthalmic Mutual Insurance Co., a San Francisco-based risk retention group. Mr. Padovese previously was vp of underwriting at Norcal Mutual Insurance Co. Mr. Padovese...

NAPSLO attendance increases.
March 11, 2002... SAN ANTONIO-Attendance at the midyear meeting of the National Assn. of Surplus Lines Offices Ltd. ballooned to 1,600 from the usual 500, partly as a result of the cancellation of last year's annual meeting, organizers say. NAPSLO's 2001...

DOHSA bars punitive damages in 1998 Swissair crash: Court; Damages limited in crash suits.
March 11, 2002... PHILADELPHIA-Defendants in lawsuits stemming from the crash of Swissair Flight 111 in 1998 are immune from punitive damages, a federal judge has ruled. Judge James T. Giles of the U.S. District Court for the Eastern District of...

Insurers win round in Enron cover fight.
March 11, 2002... NEW YORK-A federal judge has rejected JPMorgan Chase Bank's request for an immediate ruling that 11 insurers must pay more than $1 billion under surety bonds guaranteeing purported oil and gas deals between Enron Corp. and a pair of offshore...

Sept. 11, Enron push up rate hikes: Losses speed hardening of market; NAPSLO Midyear Meeting.
March 11, 2002... SAN ANTONIO-The hardening of the commercial insurance market, which was accelerated by the Sept. 11 terrorist attacks and the bankruptcy of Enron Corp., was long overdue, industry experts say. But the duration of the hard market will depend...

Fronting users find value: Survey; CICA Annual Conference.
March 11, 2002... TUCSON, Ariz.-Despite higher fronting costs and new restrictions on their captive operations, most captive insurance company owners rate their fronting costs and the value of their fronting arrangements as reasonable, a new survey finds. ...

Directory deadlines approaching.
March 11, 2002... Business Insurance will publish its online Directory of Employee Assistance Programs and the Directory of Dependent Care Resource and Referral Services Providers on April 8. That week's issue of Business Insurance will include a ranking of the...

DOL may speed plan reviews: Experts advocate captive financing of benefits risks; CICA Annual Conference.
March 11, 2002... TUCSON, Ariz.-As Archer Daniels Midland Co. awaits regulatory approval of its plan to use its domestic captive insurer to reinsure group life insurance benefits, other employers should also consider financing employee benefits through captives,...

Workers comp can benefit from TQM.
March 11, 2002... What the workers compensation industry needs today is a good dose of Deming. No doubt, some of you were about to turn the page. You may have cringed and your eyes rolled at the mention of W. Edwards Deming, the father of total quality...

NCQA proposes new standards for health plan accreditation.
March 11, 2002... WASHINGTON-The National Committee for Quality Assurance is considering changes to its health plan accreditation program that are designed to streamline paperwork and emphasize plan performance. If implemented, the changes would become part...

NFL lines up behind proposal for federal terrorism backstop.
March 11, 2002... WASHINGTON-The National Football League ``strongly'' supports legislation that would create a federal guarantee for terrorism insurance, according to a letter released last week by the House Financial Services Committee. In his letter to...

NAPSLO brokers feeling pressured; NAPSLO midyear meeting.
March 11, 2002... SAN ANTONIO-Stepped-up submissions in the surplus lines market are increasing pressure on retail brokers and wholesalers, which is putting insurance buyers at the risk of not getting the coverage they need. As policyholders press producers...

Europe's airlines consider coverage pool.
March 11, 2002... BRUSSELS, Belgium-Europe's major airlines are considering the creation of an excess-of-loss pool to cover their third-party terrorism liability risks, claiming that commercial rates for the coverage are too high. The proposal comes from...

World Updates.
March 11, 2002... French employers must pay asbestos claimants France's highest court has ruled that 29 companies contesting their liability for asbestos claims must compensate their former employees made ill by asbestos exposure. The Court of Cassation...

WTC collapse raising questions on fire safety standards; Disaster offers lessons.
March 11, 2002... WASHINGTON-Existing fire code requirements for high-rise buildings do not address ``real-world issues,'' a fire safety expert contends. Glenn P. Corbett, assistant professor of fire science at New York's John Jay College of Criminal...

Legal Briefs: Injury from work for boss covered.
March 11, 2002... If a person in authority over an employee asks the employee to perform a service for the personal benefit of the employer or the employee's superior and the employee is injured during the performance of the task, the injury may be compensable...

Cleaning up Superfund ; Efforts to bring back cleanup taxes spark debate, calls for liability reform.
March 11, 2002... WASHINGTON-Businesses and insurers say that any attempt to reinstate long-suspended Superfund taxes must be accompanied by significant liability reform of the controversial environmental cleanup program. But since the odds of liability...

Rates up Down Under.
March 11, 2002... Insurance rates for Australian risks have risen significantly since Sept. 11, but policyholders are still paying less for commercial insurance than they did in the early 1990s. The J.P. Morgan Securities Australia Ltd./Deloitte Touche...

Editorial: Bush denial of bailout avoided bad precedent.
March 11, 2002... WE SUPPORT A GUTSY DECISION by President Bush not to cave in to political pressure and provide a government bailout of retiree benefit obligations that the U.S. steel industry and its unions had sought. For months, the steel industry has...

AIRMIC head faults slow progress; Terror coverage action urged.
March 11, 2002... LONDON-The head of the Assn. of Insurance & Risk Managers has slammed the U.K. insurance industry and government for their ``slow progress'' in resolving risk managers' concerns about coverage for terrorism risks. AIRMIC Executive Director...

Using pension surplus to pay severance scrutinized.
March 11, 2002... BASKING RIDGE, N.J.-AT&T Corp. and its union workers found little common ground in recent contract extension talks, but disagreement over using the company's $4 billion pension surplus for severance payments to thousands of employees expected...

Conference selects new board; CICA Annual Conference.
March 11, 2002... TUCSON, Ariz.-The Captive Insurance Cos. Assn.'s annual conference, held March 3-5 in Tucson, Ariz., drew an estimated 360 attendees, including 26 exhibitors. A year ago, CICA drew 337 attendees, including 24 exhibitors. CICA elected...

Sept. 11 counseling increased awareness of plans; EAP use remains high, employers say.
March 11, 2002... NEW YORK-Six months after the destruction of the World Trade Center, employers in New York are still seeing heightened use of employee assistance programs. A combination of increased awareness of EAPs and a continuing need for counseling...

Data-sharing plans raising concerns.
March 11, 2002... WASHINGTON-Federal proposals to better coordinate federal benefits with workers compensation benefits are raising concerns among representatives of employers, insurers and workers. A central element of these proposals is the collection of...

For The Record.
March 11, 2002... Travelers says IPO may top $4 billion Travelers Property/Casualty Corp. could raise up to $4.39 billion in an initial public offering planned for later this month. Hartford, Conn.-based Travelers, which is being spun off by Citigroup Inc.,...

GM driving care changes.
March 11, 2002... In its efforts to reduce employee health care costs, General Motors Corp. wants more say in the building of hospital facilities, and it would like other employers to join its initiative. Benefits managers for the Detroit-based automaker say...

Varying approaches could hinder progress; Hill to take up 401(k) reform.
March 11, 2002... WASHINGTON-Congressional committees soon will swing into action on the slew of 401(k) plan reform bills introduced in the wake of Enron Corp.'s collapse. Next week, the Senate Health, Education, Labor and Pensions Committee and the House...

Defunct firm wins asbestos coverage ruling.
March 11, 2002... LOS ANGELES-Policyholder attorneys are hailing a California trial court ruling that could make it easier for bankrupt companies to collect from their primary and excess insurers. Insurers, however, maintain that the ruling contradicts an...

Late News.
March 11, 2002... Bills would block offshore tax advantages Rep. Richard Neal, D-Mass., has introduced a bill, H.R. 3884, that would make a nominally foreign corporation subject to U.S. tax on its worldwide income if it is found to have engaged in a...

Opinions vary on M&A effects of Sept. 11, hard market ; Bank/insurer deals unlikely in 2002.(Brief Article)(Statistical Data Included)
March 18, 2002... Insurance industry merger and acquisition consultants generally expect deal-making to continue in 2002. In particular, banking companies will continue to look at buying insurance producers, though they are unlikely to acquire underwriting...

Panel debates impact of Enron on financial regulation.(Brief Article)(Statistical Data Included)
March 18, 2002... Lawmakers and regulators must resist the temptation to overreact to the collapse of Enron Corp. or risk undoing the good accomplished by the modernization of federal financial regulation. That was the message delivered by participants in a...

Bank/insurer consolidation faces barriers to success.(Statistical Data Included)
March 18, 2002... Many expected the merger of Travelers and Citicorp in 1998 to herald a wave of cross-industry consolidations between the U.S. insurance and banking industries. In 1999, Congress responded to the transaction-swiftly, by legislative...

IT Briefs.(Brief Article)(Statistical Data Included)
March 18, 2002... Consulting firm focuses on financial performance CHICAGO-A new consulting firm has been formed to focus on improving the financial performance of agents, brokers, insurers and financial institutions. OPTIS Partners L.L.C., with offices...

Reinsurers digging deeper for renewal information; Brokers look to modeling to help clients analyze more exposures.
March 18, 2002... In the post-Sept. 11 reinsurance marketplace, the better the data, the better the terms and conditions. After bearing the brunt of the costliest insured loss in history, reinsurers are requiring more-detailed information from ceding...

Rapid influx of capital may shorten hard market; Jostling for limited premium could lead to consolidation.
March 18, 2002... NEW YORK-The new capital that has flooded the reinsurance market since Sept. 11 is likely to turn market conditions more competitive than they otherwise would have been in a variety of coverage lines, brokers and analysts say. In the last...

Reinsurers paying heed to their risk aggregation.
March 18, 2002... Sept. 11 was a rude wake-up call to U.S. reinsurers when it came to risk aggregation. Although reinsurers had worried for years about the possibility of a Northridge-type earthquake occurring during business hours, little was actually done...

Additional large bank/broker combinations foreseen.
March 18, 2002... Two major deals in which banks purchased insurance brokerages may be harbingers of more such financial services convergence. 2001 saw the two biggest bank/broker deals to date when Wells Fargo & Co. purchased Acordia Inc. and Greater Bay...

Post-Enron, finite re deals will be different; More transparency expected.
March 18, 2002... Increased scrutiny of off-balance-sheet transactions in the wake of recent high-profile corporate collapses won't spell the end of finite reinsurance, according to some industry insiders, but it will change the way the deals are done. With...

Taking captives beyond insurance.
March 18, 2002... It is a now common practice that when some buyers are dissatisfied with the quality, quantity or cost of coverage available from insurance companies, they decide to do it themselves. In the last broad hard market, many commercial insurance...

Rig's insurers can seek recovery; Law Lords uphold subrogation right in Piper Alpha case.
March 18, 2002... LONDON-A ruling by the House of Lords brings to an end more than a decade of litigation stemming from the costly loss of the Piper Alpha oil platform in 1988. The Law Lords last month unanimously upheld a lower court ruling that the...

Benefit education a growing necessity.
March 18, 2002... As employers shift more of their rising health care costs onto employees, the need to educate workers about their health plans has never been greater, benefit consultants say. Benefit communication programs help explain to employees why...

Products & Services: Book examines weather risk management issues.
March 18, 2002... STAMFORD, Conn.-Element Re Capital Products Inc. has published a new book titled ``Weather Risk Management: Markets, Products and Applications.'' The 386-page hardcover book was written by a team of Element Re employees and was edited by...

Hefty rate increases predicted for 2002; Managed care companies expected to maintain pricing discipline, post strong results.
March 18, 2002... Managed care companies are expected to continue to get double-digit rate hikes this year. Many major managed care companies have successfully introduced hikes that will allow them to maintain adequate profit margins, even for plans in...

World Updates.
March 18, 2002... Danish Re's plans to raise funds delayed Copenhagen-based Danish Reinsurance Group has hit a snag in its plans to raise $200 million in capital. The company had planned a private equity placement for the first quarter of 2002, which would...

Aviation risk pools hopeful of takeoff; Plans continue despite government objections.
March 18, 2002... Plans for European and global aviation insurance pools have not been abandoned, despite recent setbacks. The International Civil Aviation Organization's proposal to form an excess-of-loss pool for airlines' third-party terrorism risks hit...

Suit to test Europe's tort rules; Product liability trial of pill makers is first under stricter laws.
March 18, 2002... LONDON-A case in London's High Court against three manufacturers of oral contraceptives is being watched closely across Europe, because it is the first group-action litigation against a pharmaceutical company to reach trial under the European...

Buyers seeking med mal options as rates skyrocket.(medical malpractice liability insurance)(Brief Article)(Statistical Data Included)
March 18, 2002... As rates rise and capacity disappears for medical malpractice liability insurance, buyers are turning to the alternative risk financing marketplace for the first time in years. Hospital risk managers who have recently renewed their medical...

Editorial: Sept. 11 lessons may boost high-rise safety.(fire codes and structural considerations as they apply to high-rise occupancies)(Brief Article)(Statistical Data Included)(Editorial)
March 18, 2002... IN ONE OF LIFE'S SWEETER IRONIES, the terrorists who slammed jets into the World Trade Center last Sept. 11 may inadvertently help ensure that future terrorist targets will have a better chance of surviving high-rise disasters. That's...

Plan sponsors seeking to shift responsibility for investment information; Employers fearing fiduciary liability.(pension plans)(Brief Article)
March 18, 2002... Employers that sponsor defined contribution pension plans, growing wary of potential liabilities, will increasingly shift the responsibility for investment education and advice to plan administrators, a new report shows. And because...

House panel passes protective measure; 401(k) reform gathers steam in Congress.(Brief Article)(Statistical Data Included)
March 18, 2002... WASHINGTON-Reform legislation designed to protect 401(k) plan participants from Enron-type disasters is beginning to move through Congress. Last week, the House Ways and Means Committee in a 36-2 vote approved legislation developed in...