WASHINGTON--(BUSINESS WIRE)-- The National Retail Federation welcomed the House Budget Committee’s 19-17 approval today of Obamacare repeal-and-replace legislation, which sets the stage for a vote by the full House as soon as next week.

“This legislation contains many long-sought victories for retailers, most importantly the effective repeal of the employer mandate,” NRF Vice President for Health Care Policy Neil Trautwein said. “Health insurance reform was supposed to make coverage more affordable. Instead, Obamacare emphasized mandates that only drove up expenses for the employers who provide the vast majority of that coverage. Now we have a chance to get it right by moving our nation toward a more competition-driven health care market, and this bill takes a number of significant steps in that direction. Overall, this is a very good deal for retailers.”

Legislation approved this morning includes several provisions supported by NRF. It would effectively repeal the Affordable Care Act’s employer mandate by reducing the penalty for non-compliance to zero; repeals the so-called Cadillac tax on high-value health plans until 2025; would lead to future insurance premium savings by repealing the health insurance tax, medical device tax and pharmaceutical tax; increases flexibility for health savings accounts; and takes a substantial first step toward Medicaid entitlement reform.

NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

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National Retail Federation

J. Craig Shearman, 855-NRF-PRESS

[email protected]

Source: National Retail Federation

The liquidation of PHL Variable Insurance Co. will not happen until next year at the earliest, Connecticut Insurance Commissioner Josh Hershman said in a status update filed Tuesday.

State insurance guaranty associations are preparing to seek bids from insurers willing to assume portions of the troubled company's business, Hershman explained, a process that will take months. The court-appointed rehabilitator for PHL, Hershman had maintained that a liquidation order would be entered by the end of 2026.

The National Organization of Life and Health Insurance Guaranty Associations is handling the request for proposals to take PHL business, the report said.

The organization "anticipates that its RFP process will commence in the third quarter of 2026," he wrote. "After the RFP process commences, the timing of critical next steps will vary depending on the proposals that are received."

Connecticut regulators placed PHL Variable into rehabilitation in May 2024 due to hazardous financial conditions, attaching a moratorium on benefits and premiums. In December, a judge approved changes to the moratorium that could reduce universal life death benefits owed by up to $4.1 billion.

Bumpy road to liquidation

Regulators tried for months to rehabilitate PHL, before abruptly pivoting to a liquidation plan announced in the rehabilitator's year-end 2025 filing.

Hershman remains confident that insurers are interested in assuming some of PHL's guaranteed insurance and annuity obligations.

The rehabilitator said the bidding process also could include proposals that provide policyholders with benefits above state guaranty association coverage limits, funded by assets remaining in the receivership estate. Any enhanced benefits would depend on factors including the proposals received, available estate assets, applicable guaranty association coverage and court approval.

"The shared goal is to protect policyholders as provided for under receivership and guaranty association statutes while maximizing the value of the estate assets," the report said.

The report also provided an update on policyholder elections under a court-approved modification of the rehabilitation moratorium. Universal life and fixed indexed annuity holders were given options to receive fixed amounts under their policies.

According to the filing, nearly all eligible policyholders and annuity contract holders have received election packages outlining available modification options. About 350 customized election packages remain outstanding for certain universal life policyholders who own multiple policies or annuity contracts covering the same insured. Those mailings are expected to be completed in July, Hershman reported.

As of June 23, about 40% of eligible policyholders and annuity holders had submitted elections selecting one of the available modification options.

PHL's administrative service provider has processed approximately 80% of the fixed indexed annuity election forms received and about 60% of universal life election forms, the report said, with processing continuing within the timeframes outlined in the election materials.

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