|
(Continued from page 21)
1989, their only real competition was in Nevada and Atlantic City. Nearly every state now has some kind of gambling, they said.
• "As we see a market suffering, we have to evolve with it. We have to do something. We have to adjust to changing consumer demands," said Caleb Arceneaux, president of the Deadwood Gaming Association.
• The proposed constitutional amendment also would allow tribal casinos to offer the three additional games because federal law allows those tribal casinos to offer any gambling allowed elsewhere in a state. Seth Pearman of the Flandreau Sioux Tribe said adding roulette, keno and craps would help the tribe's eastern South Dakota casino compete with a new casino located nearby in Iowa.
• But opponents said the measure would expand gambling, increasing the crime, suicide, family violence and divorce caused by gambling addiction.
• "It will escalate gambling addiction behavior," said Dale Bartscher of the Family Heritage Alliance.
• The State Affairs Committee also voted 6-2 to approve a measure that would change a law so casino bars in hotels with at least 10 lodging rooms could sell liquor around the clock. State law now restricts liquor sales to between 7 a.m. to 2 a.m. Supporters said around-the-clock alcohol sales would help attract more conventions to the city.
•
Review backs top Iowa insurer's $1.3B reserve fund
RYAN J. FOLEY, Associated Press
• IOWA CITY, Iowa (AP) -- The $1.3 billion held in cash reserves by Iowa's dominant health insurer is reasonable, a consultant concluded Wednesday, rejecting claims from Democrats that the amount is excessive and should be returned to customers.
• Wellmark Blue Cross and Blue Shield is holding an appropriate amount of customer funds in the bank, given the "high transition risk" associated with new federal health care law, Risk and Regulatory Consulting, LLC, concluded. Once the health insurance market adjusts to the changes in the coming years, a smaller surplus for Des Moines-based Wellmark might be appropriate, its report said.
• Iowa Insurance Commissioner Nick Gerhart hired the consultant in November to study Wellmark's financial position and reserves.
• Democratic lawmakers, including gubernatorial candidate state Sen. Jack Hatch, D-Des Moines, demanded an investigation into Wellmark's reserves, arguing that much of that money should be returned to policyholders.
(Continued on page 23)
|
|
