Findings Of The CBO Affects Public Health Care Plans
July 3, 2009
Only a few weeks ago, progressive health-care reform seemed like a foregone conclusion. The so-called public plan—a government-operated insurance option championed by President Obama and other prominent Democrats—was to be the legislation’s central program. Read more
Obama Urges Congress To Haste With Insurance Reform
June 11, 2009
President Obama has continued to affirm his support of the development of a government-sponsored health insurance program, yet he admitted that the plan would affect potential Republican support for the legislation aimed at restructuring the health care system. Read more
FDIC Offers $250K Deposit Insurance
June 9, 2009
In a letter sent to financial institutions on May 22, the Federal Deposit Insurance Corporation issued an extension on the temporary $250,000 increase on bank deposit insurance of up to four years. Read more
Illinois Insurance Companies Raise Rates
June 7, 2009
It seems that Illinois Insurance Companies have found reasons to raise the rates on coverage for millions of that state’s residents.
If you are a homeowner insured by Allstate Corp., you can expect to pay up to 27.5% more on your property insurance. Allstate is just one of many homeowner insurance companies that have recently boosted Illinois rates. Read more
Prudential Refuses Treasury Assistance After Rally
June 6, 2009
In an update, it seems that Prudential Financial Inc., the largest life insurance company currently approved for U.S. bailout funds has officially refused government aid. The issuer has decided to raise $1.25 billion by selling shares after better than expected performance during a recent share rally that allowed the company to approach private investors. Read more
Numbers Of Uninsured Could Reach 65 Million by 2019
June 4, 2009
Even as Congress organizes special health care reform committees for the purposes of developing comprehensive legislation that would transform the fabric of health care in American, one group has something to say. Read more
Overreacting To A Weakened Insurance Industry
June 1, 2009
Since the financial crisis dealt such a heavy blow to the financial system, many people have begun to question the stability of everything they once thought was certain. The insurance industry is no different in this regard. The American people are wondering if their coverage will be there when they need it. Read more
New Statistics About Health Insurance Among Adults
May 30, 2009
Based on the findings of a new University of Minnesota report, the numbers of adults in the United States who currently do not have any insurance coverage because they cannot afford it or do not have any sources of income is definitely on the rise. The report presents the data on a state-by-state basis. Read more
Life-Insurance Companies Have Change Of Heart About TARP
May 18, 2009
In a surprising turn, a number of life insurance companies that purchased smaller banks in order to qualify for special capital investments being offered by the US Treasury expressed regret for the hasty move. Read more
Senator Calls For Public Health Insurance
May 16, 2009
Democratic senator Sherrod Brown sees a real problem with American public health. Citing figures, Brown said forty-two million people between the ages of 18 and 64 without health insurance is a serious issue. Added to this number, the 25 million more who lack adequate coverage, and one could see why Senator Brown demands that this issue be addressed by Congress. Read more
Proposed Single-Payer Bill Touted As Step Towards Socialism
May 14, 2009
With a change in administration, the watchword among many analysts seems to be socialism, particularly when it comes to effort at rehabilitating the health care system in the U.S. Read more
Life Insurance Companies Profit From Retiree Fears About Currency Values
May 12, 2009
In an effort to allay their fears, many U.S. retirees are buying up immediate annuities in record numbers. One of the reasons for this new trend may be because lifetime payments are guaranteed by American insurance companies. Read more
Lawsuit Filed Against Nationwide Insurance For Company Policies
May 10, 2009
A case has been filed against Nationwide Life Insurance Company in the U.S. District Court. The possible lawsuit involves health plans purchased by Washington State residents through employers between April 16th, 2003, and August 27, 2008. Read more
Cancer Treatment Drugs Criticized by Insurance Companies
May 8, 2009
If you have been recently diagnosed with cancer or you are currently undergoing treatment, you may already be aware of the latest news concerning criticisms of new cancer drugs by U.S. insurance companies. Read more
AIG Sells US Auto Insurance Division European Insurer Zurich
May 7, 2009
In a surprising move, AIG has announced that it will sell its America-based personal auto group to the Swiss insurer Zurich. Shedding this division was the latest in a series of asset dumps that have been made the insurer since it nearly failed back in September 2008. Read more
NAIC Has A New Washington Director
April 13, 2009
In a recent development, the National Association of Insurance Commissioners (NAIC) has appointed a new Washington D.C. director to oversee its operations in the city. Ethan Sonnichsen has been picked to assume the role of Government Relations Director for the organization. Read more
Mandated Health Insurance Gains Support
April 11, 2009
Winds have been blowing again on Capitol Hill with a senior Senate Democrat teamed with a coalition of business and consumer groups coming to the table with yet another proposal to mandate health insurance for all Americans. Read more
US Senator Rails Against UnitedHealth
April 9, 2009
Democrat Senator Jay Rockefeller made the news recently when he criticized UnitedHealth Group, the nation’s highest-grossing health insurer. The gist of the senator’s criticism focused on the insurer’s apparent act of collusion. He accused the company of paying less for health care services offered outside of its operating network.
Senator Rockefeller is the current chair of the Senate Commerce Committee intends to bring the matter before a Congressional hearing. Rockefeller means to shed light on UnitedHealth’s past billing practices involving those patients who are not a part of its network.
According to other reports, UnitedHealth made a settlement with the New York attorney general’s office earlier this year to deal with charges that its subsidiary company, Ingenix Inc., created fraudulent billing rates. These rates underpaid hospitals and doctors for out-of-network care. Rockefeller stated that this would mean that patients would have to exorbitant amounts for these procedures than they would have within the insurer’s coverage area.
Based on the terms of the settlement, UnitedHealth will pay $50 million toward a new non-profit research organization tasked with developing efficient patient date delivery and help determine prices for out-of-network care.
Senator Rockefeller urged that Ingenix should be dismantled within six months to make room for the non-profit alternative so it can begin calculating rates to pay hospitals and physicians.
While different insurers involved with the Ingenix settlement may still be free offer their own systems for calculating rates on reimbursements, there remain worries that further problems down the road.
The senator was adamant in his hope that the committee would take a stronger hand in the effort to provide better oversight. This might mean focusing on areas like reimbursement rates for out-of-network services, no matter the insurer’s level of involvement in the Ingenix settlement.
Rockefeller made the following statement, which he hoped would be heard widely. “We just want the statement to go out there to all other states and all other areas that you can’t do this.”
AIG Holds Off Giving Funds To Real Estate Ventures
April 7, 2009
In a recent development, the American International Group (AIG) has held off releasing payments to many of its real estate ventures. As reported in the Wall Street Journal, the move by the company carries with it the potential to do serious damage to the credibility and financial stability of both the banks and developers involved. Read more
PCI Urges Congress Towards Cautious Financial Reform
April 6, 2009
The Property Casualty Insurers Association of America (PCI) is asking Congress to take a cautious approach to the financial reforms outlined in the U.S. Treasury’s proposal. PCI is concerned with addressing all of the potential problem areas and avoiding the consequences that may not have been intended by the new policy. Read more
The Importance of A PPO Plan
February 28, 2009
There are numerous types of health insurance, all of which can provide you quality coverage for your specific needs. Finding the right one to suit your lifestyle and budget is a matter of understand the pros and cons of each type of plan. One of the most versatile and affordable plans one can get is the PPO. Read more
Health Insurance and It’s Value to You
February 20, 2009
Taking care of your family members is ultimately of very high importance. Holding your job and delivering money to ensure everyone is taken care of while working towards a better future is obviously essential to living the good life. Read more
Choosing Life Insurance That’s Right For You
February 18, 2009
When we consider the darkest possibilities of life, we often contemplate what would happen to our loved ones if we were to die. Read more
The Value of Life Insurance
February 17, 2009
We often think of so many things important to us in life; our jobs, our families, the direction we take with our investments and life goals. Read more
Auto Insurance That Matters
February 16, 2009
Often enough, auto insurance is considered a necessary pain that has to be dealt with when driving a vehicle. In pretty much all cases, you can’t legally drive a vehicle without insurance covering it. Read more
Shortest Term Loans Not Eligible For Plan According To FDIC
December 28, 2008
According to recent reports, members of the Federal Deposit Insurance Corp (FDIC) have already begun to suggest that shortest-term loans will not be included in the proposed $1.4 trillion debt-insurance program. Read more
Financial Crisis May Threaten Life Insurance Policies
December 24, 2008
As the financial markets continue to shake or collapse under the weight of the current economic crisis, many investors are looking to the federal government to provide protection for their money. With bank account kept secure by the FDIC, and money market funds now brought under the protective wing of the Treasury Department, many are beginning to wonder about another important sector: insurance. Read more
Financial Debt Causes Real Physical Health Problems, Concludes Survey
December 22, 2008
According to the findings of a recent media survey, the stress caused by debt worries is a serious health risk that has been linked to a number of health problems. Read more
Health Insurance Info Sites Join Forces On New Venture
December 20, 2008
In a bid to use the information technologies information power of the web to their collective advantage, health insurance information sites, GoHealthInsurance.com and HealthDay.com have joined forces to provide better information on the latest news about health care and access to a database of health insurance quotes. Read more
Fed Regulation For Insurance Firms Bidding To Become Thrifts
December 19, 2008
In the wake of a monumental move by six major insurance firms to become thrift institutions, speculation is rising what this will mean to the insurance industry as whole. The question is one of federal regulation and everyone is wondering how it will take shape if the applications are approved. Read more
Premiere Insurance Services Offers Lower Insurance Rates
November 13, 2008
With October winding to a close, and the weak state of the economy still looming large in peoples’ minds, it’s nice to know that some businesses are trying to find ways to keep things going while providing great incentives to customers. Premiere Insurance Services is a prime example. Read more
Lower Auto Insurance Rates In New Jersey
November 10, 2008
Recently, New Jersey residents have been taking advantage of the lower auto insurance rates that have been offered by premiere insurance carrier, IFA Insurance Company, located in Clark New Jersey. Founded in 1972, the company is an independent property-casualty insurer that specializes in private passenger auto insurance for the states of New Jersey and Pennsylvania. IFA has garnered an impressive reputation in the insurance industry, taking its place as a real leader in the market. Read more
U.S. Pension Insurance Agency Lost $3 Billion In Stock Investments
November 5, 2008
The downturn in the US economy is having a far-reaching and diverse effect. No clearer is this felt than by the US Pension Benefit Guaranty Corporation (PBGC). PBGC is a government-based agency that is responsible for insuring private-sector pension plans and for processing benefits if plans should happen to fail. As of its fiscal year end (August), PBGC lost an alarming $3 billion in investments. Read more
How Much Auto Insurance do You Really Need?
November 4, 2008
It is simple to make the all too common mistake of buying too much or too little auto insurance for your needs. A few of the questions you want to ask yourself, according to experts, are one what kind of deductible should I pay?, and two, how much coverage should I purchase? Answering these two questions will help make deciding what the right amount of auto insurance is for you a breeze. Read more
Title Insurer Fidelity National’s Stocks Plummet
November 3, 2008
According to recent reports, the shares of some the United States’ major title insurers are falling in the wake of the country’s housing crisis. The drastic turn could mean higher claims as well as lower demand for homeowners’ insurance.
The broader decline in the markets came subsequent to the losses of Fidelity National Financial Inc, one of the largest title insurers reported serious third-quarter losses ($198.3 million or 95 cents a share). Not only were the Jacksonville, Florida-based company’s dividends halved but also it is reported that Fidelity management would be forced to cut a thousand jobs and lower pay scale for all workers by 10%. Read more
Unum Defrauds US
October 31, 2008
In a Boston court case, Unum, the largest disability provider in the United States, was found guilty of defrauding the country by making customers submit false claims for disability to the SSA. This was done in spite of Unum’s clear knowledge that the customers were not eligible for benefits.
The fraudulent activities of Unum put added pressure on the nation’s ailing security program, leading to unnecessary time and taxpayer money being spent in order to process and subsequently deny the claims. Read more
Insurance Companies Bracing for November’s Election
October 29, 2008
With healthcare as one of the primary topics being discussed by the candidates this election season, it’s no wonder that the insurance companies are up in arms over just what is going to become of their services. While they definitely won’t be going anywhere anytime soon, it seems certain that no matter who wins, the face of insurance will be undergoing at least SOME changes. Read more
AIG Gets New Restructuring Officers
October 29, 2008
In a new move, the massive insurance company American International Group, Inc (AIG) has named new officers to oversee the corporate reconstructing in the wake of the company’s economic failure. The officers will play a decisive role in AIG’s reorganization. Read more
Less Driving Doesn’t Equal Lower Insurance Rates
September 20, 2008
The price of fuel is higher than it’s been in years, and motorists are feeling the pinch in their wallets and fleeing the roads in droves. Consequently–just as drivers, insurance companies, and state regulators alike have predicted–there are fewer drivers than ever on today’s roads. However, contrary to expectations, auto insurance rates have not likewise decreased. On the contrary, auto insurance providers, by and large,appear to be increasing their premiums Read more
Bernanke Favors Low Interest Rates, Pushes for Broader Economic Regulation
September 8, 2008
Ben Bernanke, chairman of the Federal Reserve Board, spoke in favor of the Fed’s determination not to raise US interest rates during a yearly meeting of the Kansas City Federal Reserve Bank earlier today.
The economic troubles that have been plaguing the US since 2007 haven’t ended yet, claimed Bernanke. Thus, the Federal Reserve Bank is unlikely to wish the US prime rate to rise above 2% during the next few months. Read more
Connecticut Regulators Warn Drivers: Auto Insurance Fraud Risks Money and Lives
September 2, 2008
The Connecticut Department of Insurance issued a statement earlier today, warning drivers about the menace of relying on fraudulent auto insurance providers.
This year’s economic troubles have put a strain on drivers’ budgets, and the Department of Insurance is worried that some Connecticut drivers might rely on phony auto insurance providers to trim their household expenses. However, by buying auto insurance cards issued by scammers, rather than legitimate insurance providers, these drivers only risk losing everything. Read more
Golden State Wants Environmentally-Friendly Auto Insurance
September 1, 2008
California, long having led the rest of the nation with its environmental and health concerns, now wants its drivers to promote the health of Planet Earth as they pay for car insurance.
Yesterday, Steve Poizner, head of the California Department of Insurance, announced his intentions to give Californians the opportunity to opt for new, green “pay-as-you-go” auto insurance by autumn of 2008, if possible. Read more
Rising Car Insurance Rate In Blue Star State
August 31, 2008
Drivers in the state of Texas are facing a double-whammy: gas prices are higher than they’ve been in years, and, now, auto insurance rates have increased as well.
Earlier today, the state’s biggest automobile insurance provider–State Farm Mutual–announced to Texas Department of Insurance that it intends to raise rates by a mean of 2.4% throughout Texas. This change, scheduled to take effect at the end of October, 2008, will affect approximately 2 million State Farm-insured drivers. Read more
Auto Insurance: All Quiet On The Eastern Front
August 30, 2008
In April of 2008, the state of Massachusetts introduced its drivers and auto insurance providers to a new system of “managed competition.” Now, at the end of August 2008, there seem to be few issues with the system. Motorists and auto insurance providers alike remain quiet. For Massachusetts Insurance Commissioner Nonnie S. Burnes, no news is, it appears, good news. Read more
Commissioner Warns Californians of Auto Insurance Fraud
August 27, 2008
Commissioner Steve Poizner of the California Department of Insurance alerted motorists earlier today of the dangers of deliberately-induced automobile collisions, perpetrated by those who seek to profit from auto insurance fraud.
More than 60% of all the cases of fraud reported to the California Department of Insurance have been related to automotive insurance. These fraudulent schemes would have resulted in over $182 million worth of total losses for California auto insurance providers, had they not been detected and reported. Read more
High Fuel Costs Benefit Auto Insurers
August 25, 2008
The price of crude oil, which has been reaching unprecedented heights throughout 2008, has harmed many businesses in America. However, one type business has benefitted from the high costs of fuel in the US: the automotive insurance provider.
The US Department of Transportation reports that US the amount of miles covered by US drivers during the month of April, 2008 decreased by 1.4 billion, as compared to April 2007. During March of 2008, American motorists covered 4.3% fewer miles, as compared to March of 2007. That percentage represents the biggest annual decrease in miles driven by US motorists since 1942, when the US Department of Transportation started keeping track of this figure in the first place. Read more
Canadians Demand Changes Following Auto Insurance Scandal
August 22, 2008
Vancouver activists are criticizing the Canadian government-run Insurance Corp. of British Columbia, one of the biggest auto insurance providers in Canada. In the wake of a scandal a involving an illegal money-making project among ICBC employees, activists demand large-scale changes in the way the company oversees its operations. Read more
Allstate Second Quarter Results Show Massive Income Decline
August 20, 2008
Allstate Corp, the largest public provider of automobile and other property insurance in America, has revealed its figures for the second fiscal quarter of 2008. The insurance giant experienced a 98% decrease in revenue since 2007. This decrease was due to the company’s quickly-devaluing investments in the catastrophic US mortgage market, as well as to this year’s spate of storms and other natural disasters, which made property-damage claims skyrocket. Read more
Caveman Introduces Bar Patrons To Geico Auto Insurance
August 18, 2008
GEICO, the third-biggest privately-funded provider of automobile insurance in America, is reaching out to young adult drivers between the ages of 21 and 34. Geico’s newest marketing campaign involves a partnership with the Ecast touchscreen media network.
Ecast’s touchscreen interfaces grace the jukeboxes of more than 10,000 bars across the USA. They allow bar patrons to connect to an enormous online database of music, accommodating a far wider variety of tastes than the limited music selection of any single bar. Read more
New “Hands-Free” Law Impacts California Auto Insurance
August 18, 2008
At the beginning of this month, the state of California introduced its controversial “Hands-Free” law, which fines drivers up to $175 for using a hand-held cell phone (as opposed to a “hands-free” headset to talk on the phone) while operating their motor vehicles. According to statistics from the handful of states that have already started enforcing such laws, this new regulation might reduce the number of automotive deaths per year by up to 900. Now, the California Department of Insurance is starting to test the effects of the law. If the lawmakers’ optimistic prognosis pans out, California auto insurance policyholders might stand to benefit from reduced rates. Read more
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