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Insurance News 05/2013



Oklahoma insurance commissioner, lawmakers unveil bill of rights for insurance ...
Oklahoma insurance commissioner, lawmakers unveil bill of rights for insurance ...

Confie Seguros Buys Capital Insurance Agency
Capital Insurance has been in business since 1935 and specializes in personal insurance lines, as well as commercial insurance. Joe Waked, CEO of Confie Seguros, said, “We are pleased to add Capital Insurance as we strengthen our focus on New Jersey ...

Goldman Sachs affiliate to buy insurance software maker Ebix for $743 million
(Reuters) - Ebix Inc, which makes software for insurance companies, said it agreed to be acquired by an affiliate of Goldman Sachs & Co for about $743 million. The offer price of $20 per share represents a 7.5 percent premium to Ebix's Tuesday close on ...

Goldman Completes Sale of Insurance Operations But Still Dabbles
Goldman Sachs Group Inc. (GS) completed the sale of a majority stake in its insurance operations to a group of outside investors. The new company, Global Atlantic Financial Group, has $1.75 billion of equity after the private placement with more than 1 ...

State says 6 insurance carriers submit plans for exchange
Six insurance carriers submitted 165 separate health insurance plans to be offered on the Illinois Health Insurance Marketplace, the online exchange where individuals and small businesses in October can begin buying coverage that begins next year ...

Small businesses may get sticker shock, little clarity from 1st health ...
Small businesses may get sticker shock, little clarity from 1st health ...

The necessary expense of health insurance
However, Mr. Money Mustache does not mention having health insurance for his family. Is this included in his $25,000 annual expenditures? In this country, a nest egg isn't enough to forgo health insurance and still sleep at night. This is why I must ...

Nearly Two Dozen People Arrested For Insurance Fraud
According to the latest crime statistics, Miami-Dade is currently on track to beat out the Tampa/St. Petersburg area for the worst rate of insurance fraud in the state. Local consumers are expected to continue to see an increase in insurance bills to ...

Income Guarantee Swells Crop Insurance
WASHINGTON — The worst drought in 50 years led to record payouts from a taxpayer-subsidized insurance program created to protect farms from weather-related disasters. But the high costs were mostly a result of policies that guarantee farmers a portion ...

Mediation requests for non-flood Sandy insurance claims now being accepted - Hunterdon County Democrat
"This program represents another option consumers have to resolve disputes with their insurance companies regarding the coverage provided by their policies or the size of claim payments," Ken Kobylowski, commissioner of the state Department of Banking ...

Univest Corporation Expands Insurance Subsidiary Through Acquisition of John ...
Univest Corporation Expands Insurance Subsidiary Through Acquisition of John ...

Lyme Disease: The Southern Myth, Insurance Problems and Doctor Dilemma
For Lyme patients like Dane Boggs, it isn't uncommon for their insurance companies to deny coverage. That is because the CDC does not recognize Lyme as chronic or life-long disease. The CDC calls it Post-Treatment Lyme Disease Syndrome argues that ...

Oregon Health Experiment Shows That Having Health Insurance Is Different ...
Oregon Health Experiment Shows That Having Health Insurance Is Different ...

Shocker: Oregon Health Study Shows No Significant Health Impacts from ...
Shocker: Oregon Health Study Shows No Significant Health Impacts from ...

Ohio tops in insurance claims for metal thefts
You have a knucklehead on the street stealing it and a knucklehead that accepts it,” said Frank Scafidi, an insurance bureau spokesman. Among metropolitan areas in the country, Cincinnati was sixth with 720 claims over the period, Cleveland ninth with ...

RSA Insurance First-Quarter Revenue Up 5% on Canadian Unit Gains
RSA Insurance Group Plc (RSA), the U.K.'s biggest non-life insurer by market value, said first-quarter revenue rose about 5 percent driven by its Canadian and emerging markets businesses. Net written premiums, a measure of sales, increased to 2.3 ...

Postal temps to gain health insurance under ObamaCare - Washington Post
eye-opener-logo6 The Postal Service next year will offer healthcare coverage to its temporary employees to comply with the Affordable Care Act, also known as ObamaCare. The agency announced on Monday that it would pay United Healthcare an estimated ...

Farewell to our Friend and Colleague, Brad Wolf of InterWest Insurance Services
Sacramento, CA, 05/02/13 – On April 26, 2013 the insurance industry lost one of the most talented individuals. Brad Wolf wasn't only an insurance professional, but first and foremost a Son, brother, uncle and a friend. His sudden and unexpected passing ...

Manulife Profit Declines as Insurance Sales Fall
Manulife, owner of Boston-based John Hancock Financial, said it had a 23 percent decline in total insurance sales compared with a year earlier. Among its competitors, Manulife is the most affected by changes in equity markets and the least linked to ...

That's hot! Home Insurance Technology Trends
Fireman's Fund Insurance Co., which does inspections of most of the homes it insures, started using thermal imaging cameras in the last year for the highest-value homes and historic buildings the company insures. The service is also available to people ...

Streamlined Obamacare Application Leaves Program Open To Insurance Fraud
The length of the old application was largely driven by the need to ensure that consumers were actually eligible for the government subsidies that Obamacare offers as a way to offset the cost of buying health insurance. Under the law, people are ...

Obama says people with health insurance 'don't have to worry' about ...
Obama says people with health insurance 'don't have to worry' about ...

Wharton: Granite District wrong not to provide insurance
As a Granite School District taxpayer living in Taylorsville, I find the district's plan to keep 5,200 hourly workers from working more than 29 hours to avoid paying for their health insurance offensive. I would be willing to see a slight rise in my ...

Insurance groups want clarification on Prop. 103 and rates
Five national and state insurance property-casualty trade groups are asking for clarification on a matter that could affect insurance rates. At issue is California's Proposition 103, a 1988 insurance reform ballot measure that, among other things ...

Illness no Longer a Barrier to Life Insurance
It used to be that people with a history of serious health issues -- ranging from cancer to diabetes to heart problems -- could forget about purchasing life insurance at decent rates. But the insurance landscape has shifted dramatically, says Marvin ...

State House committee passes bills to cap and change no fault insurance
LANSING — After hours of emotional testimony from catastrophically injured people and their families, the state House Insurance Committee voted Thursday to move bills that would drastically change Michigan's no fault auto insurance system. The bills ...

Florida lawmakers pass bill to limit state-run property insurance
Some in the insurance industry say Citizens charges below-market rates that unfairly price private insurers out, and have issued dire warnings about Citizens being under funded, as well as the state's Hurricane Catastrophe Fund, which acts as a safety ...

Buffett Bets on Business Insurance 'Big Time'
“We would like to get into the commercial-insurance business very big time,” Buffett, 82, said yesterday in an interview with Bloomberg Television's Betty Liu, before the company's annual meeting this weekend in Omaha, Nebraska. “We hired them because ...

Term Vs. Perm (Life Insurance) In 90 Seconds
The battle over term versus permanent life insurance need not be a battle—there are appropriate uses for both of them. BUT, permanent life insurance is likely over-sold because of the handsome commissions received by selling agents. Watch this new ...

'Death Master File' wrongly used, says state insurance commissioner
Investigators found there is a list of people who die every year. That list is provided by Social Security Administration and the insurance industry reviews it. This list, called a Death Master File, was a gold mine for the insurance companies ...

Will Traffic School get me an Insurance Discount?
Some states require car insurance companies offer a discount to drivers who voluntarily choose to take an accident-prevention course from an approved traffic school. The discount is usually between 5 and 15%. (See “Defensive driving and driver training ...

Independent insurance agencies - Top of the list
"Someone somewhere once decided that 'risk management' would be a good euphemism for 'insurance.' We don't think this way. Risk management (real risk management) is about taking a holistic view of your business and identifying the wicked problems ...

Insurance law tied to more breast reconstruction
NEW YORK (Reuters Health) - Many more breast cancer patients had breast reconstruction following a 1998 federal law mandating insurance coverage for the procedure, according to a new study. "I think it's the first large-scale study that shows that ...

Geico on pace to pass Allstate as No. 2 insurer
SNL Financial, which tracks data in industries including banking and insurance, said Friday that there was less than a half a percentage point difference in the market share between the Geico - a unit of Berkshire Hathaway - and Northbrook-based ...

Insurance That's 'Just Right' for an Old Car
Whether you drive an aging set of wheels because it's cheaper or because it has sentimental value, there are important things you need to know about buying insurance for an old car. In your auto insurance quote, you don't want to spend more on coverage ...

How Your Health Insurance Will Be Turned On Its Head
In the next decade most health insurance will change from a defined-benefit — you know what services you will receive — to a defined-contribution — your know how much money you get. This very profound change has already swept through retirement ...

Runaway Mom's Ex-Husband Facing Insurance Payout Fight
The husband of Brenda Heist, the Pennsylvania mother who vanished 11 years ago and reappeared in Florida last week, may now face a legal battle over the $100,000 in insurance money he was paid when Heist was declared dead. Brenda Heist ...

Berkshire Profit Climbs 51% on Insurance, Derivatives
Warren Buffett's Berkshire Hathaway Inc. (BRK/A) said first-quarter profit rose 51 percent on gains from equity-linked derivatives and insurance operations. Net income climbed to $4.89 billion, or $2,977 a share, from $3.25 billion, or $1,966, a year ...

UC system cuts lifetime coverage limit for health insurance
The decision was made Wednesday in response to recommendations by the 31-member UC Student Health Insurance Program Advisory Board. The catch: it takes effect with the new plan year for 2013-14 academic year, so current coverage limits hold until ...

Praise for NJ's family leave insurance
As the director of Working Families program at Rutgers University's Center for Women and Work, Karen White has been an unabashed supporter of New Jersey's Family Leave Insurance program in both philosophical and policy-wonkish ways. But it was ...

Live chat noon Tuesday: Your questions on health insurance reform and Cover ...
Live chat noon Tuesday: Your questions on health insurance reform and Cover ...

States may be forced to pay for insurance
At risk is the Pre-Existing Condition Insurance Plan, a transition program that has been a lifeline for people with serious medical conditions who can't get coverage elsewhere. The program helps bridge the gap for those patients until next year, when ...

What Health Insurance Doesn't Do
IN one of the most famous studies of health insurance, conducted across the 1970s, thousands of participants were divided into five groups, with each receiving a different amount of insurance coverage. The study, run by the RAND Corporation, tracked ...

Texas Fertilizer Plant Had 'Pathetic' $1 Million Liability Insurance
New information has revealed that the Texas fertilizer plant that exploded last month, killing 14 people and injuring over 200 others, was only insured for up to $1 million in liability. And with an insurance industry group's estimate stating that the ...

How 3 other states handle title insurance
Representatives of the title industry cite California's experience as a cautionary tale for Texas. When that state went to a “file and use” rate system like that for other forms of insurance 15 years ago, they say, title insurance rates initially ...

Texas plant with deadly blast had only $1M insurance
Tyler lawyer Randy Roberts said he and other attorneys who have filed lawsuits against West Fertilizer's owners were told last week that the plant carried only $1 million in liability insurance. Brook Laskey, an attorney hired by the plant's insurer to ...

Rob Samouce: Check your condominium association insurance policy coverage
It appears it has become more complicated in determining what a condominium association insurance policy covers as a result of a recent reported 4th District Court of Appeals case; Citizens Property Insurance Corporation v. River Manor Condominium ...

Insurance companies test waters on Super Bowl policies
DeWitt Stern, a Manhattan-based insurance broker specializing in entertainment and sports events, this week will unveil a policy aimed at businesses—and even individuals—that stand to lose a load of dough if Super Bowl XLVIII is canceled or moved out ...

Snafu forces special meeting to avoid insurance lapse
A last-minute scramble Tuesday by Clerk Garth Christie led to a special meeting Wednesday of the Redford Township Board of Trustees after the township received notice its insurance for workers' compensation was expiring Wednesday. “I got a call from ...

West plant has only $1M in insurance coverage - Dallas News | myFOXdfw.com
Tyler lawyer Randy C. Roberts said he and other attorneys who have filed lawsuits against West Fertilizer's owners were told Thursday that the plant carried only $1 million in liability insurance. Brook Laskey, an attorney hired by the plant's insurer ...