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Insurance News 08/2013



Go to grad school and save on car insurance
The insurance industry counters that there is a high statistical correlation between education and employment and the number and dollar value of auto claims filed, even if such factors have seemingly nothing to do with driving. “Insurers are using ...

Hackney Empire wins £1.1m insurance payout
... chief executive Claire Middleton described the result as "of enormous significance to Hackney Empire," allowing the venue to "clear a balance sheet debt that has been hanging over the company since Aviva's initial refusal to pay out on its ...

Va. approves health plans for insurance exchange
RICHMOND, Va. (AP) — Eleven health plans have been approved by Virginia officials to compete on a new federally run insurance exchange. But Virginia's approval of the plans is simply a recommendation. The federal government will decide which plans ...

Pharmacist takes insurance out of the equation
Chris Johnson's pharmacy operates almost like any other. One big difference--he doesn't deal with insurance. Johnson, a pharmacist at MedSavers on 35th Street, buys the medication directly from the source. Show him a doctor's prescription, and he will ...

Illinois man repays portion of court-ordered insurance payment with 4 tons of ...
Illinois man repays portion of court-ordered insurance payment with 4 tons of ...

Maryland Releases Health Insurance Rates
The companies selling insurance in the Maryland Marketplace, created under the Affordable Care Act, include Aetna, CareFirst BlueChoice, CareFirst of Maryland, Coventry Health Care, Evergreen Health Cooperative Inc., Group Hospitalization and Medical ...

London Fletcher Insurance Policy: Veteran LB Nick Barnett has 1st practice ...
London Fletcher Insurance Policy: Veteran LB Nick Barnett has 1st practice ...

State OKs new rates for insurance exchange
Georgia Insurance Commissioner Ralph Hudgens said Thursday he had “no viable option” but to approve rates for dozens of health insurance plans that will be sold on a new online insurance marketplace created by the Affordable Care Act. Hudgens asked ...

Frustrated Illinois dad pays insurance settlement with four tons of coins
ST. LOUIS — An Illinois businessman outraged by a court order that he return more than $500,000 in insurance money related to a 2001 wreck that killed his teenage son wanted to pay the money back in pennies in protest, only to recognize that was ...

Audit: Water district provides improper life insurance
The Franklin Square Water District provides inappropriate life insurance policies to its commissioners and employees, state Comptroller Thomas DiNapoli's office said in an audit released Wednesday. The district, which serves a 2-square-mile area and ...

India's Exide in talks to sell insurance unit stake: sources
Exide is seeking capital for investment and the stake in ING Vysya Life Insurance Company Ltd may be valued at more than $100 million based on its premium income, the sources said. They declined to be named as they were not authorized to speak to the ...

Deal Will Keep Federal Contributions For Insurance When Congress Moves To ...
Deal Will Keep Federal Contributions For Insurance When Congress Moves To ...

Former NFL lineman charged in $50M insurance fraud scheme in California
SAN DIEGO – A former NFL defensive lineman is among four people charged in San Diego with participating in a $50 million insurance fraud scheme. U-T San Diego reports (http://bit.ly/18VzBKV) 36-year-old Byron Frisch was charged along with three others ...

Ex-Dallas Cowboys lineman charged with others in $50 million insurance fraud
Frisch and others are accused of submitting false information to obtain more than $50 million worth of life insurance policies for unqualified applicants who didn't plan to pay the policy premiums. Authorities say they received more than $1.6 million ...

Congressmen Rejoice! Govt. To Subsidize Their Health Insurance Through ...
Congressmen Rejoice! Govt. To Subsidize Their Health Insurance Through ...

Who Abandoned the Health Insurance Credit
Bruce Bartlett's post this week provided the fascinating history of the tax benefit for employer-provided health insurance. His account of the recent political economy of health care tax policy, however, left out some developments that put the issue in ...

Woman allegedly torched tax-subsidized homes for insurance money
Authorities said that in August 2009, Andrea Michelle Robinson set a fire in a bedroom of the Rancho Santa Margarita home where she was living while her 12-year-old daughter was asleep in another room, and collected $25,000 in insurance for the damage ...

Rethinking National Flood Insurance as Toll Rises (Op-Ed)
Originally, the National Flood Insurance Program was intended to provide insurance to people who could not get flood insurance from private insurance companies. In the past, flood insurance was not easy to come by, since private insurers had largely ...

Aetna pulls health plans from state insurance exchange
Aetna was one of several carriers poised to sell on the state's exchange, along with Coventry Health Care, which Aetna acquired this spring. But Aetna told Maryland Insurance Commissioner Therese M. Goldsmith in a letter this week that cuts regulators ...

Insurance for city workers' dependents could be reinstated
Nearly 2,200 spouses, children and other dependents were purged from the city's insurance plan last month after government workers failed to provide documentation to prove they were eligible. The action, which creates an annual savings of $6.5 million, ...

SD insurance firm to pay penalty, comply with law
PIERRE, S.D. -- The state Insurance Division says a South Dakota-based insurance company has agreed to pay a penalty of $25,000 and comply with insurance laws and regulations. The division says it has completed an examination of ReliaMax Surety Co., ...

Not coming soon to an insurance plan near you: cosmetic surgery, long-term care
HealthPocket, a website that rates insurance plans and allows consumers to compare and filter plans in their region, compiled a list of the Top 10 medical services excluded from health insurance plans. HealthPocket analyzed 11,365 plans in the ...

Obamacare: Small Business Health Insurance
Businesses with fewer than 50 full-time employees are not required to provide health insurance for their employees under Obamacare. 95% of businesses in this size-range already provide health insurance for their employees, but the cost is usually high ...

German regulator fires warning shot over insurance rules
FRANKFURT Aug 3 (Reuters) - Germany could quit talks on new risk rules for Europe's insurance industry if regulators try to impose a 'one size fits all' deadline for insurers to adapt to them, a senior official at financial watchdog Bafin said. "If ...

Insurance for city workers' dependents could be reinstated if city erred
Mayor Stephanie Rawlings-Blake defended her plan to drop ineligible individuals from Baltimore's health care insurance but pledged Friday to accommodate city workers whose family members lost coverage if a city mistake was to blame. Nearly 2,200 ...

Byron Frisch charged in $50 million insurance scam
A former NFL defensive lineman is among four people charged in San Diego with participating in a $50 million insurance fraud scheme. Skip to next paragraph. Related stories. Can you manage your money? A personal finance quiz. How savvy are you about ...

Padres sign Cedeno as insurance at SS
Cedeno is seen more as insurance at short than an every-day replacement if Cabrera is suspended. The Padres also want to take a look at infielder-outfielders Logan Forsythe and Alexi Amarista at short. The plan going into spring training was for ...

Everything you need to know about rental-car insurance
If you don't know, for example, what liability coverage your own auto insurance policy provides, or whether your credit card is any use in times of rental car trouble, then why, the agent will be asking you, would you want to drive off the lot without ...

Rising insurance rates burn area homeowners
Patrice Waits was shocked to receive a notice saying her homeowners' insurance wouldn't be renewed by the company she'd done business with for 34 years. The reason: The rating of the fire service available to her King George County home had changed ...

State Farm charges far more than rivals to cover Dallas area homes, analysis ...
State Farm charges far more than rivals to cover Dallas area homes, analysis ...

Gov to sign bill mandating insurance for athletes
CHICAGO -- Gov. Pat Quinn is expected to sign legislation requiring Illinois schools to offer catastrophic insurance coverage for student athletes. The Chicago Democrat has scheduled a signing ceremony for Sunday at Eisenhower High School in the south ...

Can my employees buy health insurance themselves thru the exchange?
Since you have fewer than 50 of them, you would not face a penalty for failing to offer insurance. You could also buy an individual policy on an exchange for yourself. If any of you earn less than 400% of the federal poverty level ($45,960 for an ...

Maryland demands lower insurance rates; Aetna says sayonara to the state's ...
Maryland demands lower insurance rates; Aetna says sayonara to the state's ...

Plan B for Defunding Obamacare: Cap the Insurance Subsidy
Of all the bad things about this law, by the far the worst is its creation of a new open-ended middle-class entitlement in the form of insurance-premium subsidies for people making between 138 and 400 percent of the federal poverty level — basically ...

Do We Need Gun Insurance for Concealed Carry Permits?
The normal way in our society that we deal with dangerous activities that affect the public is to require insurance. Having this requirement has a number of benefits: it provides for victims, it allows insurance companies to press for safety with rates ...

Most Americans are confused by health insurance
The survey revealed that a simplified insurance plan that eliminated deductibles and copays—the two least well understood elements of insurance plan design—would appeal to consumers. (Credit: Brian Talbot/Flickr). CARNEGIE MELLON (US) — Many ...

Quinn mandates insurance for student athletes in Illinois
Illinois high schools will have to insure athletes for major injuries suffered on the playing field under a bill signed by Gov. Pat Quinn at a Sunday ceremony. The new law requires coverage for young people seriously hurt in school-sponsored sports for ...

Will Weatherford's murky ties to Citizens Insurance contractor comes to light
State House Speaker Will Weatherford is a founding member and former director of a Texas company that since 2008 has received $826,676 from Florida's state-run insurance company, according to records obtained by the Florida Center for Investigative ...

Japanese Shares Fall as Insurance Companies Lead Losses
Japanese shares fell, with the Topix index heading for its first drop in three days, as the yen held gains against the dollar after disappointing U.S. jobs data. Insurers led losses among the measure's 33 industry groups. A gauge tracking insurance ...

Governor signs law requiring major-injury insurance for school athletes
Illinois high schools will have to insure athletes for major injuries suffered on the playing field under a bill signed by Gov. Pat Quinn at a Sunday ceremony. The new law requires coverage for young people seriously hurt in school-sponsored sports for ...

MBK Said in Exclusive Talks to Buy ING's Korean Insurance Unit
ING has ended exclusive negotiations with Seoul-based Tongyang Life Insurance Co. (082640), the people said, asking not to be identified because the discussions are confidential. Yonhap reported yesterday that MBK offered about 1.8 trillion won ($1.6 ...

UPDATE 1-Aviva may exit India life insurance business- sources
HONG KONG/MUMBAI, Aug 5 (Reuters) - Aviva PLC may pull out of its Indian insurance joint venture, valued at more than $500 million, as the British insurer retreats from less-profitable markets where it has struggled to expand, people familiar with the ...

Hellman & Friedman in Deal for Insurance Brokerage Firm
Hub, which began as a merger of 11 privately held Canadian insurance brokerage firms in 1998, was taken private by Apax Partners and the private equity arm of Morgan Stanley in 2007 for about $1.8 billion. The company, now based in Chicago, has more ...

Do You Need Life Insurance in Retirement?
Life insurance helps protect your spouse and children from poverty in the case of your untimely death. However, once your children become self-sufficient and you and your spouse accumulate significant assets, there's less of a need to keep paying the ...

Aetna withdraws from state's health insurance exchange
Aetna has withdrawn its proposal to participate in Connecticut's health insurance exchange, becoming the second carrier in recent weeks to exit the new marketplace. The Hartford-based insurer indicated it did not believe the price modifications ...

Saved By Insurance: 'How I Recovered From Paralysis -- And Ran A Marathon'
So when I started selling disability insurance to a network of medical schools in 1993, you can bet I owned a policy—not to mention health insurance and life insurance. I had been working in insurance since the mid-1980s, but this new deal brought my ...

Hellman & Friedman to Buy Insurance Broker Hub
The deal is the largest takeover of a U.S. insurance broker on record, according to data compiled by Bloomberg. Funds managed by Hellman & Friedman will own a majority stake, while management of Chicago-based Hub will maintain a “significant equity ...

How to sell your life insurance policy
First, you'll need to have your life insurance policy appraised to determine the selling value. Then, you'll need to find a buyer. Once you have a buyer in place, you'll receive a cash settlement and the buyer will pay any premiums and collect the ...

Rocky's law: Illinois schools to carry catastrophic insurance for athletes
In a tribute to high school football player Rasul "Rocky" Clark, who died last year of football injuries, Illinois is requiring all high schools in the state to offer catastrophic insurance coverage for student athletes. Skip to next paragraph. Enlarge ...

State Releases Rates For Health Exchange Plans
The lowest-cost plans for individuals are offered by ConnectiCare Benefits Inc., according to documents posted Monday afternoon on the Insurance Department's website. Health insurance premiums have to be approved by the department before they can be ...