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Insurance News 04/2014



Natural Disasters Are Rare, But So Is Mudslide Insurance
"[Coverage] is less than 1 percent in both Oregon and Washington," says Karl Newman, president of the Seattle-based industry group Northwest Insurance Council. He recognizes that number is low for a part of the country prone to mudslides, but it's just ...

Nine Million Got New Health Insurance, Study Finds
More than 9 million Americans have gotten health insurance for the first time thanks to Obamacare, according to a new report from the Rand Corporation. Most of the people who got new insurance didn't buy it on the Obamacare exchanges but rather signed ...

8 Car Insurance Myths You Should Send to the Junkyard
Kelly Edwards, GMC, Trade Secrets, Kelly In Truck, Driving, Red, AOL From the old fiction about red cars costing more to insure, to the one about rates dropping when you turn 25, to the idea that "full coverage" means you get a new car after a crash ...

Latest ObamaCare surprise: Most won't be able to buy health insurance until ...
Latest ObamaCare surprise: Most won't be able to buy health insurance until ...

Obamacare making insurance cheaper – for cars
It isn't exactly the main pitch behind the health-insurance law, but a study released Wednesday by the Rand Corporation finds that as more people gain health insurance, the costs of other types of insurance could go down. In particular, car insurance ...

Tearjerking Thai life insurance ad: Try not to cry
A Thai life insurance company with a history of producing powerful, tearjerking ads has done it again. Its latest, a three-minute spot titled "Unsung Hero," follows a good Samaritan whose daily deeds (feeding a stray dog, watering a dying plant ...

More in Denver signed up for Medicaid than for private insurance
In Denver, 2½ times as many people enrolled in the taxpayer-funded Medicaid program from October through the first quarter of 2014 as those who signed up for private insurance through the state exchange, state figures show. And in Colorado and ...

Talks over unemployment insurance continue, but clock is ticking
The compromise bill would extend benefits for five months and retroactively send checks to people whose benefits ran out when the program expired on Dec. 28. It is paid for and also ends unemployment insurance payments to any individual whose adjusted ...

Obamacare could cut the cost of car insurance
Whether you like or hate Obamacare, there's no argument it's having big and unexpected impacts on many aspects of American life. One of the most unexpected: It may lower how much you pay for car insurance. According to a new study from RAND, the ...

More Hoosier kids have health insurance
WASHINGTON — The share of Indiana's children with health insurance has grown in recent years, as gains in public programs have offset the number of kids who no longer have coverage through private plans, according to a report being released Thursday ...

These people pay the most for auto insurance
"Across the board, you see young men paying more for insurance, which makes sense," said Mike Barry, spokesman for the Insurance Information Institute. "Statistically, young men are riskier drivers, which means they are, on average, more expensive to ...

Why do NYers pay such high auto insurance rates? Lawmakers holding hearing
Insurance industry representatives, consumer advocates and state officials tasked with regulating insurance are expected to weigh in at a legislative hearing scheduled for Thursday morning. The hearing is intended to focus on the availability of ...

More Kids Are Getting Health Insurance...
More Kids Are Getting Health Insurance...

Health Insurance Enrollment Has Hit 7.5 Million, Sebelius Says
At least 7.5 million people have signed up for health insurance through federal and state health-care exchanges, Health and Human Services Secretary Kathleen Sebelius said Thursday. Mrs. Sebelius provided the new figures in testimony before the Senate ...

IRS prepares to go after ObamaCare mandate fines
With the ObamaCare enrollment deadline in the rearview for most, the IRS is preparing for the next step -- tracking and penalizing those who choose not, or cannot afford, to buy approved health insurance. How aggressive the agency will be in pursuing ...

Should we have expected this week's big surprise on employer health insurance?
There's one Obamacare number that stands out above the rest this week -- 8.2 million. That's how many people have taken up employer-sponsored insurance since September, and most of them were previously uninsured, according to a Rand Corp. survey ...

My Apology Letter to the Insurance Companies
I have yet to meet anyone who thinks our current health care system is perfect, or even functioning well. As it turns out, insurance companies are not the criminal. They're just the accomplice. I cut into my finger pretty deeply this December while ...

Doctors Shun Insurance, Offering Care for Cash
At his office in Laredo, Tex., Dr. Gustavo Villarreal treated Sebastian Acosta on Wednesday. His practice, which follows a “direct primary care” model, does not accept insurance, but rather charges a flat $50 fee for most visits. Credit Eddie Seal for ...

The fuzzy math of auto insurance rates
We all know (some of us the hard way) that being a good driver helps lower your auto insurance premiums. But lots of other factors are involved as well -- some of which you have no control over and have nothing to do with how well you drive. For one ...

Mudslide Insurance Rare And Expensive
But demand for mudslide insurance, at least in the short term, may be going up. In neighboring Oregon, news of the Washington disaster is sparking an uptick of interest. TJ Sullivan is with Huggins Insurance in Salem. The independent agency is one of ...

FHA Mortgage Insurance Is Just Too Expensive
“How the Payroll Tax Cut Is Costing Low Income Borrowers” described how mandates from Commissioner Galante had increased already expensive MIP (Mortgage Insurance Premiums) as a means to fund an underfunded 2% reserve requirement in the MMI ...

The RAND health insurance report: A guide
This is a net figure that accounts for 14.5 million in gains, such as in the marketplaces (3.9 million), employer-sponsored insurance (8.2 million) and Medicaid (5.9 million), as well as 5.2 million in coverage losses. Of the early evidence ...

Ridesharing, insurance and regulation
Sullivan is right that insurance provides an important consumer protection, but I think the tradeoff between innovation and consumer protection is not as black and white as she suggests. A few observations about ride-sharing and insurance: What exists ...

Home insurance rights bill advances, but squabbles to follow
A bill requiring insurers to hand homeowners a one-page summary of their rights when filing insurance claims is heading for floor votes in the Florida House and Senate, underscoring protection against abuses examined by The Palm Beach Post at the state ...

Maine doctors ditch insurance, offer monthly subscriptions for primary care
On April 4, South Portland doctor Michael Ciampi, who does not accept insurance or medicaid, explains how his subscription care service works out to about $50 per month for patients like Roxanne Pettigrow (left). Buy Photo · Roxanne Pettigrow (left ...

Sacramento man sentenced in Yolo County court for insurance fraud
A Sacramento man has been sentenced in Yolo County Superior Court to six years and four months for insurance fraud. Russel Sage, 39, will serve one year and eight months in custody and the remaining four years and eight months on mandatory ...

Galloway Joins ARECA Insurance Exchange as Director of Loss Control
ARECA Insurance Exchange (AIE), an Alaska-based reciprocal insurance company, recently hired Phillip Galloway as its Director of Loss Control. Galloway is responsible for all loss control functions of AIE. This includes assisting Exchange subscribers ...

Chinese celebrity caught cheating on his wife triggers rush for "love insurance"
We've heard of celebrities and famous athletes spending insane amounts on insurance for their body parts, but it would seem that in China, the trend now is to buy insurance for love. Recent reports of the infidelity of popular Chinese actor Zhang Wen ...

District 189 will pay more for teachers insurance, but educators get no raise
EAST ST. LOUIS — After two years of working without a raise, East St. Louis District 189 teachers will get a slight increase in what the district pays toward their health insurance premiums, but no salary increases. The Financial Oversight Panel on ...

Sacramento man sentenced to 6 years for insurance fraud
According to the District Attorney's Office, in 2011, an unidentified business placed four of its insurance policies with the Sage, an insurance broker. Sage told the Yolo County business to wire him money which he said he would send to the insurance ...

Business report: Hilliard business accused of unauthorized insurance sales
Hilliard business accused of unauthorized insurance sales. The state has accused a Hilliard-based business of operating as an unlicensed insurance company providing health-related services. The Ohio Department of Insurance said yesterday that My ...

Better Insurance Against Inequality
In this way, the tax system can be viewed as a colossal insurance system, guarding against extreme income inequality. There are similar provisions in other countries. But it's also clear that while income inequality would be much worse without our ...

How Quinn is betting on insurance companies to rescue Illinois' economy
Gov. Pat Quinn's insurance director wants to conjure more of those special moments that brought an NBA Hall of Famer and promises of hundreds of jobs to Chicago. Andrew Boron, director of the Illinois Department of Insurance, is pushing legislation ...

Flood insurance bill passes, but relief is still nowhere in sight
President Barack Obama in March signed into law the Homeowner Flood Insurance Affordability Act, which aims to lessen the devastating effects of the Biggert-Waters Flood Insurance Reform Act of 2012. But property owners are left wondering when the ...

Insurance disputed on burned Webster courthouse
ABERDEEN, Miss. (AP) - A dispute over how much an insurance company owes Webster County for its burned courthouse has moved into federal court. The Webster County Board of Supervisors and Atlantic Specialty Insurance Co. have sued each other, ...

Legal battle heats up in Powell life insurance payout
At issue is the ongoing and oftentimes complicated battle over who should collect on the life insurance policies of Josh Powell and the children of Josh and Susan Powell, which, with interest, are worth an estimated $2.5 million today, according to ...

Oso mudslide: Some mudslide insurance help available
As victims of the catastrophic landslide in Oso start rebuilding their lives, many face the additional calamity of having no insurance for the loss of their homes [“Slide erased their homes, but maybe not their loans,” Local News, April 1]. Losses from ...

More complaints filed in Royston insurance fraud case
The Georgia Department of Insurance is investigating more complaints filed against a former insurance agent who was arrested this week on insurance fraud charges. Three complaints were made following the arrest of James Travis Williams, 34 of ...

Levee repairs could offset flood insurance costs
That accreditation is vital to residents, giving them the option on whether or not to buy flood insurance on their homes — those with a federally assisted mortgage — and reducing their cost, the Tribune-Star reported (http://bit.ly/R2Xd9y ). "Without ...

Health insurance victory well worth effort
April 1, 2014, will forever be a bright spot in American history, as President Obama announced from the White House Rose Garden that more than 7 million Americans secured health insurance through the Affordable Care Act. For these deserving Americans, ...

Carville: Insurance risk corridors aren't going broke like Republicans predicted
Now we wait to see how many people pay their premiums, how much the insurance companies pay out in claims and tally what the expansion of Medicaid did for the working poor. Yet partisans on both sides seem unable to resist the temptation to declare ...

When a machine threatens to cut off your health insurance
If it isn't a few magazines whose subscriptions I always forget to stop or some coupons to my local supermarket, it's letters from local insurance agents, mortgage brokers, and realtors, telling me how they're all the best in California. It was odd ...

Outgoing health chief Kathleen Sebelius calls federal insurance launch ...
Outgoing health chief Kathleen Sebelius calls federal insurance launch ...

CBO Projects Lower Premiums in Health-Insurance Exchanges
Health-insurance premiums for plans sold on the Affordable Care Act's exchanges will be lower than previously expected, according to a report released Monday by the Congressional Budget Office. The findings, by Congress's nonpartisan spending analysts, ...

Deadline Tuesday: Final Days to Enroll for 2014 Health Insurance
After various extensions, the deadline to finish signing up for a health plan under the Affordable Care Act is here. People have until 11:59 p.m. Tuesday to complete their applications. If you don't have insurance you may have to pay a penalty on your ...

Aspen Insurance Rejects Endurance's $3.2B Buyout
Aspen Insurance Holdings Ltd. said Monday that its board has rejected a proposal from fellow insurance company Endurance Specialty Holdings Ltd. to buy it for about $3.2 billion. Aspen said its board rejected the proposed deal because it is "not in the ...

Canada watchdog offers rules to cut mortgage insurance risk
The Office of the Superintendent of Financial Institutions (OSFI) guidelines apply to the country's three mortgage insurance companies: the state-owned Canada Mortgage and Housing Corp (CMHC), which insures 70 percent of residential mortgages in the ...

Pet insurance: When do you need it?
But despite the complexity of pet insurance, it may be vital to your budget. In 2013, pet owners spent approximately $14.3 billion in veterinary care for their furry friends, according to the American Pet Products Association, and the number is ...

Independent Insurance Agents Find Some Pundits, Politicians in Washington ...
Independent Insurance Agents Find Some Pundits, Politicians in Washington ...

MNsure extension deadline for private insurance buyers April 22
MNsure has told about 8,200 people who couldn't get health insurance by the end of last month that some of them might now face a sign-up deadline of April 22. In late March, the state's health insurance exchange created an online form for people to ...