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Insurance News 12/2014



Colorado pot credit union might have lifeline if Feds balk on insurance
If federal regulators deny them critical insurance coverage, organizers of the world's first credit union for the marijuana industry may have an ace in the hole. By rule, Colorado-chartered credit unions must have deposit insurance from the National ...

Best Life Insurance for 40-Something Couple?
My husband and I are in our mid-40s, and we are interested in additional life insurance beyond what his company offers. His employer group policy would provide $100,000 for his untimely death and $50,000 for mine. How much life insurance would be ...

HealthCare.gov's insurance marketplace for small businesses gets off to a slow ...
HealthCare.gov's insurance marketplace for small businesses gets off to a slow ...

Removing Barriers to More Private Flood Insurance
A House Financial Services subcommittee recently held hearing to focus attention on legislation sponsored by two Florida representatives who want to encourage more flood insurance sales by private insurers as an alternative to policies sold by the ...

US regulators poll public on need for higher trucking insurance
Plans to raise the minimum insurance coverage U.S. trucking companies must maintain to operate could affect hundreds of thousands of trucking companies, large and small, and their shipper customers. However, those plans are likely to proceed slowly, ...

UberX, Sidecar, Lyft drivers could face issues with personal insurance coverage
It looks like the question of insurance coverage may finally be catching up with people who drive for app-based services such at uberX, Lyft and Sidecar. An internal sales training document from insurance giant Geico obtained by the San Francisco ...

Despite calm season, insurance market shaky
On several levels, news regarding our often tumultuous property insurance market is outwardly positive: Citizens Property Insurance Corp., the state's insurer, has shrunk to just over 930,000 policies, reducing the threat of post-hurricane taxes on ...

Insurance agents plead guilty to selling fake insurance for underground ...
Insurance agents plead guilty to selling fake insurance for underground ...

The ins and outs of today's insurance prices
Let's face it – nobody enjoys writing a check to their auto insurance company. The same goes for that chunk of funds that gets taken out of your paycheck to pay for your health insurance. We could all imagine spending that money one hundred ways other ...

New state law provides life insurance fix
"When people purchase a life insurance policy, they rightfully expect the company to stand the test of time and be there to honor the policy," said Senate Insurance Committee Chairman James Seward, R-Milford, Otsego County. "This new law is added peace ...

American Family Insurance All-South Dakota Team
Here is the American Family Insurance All-South Dakota Team: Dylan Arntz, DE, Lincoln. The Patriots had their second straight unbeaten Class 11AAA title, doing so in dominating fashion, and Arntz's ability to put pressure on opposing quarterbacks was ...

Indiegogo Is Testing Optional Insurance Fees For Crowdfunded Products
This year has been a tricky one for crowdfunding site Indiegogo, thanks to a number of campaigns using its service to raise money for dubious projects (though there have been some cool uses). It looks like the company is responding with a new feature ...

Alibaba, Tencent chairmen invest in China's Ping An Insurance
The deal reinforces ties between China's second-largest insurance company and two Internet giants that have been eyeing finance as an area ripe for technological disruption. The three firms collaborated previously, in 2013, to set up Zhong An Online ...

Insurance Firms Aviva and Friends Life Agree to $8.8 Billion Merger
The deal would create a combined life insurance and asset management business worth roughly 20.7 billion pounds, or about $32.4 billion, with more than £300 billion in assets under management. Friends Life shareholders would own about 26 percent of ...

GOP members urge reauthorizing terrorism insurance
GOP members urge reauthorizing terrorism insurance. By Kevin Cirilli - 12/01/14 07:58 PM EST. Forty-five House Republicans are urging House leadership to pass a long-term terrorism insurance (TRIA) reauthorization. Congress must vote to reauthorize ...

City of Cedartown to change medical insurance providers
The City of Cedartown is changing their insurance provider once again, moving from Blue Cross-Blue Shield of Georgia (BCBS) to United Healthcare for city employees health insurance. City manager Bill Fann explained the change came as a way to ...

Regions Insurance adds Pickard, former Teaberry team
Veteran St. Petersburg insurance executive John Pickard has been named CEO of Regions Insurance of Florida. Pickard, who set up the Teaberry Health and Welfare Benefits Practice in St. Pete in 2008, has now established a Regions Insurance office and is ...

5 Things to Consider When Comparing Health Insurance Plans
The White House hopes that 9.1 million people will sign up for health insurance coverage through state and federal Affordable Care Act marketplaces during open enrollment, but the Congressional Budget Office estimates that closer to 13 million will ...

Insurance Buyers Look To Cat Bonds, Collateralized Alternatives: Marsh
For years we've written that insurance companies increasingly look to alternative sources of reinsurance capacity, from insurance-linked securities (ILS) players and the capital markets. But now, according to Marsh, insurance buyers are looking at ...

City gets improved insurance rating for fire protection
City Administrator Kyle Gill said the Insurance Services Office, an advisory organization that provides information about property/casualty insurance risk, reported Monday that it has increased Mattoon's Public Protection Classification from a 5 to 4 ...

Time Running Short to Extend Terrorism Risk Insurance Act | Commentary
Fortunately, leaders on both sides of the aisle have made it clear that renewal of the Terrorism Risk Insurance Act, or TRIA, is a “must-do” before Congress adjourns. The program, first enacted in 2002 in the wake of the 9/11 attacks, has been extended ...

Cost-U-Less Insurance Expands Product Offerings through Sister Company
HUNTINGTON BEACH, Calif.--(BUSINESS WIRE)--Cost-U-Less Insurance, part of Confie Seguros, the largest, privately-held insurance broker in the United States and one of the top 20 global insurance brokers in the world, announced today a new service ...

As Deadline for Terror-Insurance Program Nears, Temporary Extension Looks ...
As Deadline for Terror-Insurance Program Nears, Temporary Extension Looks ...

Why Utah is demanding an insurance startup charge its customers more money
In the case of Zenefits, Utah's top insurance regulator, Todd Kiser, says that the company's free software counts as “an inducement and indirect rebate” to use the firm as an insurance broker, in violation of the state's law, even though customers don ...

Health insurance advice offered
The Oregon Department of Consumer and Business Services is providing insurance advice during open enrollment now through Feb. 15. Prescription drugs are one of the 10 essential health benefits that all insurance plans must cover. But plans differ in ...

Silicon Valley's hottest startup is scaring insurance brokers and fighting ...
Silicon Valley's hottest startup is scaring insurance brokers and fighting ...

Should you ditch your employer's insurance for Medicare?
Medicare rules and private insurance plans can affect people differently depending on where they live. To make sure the answers here are as accurate as possible, Phil is working with the State Health Insurance Assistance Program (SHIP). It is funded by ...

Obamacare Bump: 10 Million Got Health Insurance, Survey Shows
More than 10 million people got covered by health insurance over the past year, bringing the rate of uninsured down from 17.7 percent to 12.4 percent, a new survey shows. The data from the left-leaning Urban Institute shows 10.6 million people gained ...

Regions Insurance expands in Georgia with new practice group
Regions Insurance has established a captive practice group by bringing on a team from Athens, Ga.-based A.I. Insurance Group. The affiliate of Regions Bank has entered into an agreement with A.I. Insurance to obtain the firm's accounts and personnel, ...

Senators demand transparency on Sandy flood insurance reports
WASHINGTON – The Federal Emergency Management Agency will examine whether it can force insurers to reveal whether they manipulated flood insurance claims to keep payments to Superstorm Sandy victims as low as possible, Sen. Robert Menendez ...

Keep working to lower insurance rates
If auto thefts were the only determinant of auto insurance rates, premiums for Detroit residents would decrease substantially based on the improved statistics. But with other factors at play – including no-fault insurance laws – astronomically high ...

Peers Launches Home Liability And Car-Replacement Insurance For Airbnb ...
Peers Launches Home Liability And Car-Replacement Insurance For Airbnb ...

Indiegogo tries out 'crowdfunding insurance' for failed projects
If the project fails to deliver, you get the backing price refunded (although not the price of the insurance, obviously). It's being tested on the Olive stress monitor wristband currently, where Indiegogo has given a window of three months past the ...

US urges banks to consider cyber risk insurance amid hacking threats
The insurance broking arm of Marsh & McLennan Companies estimates the U.S cyber insurance market was worth $1 billion last year in gross written premiums and could reach as much as $2 billion this year. But many insurers are still trying to develop ...

Ex-insurance agent gets day in prison, $20K fine in scam
Chadderdon told the judge that insurance coverage for underground storage tanks was straightforward and lucrative until the recession hit. Michigan required owners of USTs to carry $1 million worth of insurance for use in a cleanup if a tank leaked ...

Terrorism insurance deal takes shape
Congress is closing in on a deal to extend the government's terrorism risk insurance program, a top priority for the business community during the lame-duck session that has been the subject of an intense lobbying campaign. The preliminary outline of ...

Questions about insurance? Call-an-Expert panel answers questions tonight
Open enrollment for private insurance policies through Obamacare (the Affordable Health Care Act) is well underway. This evening, you can get help. Certified application counselors with Mercy, CoxHealth, Jordan Valley Community Health Clinic and Ozarks ...

Open insurance enrollment underway in Wisconsin
MILWAUKEE — Wisconsin residents can start shopping for coverage on the federally run health insurance exchange now that the second open enrollment period is underway (it began Saturday). Here are some things to know as consumers consider their ...

ND insurance regulators fine Blue Cross Blue Shield $60000 for violations
The violations involved handling of claims, including health insurance coverage, mental health and substance abuse treatment and an affiliated life insurance company's failure to pay advertised premium discounts. Adam Hamm, the North Dakota insurance ...

Business Day|Deal to Extend US Terrorism Insurance Hinges on Dodd-Frank ...
Business Day|Deal to Extend US Terrorism Insurance Hinges on Dodd-Frank ...

Government terrorism insurance program faces lapse
WASHINGTON (AP) — As Congress races to its lame-duck finish, time is running out on a government program that provides a backstop to private-sector insurance against terrorist attacks. The program was enacted after the Sept. 11 attacks and has been ...

Insurance Industry Is Leader on Climate Change, Report Says
The insurance industry is being called out by an international research institution for its progressive attitude on climate change. A white paper put out by the nonprofit Urban Land Institute this week urges the real estate sector and government ...

Young Guns: Insurance agent likes independence
Like a police officer who protects the community from crime, an insurance agent guards his clients against financial loss. "I get to help people ... like a police officer or a firefighter," he said. An independent insurance agent, Lichtenwalter tries ...

Citizens insurance rebates end soon; $50 million is unclaimed, official says
Louisiana taxpayers are leaving tens of millions of property insurance rebates unclaimed again this year. Insurance Commissioner Jim Donelon said Thursday that more than $50 million in rebates remain unclaimed for the Louisiana Citizens Property ...

Life Insurance Settlements See A Revival l Bankrate.com
The life insurance settlement market, which enables seniors to cash in unwanted life policies for more than their insurer is willing to offer but less than the full death benefit, has experienced an upturn lately, thanks in part to the economic ...

Feds: Cheaper, expanded health insurance coming for 2015
WASHINGTON — Hoosiers buying health insurance on the federal marketplace will have more choices next year — “including cheaper plans,” according to figures released by the federal government Thursday. Average monthly premiums in Indiana for a ...

Uptick in Insurer Acquisitions of Digital Insurance Startups Expected
More than half (59 percent) of insurance executives expect their industry peers to make acquisitions of digital insurance startups over the next three years to better position themselves in the digital world, according to new research by Accenture ...

Insurers approved for another big Citizens Property Insurance takeout
The latest move by Florida Insurance Commissioner Kevin McCarty brings the total number of policies approved for takeouts in 2015 to 315,508. Not every policy approved for a takeout leaves Citizens, however. Companies may choose to seek less than their ...

How will Google, Apple shake up car insurance industry?
Usage-based insurance programs, also called telematics, are a small but growing segment of the auto insurance business. Developing Android and iPhone smartphone apps, in contrast, would cut carriers' upfront costs when they offer telematics insurance ...

Do you have adequate life insurance?
No one really wants to talk about life insurance as it requires us to deal with the reality that we will not live forever. However, if you have one or more loved ones who depend on your income, it is a subject that you need to deal with today. I know ...