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Insurance News 10/2015



Martin Frankel, Author Of $200 Million Insurance Swindle, Is Back in Court
Martin Frankel is escorted from U.S. District Court in New Haven on May 15, 2002 after pleading guilty to 24 federal corruption charges in the theft of more than $200 million from insurance companies. Frankel, who was released from a 17-year prison ...

UPDATE 1-Insurance bosses call for collective action on climate change
In an open letter to Bank of England Governor Mark Carney, 15 senior insurance executives said they welcomed the Prudential Regulation Authority's (PRA) report, which said the insurance industry could be hit by climate change in "diverse, complex and ...

Major hikes expected as state releases 2016 insurance rates
State officials and thousands of Minnesota residents are bracing for big increases to health insurance rates next year. The state is expected on Thursday to release rate increases for companies selling insurance to hundreds of thousands of residents in ...

Dai-Ichi's Protective to Buy Genworth Term-Life Insurance Blocks
Protective Life Corp. is already making good on a pledge to help its new owner, Japan's Dai-Ichi Life Insurance Co., grow in the U.S.. On Wednesday, the Birmingham, Alabama-based insurer said it agreed to buy blocks of term-life policies from Genworth ...

The next big thing in health insurance may be in Oak Lawn
Selling health insurance the way Apple sells iPhones is a novel concept for carriers. That's because many consumers have insurance through their employers and don't have to shop for medical policies like they do home or auto insurance. But the senior ...

Naples man arrested in insurance fraud
The Florida Division of Insurance Fraud has announced the arrest of Daniel T. Phelps, 56, of Naples, for allegedly stealing two insurance claim payments totaling more than $96,000 from an elderly New Jersey business owner. The owner, George Capuzzi, ...

Chesco man gets hit with insurance fraud charges
The charges, which were filed in recent weeks, were the result of investigations by the Office of Attorney General's Insurance Fraud Section. The Insurance Fraud Section is the largest law enforcement entity in Pennsylvania with specific authority to ...

Minnesota residents buying health coverage on MNsure could pay up to 49 ...
Minnesota residents buying health coverage on MNsure could pay up to 49 ...

Insurance company declines to pay Mayor Pizzi's $3.25 million legal expenses
The latest plot twist in Miami Lakes' two-year-old legal saga is that the insurance company, Preferred Governmental Claim Services, has declined to cover the fees. In a letter sent to town officials, the insurance company claims that Pizzi's criminal ...

4 Advantages of Life Insurance
Insurance is having a close link-up with uncertainty. As people can't see their future they try to protect with some insurance policy. Whether it is a nonliving product like a car or it about our own health, we don't want take any chances and hence we ...

Bill Waiving Insurance Rules for Midsize Businesses Clears Senate
WASHINGTON—A bill waiving the federal health law's insurance rules for tens of thousands of midsize businesses cleared the Senate Thursday in a rare example of congressional agreement to undo part of the 2010 Affordable Care Act. The legislation had ...

Insurance Commissioner Dave Jones to run for attorney general
California Insurance Commissioner Dave Jones, who last year mounted an unsuccessful initiative campaign to assume more control over health insurance rates, said Thursday that he plans to run for attorney general in 2018. Jones, a Sacramento Democrat, ...

British Regulators Weigh Deadline for Loan Insurance Compensation
LONDON — British regulators said on Friday that they may soon set a deadline for consumers to seek compensation for the improper selling of a contentious insurance product that has cost the banking industry billions of dollars in refunds. The ...

Insurance Company Investors Assess Hurricane Joaquin Damage
The hurricane strengthening off the U.S. East Coast is buffeting insurance providers as investors assess the possible damages. Losses began to accelerate as Joaquin grew into a Category 4 hurricane, with top winds increasing to 130 miles (210 ...

Report: Browns CB becoming first to collect loss of draft value insurance
Oregon paid the injury and/or loss of value insurance premiums for several players last year, including Ekpre-Olomu and Heisman Trophy-winning quarterback Marcus Mariota. Colleges paying for such insurance is legal under NCAA bylaws. Lerner said ...

Adults With Insurance May Have Unmet Dental Needs
Dental care ranked number one among health care services that people with insurance say they're skimping on because of cost, a new survey found. One in five adults reported that they had unmet dental care needs because they couldn't afford necessary ...

2016 DNC host committee seeks insurance brokerage firm
The host committee for next year's Democratic National Convention is looking for an experienced insurance brokerage firm to cover its bases during the large citywide event next year. Requests for proposals are now active for the 2016 event. Proposing ...

Limerick man accused of fleecing couple of $32K in insurance scam
When the victims contacted American Equity Investment Life Insurance Co., they learned that the two accounts did not exist, according to prosecutors. During the investigation, detectives obtained bank records indicating Strope had deposited the victims ...

Why 4 major Arizona insurance carriers are dropping PPO plans in favor of HMO ...
Why 4 major Arizona insurance carriers are dropping PPO plans in favor of HMO ...

CORRECTED-YOUR MONEY-Life insurance is a tough sell for millennials
A study from Life Happens, a consumer group formed by insurance providers, and LIMRA, the life insurance trade association, found that 29 percent of millennials cited saving for a vacation as a priority over purchasing life insurance or increasing ...

Virginia Bureau of Insurance tips for severe weather
Collect Your Insurance Information – Store copies of your insurance policies and a home inventory of your personal property in a waterproof, fireproof box or safe. The home inventory should include serial numbers, photographs and videotapes. Make sure ...

OYS: Insurance Protection During Flooding
Regardless of whether you have or do not have flood insurance there are a few things you can do to safeguard your home. Unplug electronics, pour sand around your doors, and patch any leaks in your ceiling. You also want to store important documents ...

Storms bring new insurance worries
If Fairfield County homeowners let loose a collective sigh of relief as Hurricane Joaquin veered to a course taking it well east of New England, for many it matched the relief of a year ago when their insurance policy renewals arrived with only modest ...

Hidden truths about car insurance
You buy car insurance so that you're protected financially in the event of a car crash. But an unfair side effect of using credit scores to set premium prices is that it effectively forces customers to dig deeper into their pockets to pay for accidents ...

7 On Your Side: Breaking traffic laws can lead to higher insurance rates
Not only does it cost a ticket if we do get a moving violation, but we see insurance rates really go up, especially for those dangerous infractions like DUI, reckless driving and even speeding over 30 miles an hour over the posted limit," said Laura ...

7 things new health insurance users should know
You pay your premium, get your insurance card and go to the doctor. Simple, right? Not always. Dealing with health insurance companies and health care providers, such as doctors and hospitals, is complex. The process for newly insured patients can be ...

Use reverse mortgage for long-term care or insurance?
Q: I'm thinking about using a reverse mortgage as a way to pay for long-term care, if needed, instead of paying premiums on a long-term care insurance policy that I may never use. I don't have a mortgage, and my home is worth $500,000. I'm 66, my wife ...

Local insurance agent inducted into hall of fame
Chris Schiefer Insurance & Financial Services LLC was officially inducted into the prestigious Nationwide Insurance Hall of Fame this summer. This honor has only been awarded to 39 of the 45,000 agencies in the history of the company. The agency was ...

Horizon N.J. survey finds its new insurance would be popular
TRENTON — Most New Jerseyans say they pay too much for health care and would be interested in an alternative Horizon Blue Cross Blue Shield of New Jersey is offering that would reduce premiums and out-of-pocket expenses, according to a survey ...

Finding a health insurance plan that travels with you
There are several guidelines to use when deciding what kind of health insurance you might need when traveling. (David Plunkert/The New York Times) -- NO SALES; FOR EDITORIAL USE ONLY WITH STORY SLUGGED TRAVEL HEALTH INSURANCE ...

How can small biz possibly win at the health insurance game?
LimeRed Studio owner Emily Lonigro Boylan employs a half-dozen people who design websites. When the North Side business owner was pregnant with her first child three years ago, her health insurance premiums shot up by more than 36 percent, forcing ...

Global Insurance Accelerator adds DM entrepreneur
The Des Moines startup accelerator geared toward boosting insurance-based startups has added some well-known talent to its lineup. The Global Insurance Accelerator has tapped John Jackovin, a Des Moines entrepreneur and Techstars graduate, to "help ...

Capitol Chatter: MN officials urge health insurance seekers to shop around
In announcing health insurance premium increases ranging from 14 to 49 percent, Commerce Commissioner Mike Rothman and interim MNsure CEO Allison O'Toole repeatedly said that those 300,000 people who buy health insurance themselves could ...

How can you dump Medicare insurance?
How do I terminate my Medicare Part B (medical insurance)? You can voluntarily terminate your Medicare Part B (medical insurance). Because this is a serious decision that could have negative ramifications for you in the future, you'll need to have a ...

Who's At Fault Series: Quake calls defined by insurance policies
That same year, Doak requested denial and approval rates of earthquake claims from Oklahoma's top 10 insurance writers, said Insurance Department General Counsel Gordon Amini. An Enid News & Eagle request to interview Doak was redirected to the ...

Health insurance: Here comes the gouge
Employer health insurance premiums have risen 61 percent over the past 10 years, but the worker's share has risen 83 percent, according to the Kaiser Family Foundation. Meanwhile, the average deductible has more than tripled, to $1,077 nationally ...

Help offered for Consol retirees losing health insurance
RICHLANDS, Va. — In an effort to assist retired Consol coal miners who will be losing their company-provided health insurance coverage in December, Clinch Valley Health along with insurance agents of the Tazewell-Richlands area, will he holding four ...

Captive Insurance: The clean version
Some states, including Hawaii, have passed special laws facilitating development of captive insurance companies, and have dedicated resources in the state insurance commissioner's office specifically for captives. In fact, Hawaii is the second most ...

Scrutinizing Investing In Insurance Stocks Through ACE, Chubb, AFLAC And ...
Scrutinizing Investing In Insurance Stocks Through ACE, Chubb, AFLAC And ...

Maine Employers' Mutual Insurance Co. awards $18 million in dividends
The company that provides workers compensation insurance for Maine companies is issuing a dividend of $18 million. Maine Employers' Mutual Insurance Co. says the payments of up to $200,000 will be issued to more than 17,000 policy-holding companies ...

With hefty health insurance hikes in mind, Minnesota officials set out to get ...
With hefty health insurance hikes in mind, Minnesota officials set out to get ...

South Carolina insurance industry braces for surge of flood-related claims
Flood damage to homes and businesses is typically only covered by a special, separate policy sold through the federal National Flood Insurance Program that includes a 30-day waiting period before it takes effect. Not all property owners are required to ...

Man who killed fiancee could inherit $577000 from her life insurance policies
Judges in two different courts – Buffalo's federal court and Erie County Surrogate's Court – are trying to determine whether Moore is legally entitled to receive the money from the life insurance policies of the woman he killed. “He is listed as her ...

About one in four who lost HUSKY signed up for insurance
The logo for Husky Healthcare About one in four low-income parents who lost Medicaid coverage in September signed up for a private health plan through the state's health insurance exchange before the deadline last week – a total of 166 people ...

Public's Perception of Insurance Is Reality – Accept Reality
Perception is reality. The general public's perception of reality relative to insurance is that personal insurance, especially auto, is a commodity. Their perception ranges from it being a government conspiracy designed to enrich insurance companies ...

Correction: Fitch Completes Notching Review for APAC Insurance Sector
Fitch Ratings has completed a portfolio review covering 34 insurance groups within the Asia-Pacific (APAC) insurance sector focused exclusively on application of Fitch's recently updated notching criteria for the insurance industry. The purpose of the ...

AM Best Affirms Zurich Insurance Ratings; Outlook Negative on Expected Losses
A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” while at the same time revising the outlook to negative from stable for Zurich Insurance Company Limited (ZIC) and some of its rated affiliates ...

Midwest City woman diagnosed with brain tumor same day she loses insurance
MIDWEST CITY, Okla. - A Midwest City woman is fighting for her life after being diagnosed with a brain tumor the same day she lost her health insurance. Laci Vaughan got the news back in April, on her 26th birthday. “I started getting really bad mental ...

Oscar, a health care startup, brings insurance coverage to Dallas
Employees at work inside the office of Oscar, a startup health insurance company, at the Puck Building in New York, March 28, 2014. Oscar is only one of two for-profit companies that were not already health insurers to enter the state markets since the ...

UnitedHealth's Success On Insurance Exchanges And The Road Ahead
UnitedHealth Group adopted a wait-and-see approach during the first open enrollment period for 2014 – from October 2013 through March 2014 – under the Affordable Care Act, as it participated in just four health insurance exchange marketplaces. By the ...