Compare Free Insurance Quotes!

NY Gov. Signs Ian’s Law to Limit Health Insurers’ Ability to Drop Patients

New York Governor, David Paterson, recently signed a new law that will improve health insurance protections for patients. According to the signed legislation, also known as “Ian’s Law,” health insurance companies will not be able to suddenly drop a patient or cut their benefits without following specific guidelines.

The Inspiration Behind Ian’s Law

Ian’s Law is named after Ian Pearl, a 37-year-old man suffering from muscular dystrophy, whose health insurance coverage was terminated without an option for replacement coverage that would cover his treatments. While his

Read more…

Posted in Insurance Articles | No Comments »

Loss ratio’s unintended consequences

State insurance commissioners voted today on proposed regulations governing medical loss ratios — the new requirements under health care reform to encourage insurers to spend less on overhead and more on patient care. If insurers don’t spend enough on patient care, they could be forced to rebate a portion of premiums back to policyholders.

The medical loss ratio concept is a fine idea, but when it comes to fraud, the requirement could very well result in perverse incentives. An insurer that is out of balance with the required loss ratios could find it more profitable to disinvest in fraud prevention and just pay suspect claims. Red

Read more…

Posted in Insurance Articles | No Comments »

State Farm Launches Insurance Industry’s First Free Mobile Tool to Combat Distracted Driving

BLOOMINGTON, Ill., Aug. 19 /PRNewswire/ — On Monday, August 23rd, State Farm Insurance Company will release the insurance industry’s first Android widget aimed at combating the problem of distracted driving. The new “On the Move” widget allows Android smartphone users to compose and preload customized messages that can be sent as automated responses to incoming text messages. With the service, instead of reading and responding to text messages while driving or otherwise occupied, smartphone users can activate the service and let the widget respond for them. Read more…

Posted in Insurance Auto News | No Comments »

Texas Warns Insurance Companies on Auto Insurance Claims

Texas Insurance Commissioner Mike Geeslin has released a bulletin reminding auto insurance providers that it is against state law to “directly or indirectly limit the insurer’s coverage under a policy covering damage to a motor vehicle.” Specifically, the Texas Insurance Code states that insurers may not specify “the brand, type, kind, age, vendor, supplier, or condition of parts or products that may be used to repair the vehicle;” or limit “the beneficiary of the policy from selecting a repair person or facility to repair damage to the vehicle.” The Texas Department of Insurance is concerned about information it has received indicating “insurers may be providing claimants with additional notice regarding motor vehicle repairs that may be in conflict with” Texas statutes. Read more…

Posted in Insurance Auto News | No Comments »

Captive Life Agents May Face Selling Conflicts After Financial Reform

OLDWICK, N.J. — Certain life insurance agents and broker-dealer firms could face increased legal liability depending on how the U.S. Securities & Exchange Commission rules on the fiduciary standard pertaining to the sale of investment products.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, signed into law on July 21, the SEC is directed to study the obligations and legal standards of care of broker-dealers and investment advisers when providing investment advice about securities to individual investors. Read more…

Posted in Insurance Auto News | No Comments »

Today’s News: More Life Insurers Subpoenaed, Young Drivers Have Higher Crash Rates and 1 in 5 Californians Uninsured

The New York State Attorney General has subpoenaed more life insurance companies, a new report shows that young drivers have significantly higher auto accident rates and one in five California residents are go without health insurance.

More Life Insurers Subpoenaed

Recently, New York State Attorney General Andrew Cuomo announced that he would be opening a fraud investigation that looked into how life insurance companies were paying out their benefits. At

Read more…

Posted in Insurance Articles | No Comments »