AARP, the advocacy group for older Americans, is voluntarily suspending sales of some of its niche health insurance plans after they came under scrutiny by a prominent member of the Senate Finance Committee.
U.S. Sen. Chuck Grassley, R-Iowa, said last week that the plans -- underwritten by UnitedHealth Group of Minnetonka -- were misleadingly marketed as being comprehensive when in fact they have very limited benefits.
Unlike traditional health insurance policies, the so-called limited-benefit plans lack catastrophic coverage and place a cap on what the insurer pays, potentially leaving policy-holders with thousands of dollars in medical bills.
The affairs accept been marketed by AARP beneath the names Essential Plus Bloom Allowance and Medical Advantage Plan.
Grassley beatific AARP Executive Director and CEO William Novelli a letter endure anniversary allurement how the affairs are marketed.
AARP said in a account backward Friday that it will stop affairs the limited-benefit affairs and would appoint an absolute able to analysis their marketing.
The affairs are targeted at humans ages 50 to 64 who are not yet acceptable for Medicare.
More than 44,000 customers, including 498 in Minnesota, accept bought the policies, and those will abide to be in effect.
Sunday, November 30, 2008
Vienna Insurance Third-Quarter Net Rises on East European Sales
Vienna Allowance Group, Austria's better insurer, said third-quarter accumulation climbed 3.4 percent afterwards affairs added activity and auto allowance behavior in eastern Europe.
Net assets rose to 93.3 actor euros ($118.6 million) from 90.2 actor euros a year earlier, the Vienna-based aggregation said today in an e-mailed statement. Net becoming premiums added 22 percent to 1.7 billion euros.
Vienna Allowance common that it expects to column a pretax accumulation of 540 actor euros this year.
Net assets rose to 93.3 actor euros ($118.6 million) from 90.2 actor euros a year earlier, the Vienna-based aggregation said today in an e-mailed statement. Net becoming premiums added 22 percent to 1.7 billion euros.
Vienna Allowance common that it expects to column a pretax accumulation of 540 actor euros this year.
Lampson: flood insurance mandate dead in Congress
A congressional proposal to mandate flood insurance for homes behind levees has been defeated, U.S. Rep. Nick Lampson, said Wednesday night.
“That proposal did not go anywhere in this Congress and it is my understanding that it will not be going anywhere in the next Congress,” the Stafford Democrat said during a candidates forum in Richmond.
The binding flood insurance, proposed by Sen. Chris Dodd, D-Conn., would accept appropriate homes adequate by levees to acquirement flood allowance with prices set by the Federal Emergency Management Agency.
In July, Congress estimated FEMA pays $1 billion in absorption annually on FEMA debt. According to the proposed legislation the bureau had to borrow $20 billion to pay claims afterwards the levees breached in New Orleans.
Lampson, with the city-limits of Sugar Land and Fort Bend County, alleged on House and Senate leaders to absolved areas that had bigger their levees from the mandate.
During a July city-limits board meeting, Mayor James Thompson estimated the binding flood allowance would amount homeowners amid $2,000 and $2,5000 and would accept impacted all nine burden advance districts in Sugar Land and the city's exoteric jurisdiction.
“That proposal did not go anywhere in this Congress and it is my understanding that it will not be going anywhere in the next Congress,” the Stafford Democrat said during a candidates forum in Richmond.
The binding flood insurance, proposed by Sen. Chris Dodd, D-Conn., would accept appropriate homes adequate by levees to acquirement flood allowance with prices set by the Federal Emergency Management Agency.
In July, Congress estimated FEMA pays $1 billion in absorption annually on FEMA debt. According to the proposed legislation the bureau had to borrow $20 billion to pay claims afterwards the levees breached in New Orleans.
Lampson, with the city-limits of Sugar Land and Fort Bend County, alleged on House and Senate leaders to absolved areas that had bigger their levees from the mandate.
During a July city-limits board meeting, Mayor James Thompson estimated the binding flood allowance would amount homeowners amid $2,000 and $2,5000 and would accept impacted all nine burden advance districts in Sugar Land and the city's exoteric jurisdiction.
New Marsh unit will sell insurance to small businesses
Insurance brokerage giant Marsh plans to start a new unit focusing on small and emerging growth companies early next year, and some local insurance brokerages are already trying to gauge what the Bay Area impact will be.
Marsh didn’t identify the cities, but San Francisco and the Bay Area are a logical locale for a brokerage unit focusing on emerging-growth companies in the high-tech, biotech and cleantech realms, among other Bay Area specialties.
Jack Butcher, admiral and CEO of the new unit, said Marsh has absitively on the antecedent locations, but isn’t revealing them yet. Details will emerge “as we phase them in through the late fourth quarter of 2008 and the first quarter of 2009,” Butcher told the Business Times.
Marsh didn’t identify the cities, but San Francisco and the Bay Area are a logical locale for a brokerage unit focusing on emerging-growth companies in the high-tech, biotech and cleantech realms, among other Bay Area specialties.
Jack Butcher, admiral and CEO of the new unit, said Marsh has absitively on the antecedent locations, but isn’t revealing them yet. Details will emerge “as we phase them in through the late fourth quarter of 2008 and the first quarter of 2009,” Butcher told the Business Times.
Tuesday, November 18, 2008
ICW Group Insurance Companies Offers New On-Line Risk Management
ICW Group Insurance Companies, a leading group of carriers, announced recently that it will provide new and existing Workers' Compensation customers with a free on-line risk management service called Risk Management Rx, or simply RMRx. RMRx provides next generation on-line risk management tools that help companies simplify the challenges of developing and implementing an effective workplace safety program.
RMRx includes many innovative features such as; the ability to track and trend incidents, monitor safety training, create customizable safety training policies and procedures, track certificates of insurance, access on-line safety articles, programs, bulletins and much more.
ICW Group's work comp customers are issued their own unique username and password to access the RMRx on-line service. Once registered, risk managers can immediately begin taking advantage of the many on-line safety resources. The RMRx offering also provides just-in-time training for new-users, including on-line training videos, safety webinars, bi-weekly e-mails highlighting safety training topics, and much more.
RMRx includes many innovative features such as; the ability to track and trend incidents, monitor safety training, create customizable safety training policies and procedures, track certificates of insurance, access on-line safety articles, programs, bulletins and much more.
ICW Group's work comp customers are issued their own unique username and password to access the RMRx on-line service. Once registered, risk managers can immediately begin taking advantage of the many on-line safety resources. The RMRx offering also provides just-in-time training for new-users, including on-line training videos, safety webinars, bi-weekly e-mails highlighting safety training topics, and much more.
Saturday, November 8, 2008
Farmers Insurance plans big increase in Texas homeowners rates
Farmers Insurance plans to impose double-digit rate hikes for hundreds of thousands of its customers in North Texas and across the state, blaming the increase on rising costs for labor and building materials.
The higher rates, which would be reflected on insurance bills beginning Feb. 16, affect policyholders for two of the company's largest subsidiaries. Farmers is the No. 3 home insurer in Texas.
Consumer groups acutely criticized the amount filing on Friday, adage it comes at the affliction time for abounding homeowners already activity the furnishings of the crumbling U.S. economy. They alleged on Accompaniment Allowance Abettor Mike Geeslin to adios the proposal.
A agent for the Texas Administration of Allowance said the filing will be carefully scrutinized over the next several weeks. Those allegation will be acclimated by the abettor in chief whether to block the college ante or let them go through.
Under the state's file-and-use law for insurance premiums, Farmers is allowed to raise rates once it has notified the insurance department, but the company is subject to a rate rollback – and refunds – if the insurance commissioner determines the increases are not justified. An insurer also has to pay interest on any refunds that are due.
In December, Farmers filed for a statewide 2.2 percent increase in home insurance for many customers. But that plan included hefty rate hikes of 20 percent to 30 percent along the Texas coast, while most policyholders in Dallas and Tarrant counties saw their premiums drop an average 5 percent.
Those new rates went into effect in February.
In addition to rising building costs, insurance-industry representatives also have cited the higher cost of reinsurance – purchased by companies to help pay claims after a catastrophic event such as a hurricane.
The higher rates, which would be reflected on insurance bills beginning Feb. 16, affect policyholders for two of the company's largest subsidiaries. Farmers is the No. 3 home insurer in Texas.
Consumer groups acutely criticized the amount filing on Friday, adage it comes at the affliction time for abounding homeowners already activity the furnishings of the crumbling U.S. economy. They alleged on Accompaniment Allowance Abettor Mike Geeslin to adios the proposal.
A agent for the Texas Administration of Allowance said the filing will be carefully scrutinized over the next several weeks. Those allegation will be acclimated by the abettor in chief whether to block the college ante or let them go through.
Under the state's file-and-use law for insurance premiums, Farmers is allowed to raise rates once it has notified the insurance department, but the company is subject to a rate rollback – and refunds – if the insurance commissioner determines the increases are not justified. An insurer also has to pay interest on any refunds that are due.
In December, Farmers filed for a statewide 2.2 percent increase in home insurance for many customers. But that plan included hefty rate hikes of 20 percent to 30 percent along the Texas coast, while most policyholders in Dallas and Tarrant counties saw their premiums drop an average 5 percent.
Those new rates went into effect in February.
In addition to rising building costs, insurance-industry representatives also have cited the higher cost of reinsurance – purchased by companies to help pay claims after a catastrophic event such as a hurricane.
China allows insurance funds to invest in non-listed companies
China will acquiesce allowance funds to advance in non-listed companies so as to access their investment opportunities, China Allowance Regulatory Commission (CIRC) agent Yuan Li told reporters on Friday.
The State Council, or Cabinet, has accustomed its approval to the abstraction and the CIRC was cartoon up accordant measures, Yuan said.
Trial programs would alpha with above calm insurers, which had the adeptness to cope with investment risks, Yuan said, after elaborating.
Insurance funds now could alone yield disinterestedness stakes in above basement projects, such as the Beijing-Shanghai accurate railway, according to Yuan.
The CIRC would not bind calm insurers' moves to advance across because of the all-around banking crisis, he said. But the CIRC would plan to advice the insurers abstain risks from such investments.
The State Council, or Cabinet, has accustomed its approval to the abstraction and the CIRC was cartoon up accordant measures, Yuan said.
Trial programs would alpha with above calm insurers, which had the adeptness to cope with investment risks, Yuan said, after elaborating.
Insurance funds now could alone yield disinterestedness stakes in above basement projects, such as the Beijing-Shanghai accurate railway, according to Yuan.
The CIRC would not bind calm insurers' moves to advance across because of the all-around banking crisis, he said. But the CIRC would plan to advice the insurers abstain risks from such investments.
Wednesday, November 5, 2008
Vienna Insurance to conclude sale of Unita
Vienna Insurance Group can now, afterwards approval by the amenable Romanian authorities, achieve the complete auction of all shares in the Romanian non-life insurer Unita Vienna Insurance Group to the Uniqa Group Austria. As ahead stated, the approval of the European Commission had already been accepted in the aboriginal bisected of 2008.
Vienna Allowance Group is appropriately now represented in Romania by the non-life insurer Omniasig SA Vienna Allowance Group as able-bodied as the activity allowance aggregation Omniasig Asigurari de Viata SA Vienna Allowance Group and aswell Asirom Vienna SA Allowance Group.
As allotment of the takeover of the allowance activities of the Erste Group Bank, Vienna Allowance Group in Romania has aswell acquired an about 88.5% allotment in the activity allowance aggregation BCR Asigurari de Viata and the non-life insurer BCR Asigurari.
Vienna Allowance Group is appropriately now represented in Romania by the non-life insurer Omniasig SA Vienna Allowance Group as able-bodied as the activity allowance aggregation Omniasig Asigurari de Viata SA Vienna Allowance Group and aswell Asirom Vienna SA Allowance Group.
As allotment of the takeover of the allowance activities of the Erste Group Bank, Vienna Allowance Group in Romania has aswell acquired an about 88.5% allotment in the activity allowance aggregation BCR Asigurari de Viata and the non-life insurer BCR Asigurari.
Tuesday, November 4, 2008
NMC drops $1 million life insurance policy
Northwestern Michigan College admiral were appointed to accommodated this morning to altercate President Tim Nelson's contract, but a plan to addition his activity allowance to $1 actor allegedly is off the table.
A board headed by NMC Trustee K. Ross Childs included the $1 actor activity allowance action on a abstract arrangement based on a advancement by Nelson. It would accept angled his accepted $500,000 activity allowance policy.
But the console absitively to bead the added allowance advantage ancient afterwards Nelson, Childs and NMC Board Chairman Walter Hooper were interviewed by the Record-Eagle for a adventure that appeared in Sunday's edition.
NMC agent Paul Heaton on Sunday said he did not apperceive if advisers on the arrangement board alone the $1 actor action plan. He aswell did not apperceive why they did so, Heaton said.
NMC e-mailed an cyberbanking adaptation of today's NMC abstraction affair calendar to the Record-Eagle on Friday afternoon. The calendar contains a abstract of Nelson's arrangement that includes the $1 actor action proposal, but aswell has an addition to the abstract arrangement that lists revisions.
A board headed by NMC Trustee K. Ross Childs included the $1 actor activity allowance action on a abstract arrangement based on a advancement by Nelson. It would accept angled his accepted $500,000 activity allowance policy.
But the console absitively to bead the added allowance advantage ancient afterwards Nelson, Childs and NMC Board Chairman Walter Hooper were interviewed by the Record-Eagle for a adventure that appeared in Sunday's edition.
NMC agent Paul Heaton on Sunday said he did not apperceive if advisers on the arrangement board alone the $1 actor action plan. He aswell did not apperceive why they did so, Heaton said.
NMC e-mailed an cyberbanking adaptation of today's NMC abstraction affair calendar to the Record-Eagle on Friday afternoon. The calendar contains a abstract of Nelson's arrangement that includes the $1 actor action proposal, but aswell has an addition to the abstract arrangement that lists revisions.
Unity Life to acquire Canadian insurance business of Forethought Financial
Unity Life of Canada has entered into an acceding with Forethought Financial Group to access the allowance business of Forethought's Canadian branch, Forethought Life Allowance Company.
Under the agreement, which is accountable to Canadian and US authoritative approval, Unity Life will access Forethought's Canadian block of about 20,000 burial allotment allowance policies, including action liabilities of about $90.6 actor and accompanying assets, pursuant to an acceptance reinsurance transaction.
It is advancing that the transaction will be completed on or about December 31, 2008. Following its completion, Forethought will abutting its Canadian branch.
The amount of the transaction was not disclosed. Upon its completion, Unity Life said that it will abide to serve Forethought's Canadian policyholders and accommodate them with their apprenticed allowances and casework as a provider of alcove allowance articles and services.
Under the agreement, which is accountable to Canadian and US authoritative approval, Unity Life will access Forethought's Canadian block of about 20,000 burial allotment allowance policies, including action liabilities of about $90.6 actor and accompanying assets, pursuant to an acceptance reinsurance transaction.
It is advancing that the transaction will be completed on or about December 31, 2008. Following its completion, Forethought will abutting its Canadian branch.
The amount of the transaction was not disclosed. Upon its completion, Unity Life said that it will abide to serve Forethought's Canadian policyholders and accommodate them with their apprenticed allowances and casework as a provider of alcove allowance articles and services.
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