Live Insurance News

New HHS rules introduced for health insurance exchanges

November 23, 2012November 22, 2012 Dan

HHS rules seek to make changes to exchanges and end insurance discrimination The U.S. Department of Health and Human Services (HHS) has released new health insurance rules that aim to prohibit discrimination against those with poor health and help guarantee minimum benefits for citizens throughout the country. The HHS rules were revealed earlier this week by Secretary Kathleen Sebelius. The rules are accompanies with information that is being provided to states and insurance companies concerning the federal government’s plans to enact the Affordable Care Act. Consumers to receive new protections…

Department of Health and Human Services may need to refine approach on state exchanges

November 20, 2012November 19, 2012 Dan

Department of Health and Human Services State Exchanges

Department of Health and Human Services sees problems with exchange provision President Obama has won a second term as president and that has major implications for the Affordable Care Act. The health care reform law have been shrouded in controversy since its passage in 2010, but has remained intact for the past two years. One of the provisions of the law calls for the establishment of health insurance exchanges. This provision has been well received by some states, but completely opposed by others. Now, the federal government, through the Department…

National Flood Insurance Program may be ready for a bailout

November 16, 2012November 15, 2012 Dan

FEMA weighs bailout option for National Flood Insurance Program Though Hurricane Sandy has passed, the Federal Emergency Management Agency (FEMA) is still in the throes of managing the impact of the natural disaster. One of the most significant problems facing the industry in the wake of the powerful storm is the damage it has done through flooding. Floods fall squarely in the realm of the National Flood Insurance Program, a federal insurance provider that accounts for the vast majority of the country’s flood insurance policies. FEMA may be pressured to…

Auto insurance for electric cars has certain additional implications

November 10, 2012November 10, 2012 Dan

Being eco friendly also means that you need to understand your coverage. After many struggles over several decades, the electric car is finally starting to get some mainstream attention, but many would-be drivers are still finding that the cost of auto insurance is holding them back from purchasing the vehicles that they would like to drive. The cost of insuring these vehicles – which are already on the pricy side – is presenting a setback. Though slow progress is being made in the introduction of electric cars as people…

Flight cancellation insurance is no longer automatic in EU

July 22, 2012July 22, 2012 Dan

European court has ruled that the coverage can no longer be a default setting. The European Union’s top court has ruled that flight cancellation insurance can no longer be a default setting on websites that sell airline tickets for online purchase. The coverage must be available only as an opt-in option. The Court of Justice, located in Luxembourg, has stated that the “buy flight cancellation insurance” box on websites selling plane tickets must be actively clicked by customers if they want the coverage. It cannot be pre-selected so that customers…

Wildfire insurance claims in Colorado approach $500 million

July 20, 2012July 20, 2012 Dan

High Park and Waldo Canyon fire victims have already started making their filings. Wildfire insurance data from the Rocky Mountain Insurance Information Association has indicated that the claims from victims of the High Park and Waldo Canyon wildfires will generate payouts of almost $450 million from insurers. This estimate is preliminary, as the claims process is just getting started. Insurers have begun looking into the tallies of the losses from personal property and home damage from the fires that caused destruction to over 600 houses in El Paso and Larimer…

Amerigroup acquired by WellPoint health insurance

July 16, 2012July 16, 2012 Dan

The purchase will be for a reported $4.5 billion to play a bigger role in the expansion of Medicaid. WellPoint Inc., the health insurance company, has announced that it will be purchasing its rival Amerigroup Corp., for $4.46 billion, in a play to take a bigger part in the Medicaid expansion. This buyout was announced not long after the Supreme Court upheld the healthcare reforms The Affordable Care Act is expected o increase the number of Americans covered by health insurance by an estimated 30 million people. According to a…