Live Insurance News

New York health insurance exchanges has more than 2 million people enrolled

February 9, 2015February 7, 2015 S.Vagus

State’s insurance exchange manages to reach a new milestone this year New York’s health insurance exchange has reached a new milestone. According to officials with the New York State of Health, which is the state’s exchange marketplace, some 2,004,827 people have enrolled for health insurance coverage. Exchange officials note that 89% of those signing up for insurance through the exchange had no previous coverage. Governor Andrew Cuomo suggests that this is a major step forward in the state’s continued efforts to make health insurance coverage more available. Many people enrolling…

Insurance news made with Falcone fund manager ban

October 11, 2013October 8, 2013 G. Turner

U.S. regulators have banned him from the coverage and securities industry for five years. The latest insurance news has just been released, revealing that Philip Falcone, the hedge fund manager, has now been banned by U.S. regulators from the securities industry for a period of five years. Further bans were also put into place beyond this wide reaching one, in New York. The bans making the insurance news also include prohibiting Falcone from any decision making roles at a unit of his firm, Fidelity & Guaranty Life Insurance. This, according…

Insurance news from New York Governor makes steps to accelerate Sandy claims

December 3, 2012December 1, 2012 H. Cutner

New York Governor Andrew Cuomo Insurance News

Gov. Andrew Cuomo has met with the state’s leading insurers to make important changes. As New York continues to battle with the aftermath of superstorm Sandy, the state is making insurance news by hacking its way through bureaucratic red tape in order to help the 360,000 victims of the storm to receive faster payments. A new online system is also being created in order to help gauge the performance of insurers. This insurance news is notable because the online system will allow insurers to be graded based on their response…

New York to build health insurance exchange after executive order is issued

April 13, 2012May 28, 2012 Marc

New York health insurance system gets the go ahead With the current fate of the federal Affordable Care Act unknown, many states have slowed down in making progress on complying with the law’s various provisions. One provision in particular concerns the establishment of health insurance exchanges in each state. These exchanges are meant to help lower the cost of health insurance coverage by increasing competition amongst insurers. The initiative has been somewhat popular amongst consumers and some insurance companies, but state lawmakers have been divided on the issue since the…

Allstate sues 10 New York area defendants for $5 million in insurance fraud

August 25, 2011August 25, 2011 Julie Campbell

Allstate Insurance Company has filed a lawsuit against 10 defendants in the New York area in order to help to recover $5 million in fraudulent insurance claims. This is the company’s fourth lawsuit of this nature this year. The complaint includes specific mention of five medical professional corporations, a physician, one corporation, and three individuals who are not physicians. Thirty one fraud lawsuits worth over $170 million in damages have been filed by Allstate in the state of New York since 2003. New York state is a hotbed of insurance…

Governor Cuomo’s recommendation for merger

March 1, 2011 Nordstrom

Governor Andrew Cuomo of New York recently proposed a state budget in which some money would be allocated towards a proposed agency that combines the insurance regulatory departments and existing banking departments. His 2011-2012 budget recommends a $564 million allotment for the new DFR or Department of Financial Regulation. This reflects an approximate net increase of $6.4 M which is 1.1% over the 2010-2011 combined budgets of both insurance and banking departments. The newly managed DFR would be located in New York and Albany, merges the operations, functions, as well…