The Self-Insurance Institute of America (SIIA) is challenging a new law in Michigan that would impose a 1% tax on paid health insurance claims beginning January, 2012. According to the law, the money collected from the tax will go to the state’s Medicaid program. The program would use part of the money to help cover the cost of claims and administrative fees stemming from participating insurance companies. The tax would generate $400 million in annual revenue for the state, but the Self-Insurance Institute claims that it violates federal law. According…
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Can drivers use their vehicles without auto coverage?
Many drivers wonder if it’s legal to use their cars without any insurance, and the answer is that it is possible to do so in many states, as long as those drivers also have a very large amount of cash. In Ohio, as long as you carry a form of proof of financial responsibility, you are legally allowed to drive without any car insurance. To do this, you must either make a deposit of at least $30,000 with the state treasurer, or you must purchase a bond worth at least…
Read MoreA.M. Best to sponsor Annual Self-Insurance Institute of America’s National Education Conference and Expo
A.M. Best Company, a credit rating and financial data and services company operating in the insurance industry, will be sponsoring the 31st Annual Self-Insurance Institute of America’s National Education Conference and Expo. The conference will be held between October 9 and 11 of this year in Phoenix, Arizona. The annual event attempts to broaden the knowledge of self-insurance within the insurance industry as a whole. This year, the event will be focused around the future of self-insurance and how the marketplace is being shaped by new trends. Self-insurance is a…
Read MoreNew Hampshire regulators to receive federal grants to improve state’s insurance system
New Hampshire insurance regulators are set to receive $3.56 million in federal grants over the next three years in accordance with the federal health care law. The state’s Insurance Department is welcoming the money with open arms, hoping to utilize the funds to help some of the regulatory shortfalls that have befallen the state in recent years. While regulators have yet to determine the breadth of their plans for the funds, officials have noted that some of the money will be used to instill more transparency in the state’s insurance…
Read MoreChicago state employees may see their health insurance contracts extended as legislators battle over authority
Public employees and retirees in Chicago may have their temporary health insurance plans extended a full year, pending the results of a legislative panel. Lawmakers will convene on August 16 to determine whether insurance coverage for state employees should be extended. The plans were initially issued by the state government to provide state employees with health care while legislative disputes raged on, threatening to leave them without any coverage. As the political disputes erupted, public employers were told that their insurance plans would continue for another 90 days while lawmakers…
Read MoreAs one door closes, another opens: NASA seeks insurance coverage for commercial space faring initiatives
As NASA’s space shuttle program comes to an end, many insurance companies are eyeing the birth of a new commercial industry: Space tourism. Insurers have covered the space program since its inception, but now that NASA will no longer be launching expeditions into space as part of a federal project, the agency is looking to turn the program into a freelance affair. This shift toward a commercial market has got many insurers intrigued as a new opportunity for business emerges from the horizon. This week, NASA’s last official shuttle will…
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