Nearly all nonprofit health insurance co-ops are shutting down

Nonprofit health insurance co-ops - Stethoscope

Of the approximately two dozen that existed during the first few years of ACA, only 3 will soon remain. In the early days of the Affordable Care Act (ACA), there were about two dozen nonprofit healthy insurance co-ops. However, now that New Mexico Health Connections announced it will be shutting down at the close of 2020, that number will fall to only 3. Among the three remaining, one is in Maine, one is in Wisconsin and one is in Idaho and Montana. That last of the nonprofit health insurance co-ops…

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Broadway giant Jujamcyn Theatres sues insurers over pandemic payouts

Jujamcyn Theaters - Image of the interior or a theater

The company operates big-name theaters and is suing two insurers for the size of the payments. Jujamcyn Theaters, operator of the homes of top shows such as “The Book of Mormon”, “Moulin Rouge: The Musical,” “Hadestown”, and “Mean Girls,” is suing its insurance companies. The insurers named in the lawsuit include the Pacific Indemnity Company and the Federal Insurance Company. According to the Jujamcyn Theaters filing, the insurance companies paid only $250,000 for covering what it alleges should be “tens of millions of dollars” in losses associated with the pandemic…

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NY Gov Cuomo announces insurance fraud action against opioid manufacturers

Insurance fraud action - Pills - drugs

The state department of financial services filed the charges against internationals Allergan and Teva. New York Governor Andrew Cuomo announced that the Department of Financial Services (DFS) has filed insurance fraud action against international opioid manufacturers Teva and Allergan. The DFS’ filing claims that the firms engaged in dubious marketing strategies for their drugs. The insurance fraud action alleges that Teva and Allergan had engaged in fraudulent marketing and promotional campaigns. Those campaigns, said the filing, misrepresented the effectiveness and safety of opioid drugs in order to broaden the opioid…

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Tesla car insurance program is headed out of California and into China

Tesla car insurance program - Tesla electric vehicle

The electric carmaker’s own coverage is launching a new business unit outside the US. The Tesla car insurance program is beginning its business expansion beyond California and is taking its firs steps into China. The electric automaker launched the coverage in California last year to make policies cheaper. The Tesla car insurance program has remained available exclusively to drivers of the brand’s own vehicles who reside in California. The goal at the launch of the policies was to make premiums 30 percent cheaper than the competition. The company is now…

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Worldwide commercial insurance rates rise 19 percent in Q2 2020

Commercial insurance rates - hand - statistics

The COVID-19 coronavirus pandemic crisis and other sizeable losses played a role, says Marsh research. Worldwide average commercial insurance rates rose by 19 percent during this year’s second quarter, says the Global Insurance Market Index issued by Marsh. The broker and risk adviser recorded the largest premiums hike since the index began in 2012. The commercial insurance rates increase follows other substantial year over year average increases. In Q1 2020, there was a 14 percent rise, and in Q4 2019, there was an 11 percent rise. As was the case…

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Massachusetts insurance enrollment remains strong as unemployment spikes

Massachusetts insurance enrollment - American Flag, money and stethoscope

The state has the country’s worst unemployment rate, but residents are keeping up their coverage. Massachusetts insurance enrollment has remained strong despite the state’s unemployment rate, which is currently the worst in the United States. New data has revealed that despite losing their jobs, consumers have kept their health plans. The Center for Health Information and Analysis (CHIA) revealed new data last week which showed that overall Massachusetts insurance enrollment stayed essentially stable through May. At that time, there were more than 6.4 million residents of the state covered by…

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New York Uber and Lyft drivers win battle for unemployment insurance benefits

Unemployment insurance benefits - Uber and Lyft drivers

The ride hailing drivers sued the state in May and a federal judge has now ruled in their favor. Lyft and Uber drivers recently won the right to receive unemployment insurance benefits immediately. The ruling was made by a federal judge who determined that the New York Department of Labor had taken too long to issue payments. The ruling was made by U.S. District Judge LaShann DeArcy Hall in Brooklyn this week. The judge cited a backlog of claims was occurring from ride-hail drivers who sued New York state in…

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