Insurance fraud news made when two men in Spain cut off their hands to collect

Insurance Fraud cut off hand

The scammers were nearly successful except that they did the damage too neatly and cleanly. Two men in Spain who were hoping to collect up to $3.1 million in insurance fraud, cut off their own hands in order to be able to make an dismemberment claim, but were caught because their amputations were performed too well. The men acted in two completely separate and unrelated incidents but each had a similar plan. Unfortunately, this type of instance of insurance fraud is growing in the country, as Spain continues to be…

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Disability insurance refunds coming to New York

Disability Insurance

New York acquires refunds for disability insurance policies New York Governor Andrew Cuomo has announced that Zurich American, a leading insurance firm, will be providing refunds to disability insurance policyholders throughout the state. The refunds come due to Zurich running afoul of a state regulation that requires the insurer to pay no less than 60% of the premiums it collects on claims. Zurich was unable to meet this standard and will begin issuing refunds on disability insurance policies over the next month or so. Refunds signify strong regulatory action Governor…

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Workers compensation overhaul proposed by Tennessee governor

Tennessee workers compensation Insurance companies

Gov. Haslam has declared his intentions to reform the system within the state. Tennessee Governor Bill Haslam has announced that he will be dedicating himself to overhauling the workers compensation coverage system in the state. This is an area that has held the governor’s attention for some time and he has chosen now to make the changes. Governor Haslam’s administration has now proposed changes to the laws for workers compensation within Tennessee. These proposals suggest that an independent agency should be created in this sector. The purpose of that agency…

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Workers compensation marketplace in Florida retails solid standing

Workers Compensation Insurance

The state’s insurance for injured employees remains strong despite weakness in other parts of the country. The annual report providing data on the condition of the workers compensation insurance marketplace in Florida has now been released, and it has shown that the market in that state is still holding strong and is maintaining its competitive status. This report was initially released on Wednesday to provide insight into this marketplace. It was issued by the Office of Insurance Regulation in the state. That office pointed out that the premiums that employers…

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Aetna faced with fine from Washington regulators

aetna faces insurance fine

Aetna facing $1 million fine for faulty policies Insurance giant Aetna has run afoul of regulators in Washington. Insurance Commissioner Mike Kreidler has announced that Aetna has been fined $1 million for issuing more than 7,000 policies in the state to residents that faced premiums  that were never approved by state regulators. Regulators suggest that many of these policies did not live up to the state’s legal requirements, thus were never official and introduced significant risk to consumers that held these policies as well as major financial stress. Policies do…

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Workers compensation payouts have exploded by 26 percent since 2007

Workers Compensation insurance

Over the last five years, the total amount of money received by injured employees in Oklahoma is way up. According to a Tulsa World review based on the cases that reached the Workers Compensation Court in Oklahoma over the last five years, the total amount of money that has been received by injured employees has skyrocketed by 26 percent. This has been a costly increase to employees and insurance companies during this time. The analysis showed that today’s employers and workers compensation insurance companies have had to pay out approximately…

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Workers compensation study draws attention from NC employees

workers compensation North Carolina State Legislative Building

Those hired by the state in North Carolina are seeking to participate in upcoming research. Employees of the state of North Carolina, as well as their advocates, have announced that they feel that their voice should be included in research that will help in the planning of their workers compensation plans for the future. They have said that they deserve to be able to contribute in the plans for their upcoming coverage. The study in question is one that legislators in the state will be using for the creation of…

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Disability insurance struggles arising from application increase

Disability Insurance

As a growing number of Americans seek assistance, the program is facing serious challenges. It is now being estimated that the Social Security Administration’s funds to cover the costs of disability insurance will have been entirely spent in four years’ time. This will mean that the benefits will shrink for over 9 million disabled workers and their families. Income taxes will be providing enough money for only 79 percent of the disability insurance benefit, which will mean that – assuming the same number of individuals remain covered by the program…

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Auto insurance fraud under attack in California following $1.3 million grant

California Auto Insurance

A Contra Costa district attorney has directed the funds toward an aggressive effort. According to the district attorney in Conta Costra, California, officials will now be establishing an investigation into workers’ compensation, disability, health care, and auto insurance fraud, with the assistance of a state grant worth $1.3 million. The announcement explained that these funds will help in both investigations and prosecutions. The Contra Costa County District Attorney’s Office, and the California Department of Insurance made the announcement through District Attorney Mark Peterson, saying that the grand money would be…

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Disability insurance could cost Canadians $600 million to repay veterans

Cost sharing health plan makes insurance news

The ruling to compensate disabled vets for their military pensions comes with a high price. The recent ruling that the Canadian government must compensate veterans with disability insurance payments as a part of their military pensions with retroactive payments that span back nearly four decades could be an extremely costly one. The internal estimates produced by the government have shown that this could cost $600 million. They have also stated that this figure may be on the low side of the scale. At the end of last week, the attorneys…

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