Live Insurance News

Life insurance business in Taiwan being sold by Manulife

August 6, 2013August 3, 2013 G. Turner

The company has announced that it will be ending the relationship that they have had in the country for 11 years. Manulife Financial Corp. has now announced that it will be ending an 11 year life insurance business relationship in Taiwan, and that it will be selling this business for about $25 million. The company has already found a buyer for this unit, and the acquisition processes are underway. CTBC Life Insurance Co., Ltd., will be purchasing this business from Manulife. It is the insurance arm of a large Taiwan…

Illinois health insurance companies seek to circumvent federal law

August 6, 2013August 3, 2013 Nordstrom

Acts of health insurance providers create drama with state regulators Drama has erupted in the insurance industry in Illinois. The state’s Department of Insurance has taken issue with an action that many of the state’s largest health insurance providers plan to take in order to avoid federal reforms for an entire year. Per the Affordable Care Act, insurers will not be able to charge higher rates for women, those with pre-existing conditions, and other demographics beginning January 1, 2014. In an attempt to sidestep these new regulations, many of the…

Insurance news made when a settlement was paid entirely in quarters

August 6, 2013August 3, 2013 Julie Campbell

A prominent businessman in Illinois disagreed with the payout from his son’s auto policy and retaliated in a unique way. In retaliation for what an Illinois businessman felt was not a fair outcome in an auto payout following the death of his son, he is making insurance news by paying a portion of the final settlement using thousands upon thousands of pounds of quarters. This, according to one of the attorneys who was involved in the auto payout case. The attorney, Douglas Dorris, provided confirmation that when Roger Herrin came…

Insurance fraud charges laid against ex-NFLer

August 5, 2013August 3, 2013 H. Cutner

Byron Frisch is now one of a group of four people who have been charged with this multimillion dollar scam. When four people were charged with having orchestrated a massive, $50 million insurance scam, it wasn’t long before it was revealed that former NFLer Byron Frisch was among them. The charges allege that the ex defensive lineman and his colleagues had been involved in an extensive wire and mail scam. Byron Frisch was a defensive lineman and he and his alleged partners in this scam have been charged with conspiracy…

Health insurance exchange in Maryland loses Aetna plans

August 5, 2013August 3, 2013 G. Turner

The giant insurer has announced that it is withdrawing its policies from the state marketplace. Aetna has revealed that it feels that the approved rates in Maryland are not feasible, as it scrutinizes the offerings it has across the rest of the United States, and has now canceled its intentions to sell health insurance within that state’s exchange. The marketplace is slated to open on October 1, 2013 in order to comply with the federal healthcare reforms. The intention to sell health insurance plans as a part of the new…