California warns consumers to get health insurance coverage or face federal fines

california Anthem health insurance

Covered California is encouraging consumers to purchase health insurance coverage California’s health insurance exchange is about to emphasize the potential fines that consumers could face by remaining uninsured. Covered California officials are warning consumers that the open enrollment period will be coming to an end soon, which means that those without health insurance coverage will face fines from the federal government for being uninsured. In order to help people avoid these fines, the state’s insurance exchange, which is the largest state-run exchange in the country, is taking steps to raise…

Read More

Auto insurance firm hit with $27.6 million fine

teen auto insurance

Mercury Insurance is being ordered to pay a large fine for wrongful fees issued to consumers The California Department of Insurance has ordered Mercury Insurance, one of the state’s largest auto insurance providers, to pay some $27.6 million in fines for allegedly charging consumers wrongful fees. This represents the largest fine issued against an auto insurance company in the state. Insurance Commissioner Dave Jones ordered the fine, accusing the insurer of charging broker fees that it did not approve of to begin with. Mercury Insurance believes that the fine is…

Read More

Help is on its way for health insurance confusion at tax time

health insurance disclosure tax penalty

Private tax services and federal officials are already assisting consumers in filing before the April deadline. The confusion that is expected to result from the health insurance requirements that started last year is not going to leave taxpayers without a way to know that they have filed properly, as federal officials and private tax preparers have already begun offering assistance to consumers. This support is meant to make sure that questions will be answered ahead of the April deadline for tax filing. For approximately 75 percent of taxpayers across the…

Read More

Cyber insurance helps Sony recover from major attack

cyber insurance industry

Sony Pictures was rocked by a major cyber attack last year Last year, Sony Pictures was the victim of a major cyber attack that has been called the most destructive event of its kind on a U.S. company. The attack saw a massive amount of personal information exposed to the public, including information concerning the company’s production schedule and the information of millions of consumers. The attack was blamed on hackers in North Korea, and the event was tentatively tied to the release of the movie “The Interview,” which Sony…

Read More

Insurance industry is growing more competitive for independent agents

business insurance industry agent

Accenture releases report highlighting market disruption for insurance agents Accenture, a multinational management consulting and technology service firm, has released a new report that shows that independent agents in the insurance industry are not immune to digital disruption. The report makes not of changes in consumer behavior, the emergence of new technology, and the ongoing evolution of the insurance industry itself as potential threats to independent agents. Moreover, these agents see serious issues emerging in the market that could introduce some turbulence to their business. Digital sales are creating some…

Read More