California insurance market third largest in the world

California insurance market - Flag of America and of California

The state’s insurers collect $332 billion in premiums every year, said the commissioner. The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones. This figure brings the state to the position of being the third largest market in the world. The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale…

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California insurance exchange seeks to boost Latino participation

Latino hispanic health insurance

Efforts have been boosted to help to encourage this community to enroll in health plans through the online marketplace. Agents are finding that while the health insurance exchange in California has been designed to help residents of the state to be able to find the coverage that they need at a price that they can afford, and yet it remains a tough sell for many people. The primary struggle is in interesting Californians and motivating them to actually take part. According to some agents, this can be especially challenging in…

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California health insurance exchange is shrinking

los angeles california health insurance

Exchanges are adding new carriers in many parts of the US, but not in California Insurance exchanges in some states are adding new carriers that will be supplying coverage to consumers beginning in November of this year. This coverage will go into effect on January 1, 2015. California is one of the only states whose exchange did not welcome a new carrier this year. Covered California, as the state’s exchange is called, is experiencing a somewhat unique problem in the availability of health insurance coverage. The state’s exchange is becoming…

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Legislation in California raises questions about health insurance coverage

California Health Insurance

Regulations targeting insurance rates could put Covered California in a precarious position New regulations targeting health insurance rates in California are raising questions about the state’s insurance exchange, Covered California. The Insurance Rate Public Justification and Accountability Act is set to be included on the November ballot. If approved by voters, it would go into effect on November 5 this year, 10 days before the state’s insurance exchange begins its second open enrollment period. The legislation would have an impact on the cost of the policies sold through the exchange, but…

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Health care reforms too expensive for California State students

College Students Health Insurance

Uninsured students are claiming that they’d like to purchase the coverage but it costs too much. According to the results of a poll that were recently released, students from California State University would like to be able to sign up for coverage under the health care reforms, but they believe that it is too expensive. The survey showed that this is the primary reason that students there have avoided enrollment so far. The research involved the responses of 836 students from the university, among whom at least 80 percent said…

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Life insurance settlements in California reach $763 million

Life Insurance

So far, there have been 11 insurers that have joined into the multistate agreement to pay. According to John Chiang, the California State Controller, there have been 11 life insurance companies that have now signed the multistate settlements for unpaid benefits of up to $763 million. These settlements were the result of a half decade investigation conducted by Mr. Chiang and his team. This investigation looked into the compliance that the life insurance industry has maintained with the unclaimed property laws in California. What his research revealed was that companies…

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Health insurance prices in California announced

health insurance promotion

Consumers can now start to understand what they will be paying when the Affordable Care Act is implemented. California has now released the price that consumers will be paying for a number of health insurance plans that will be offered through the state’s exchange as a result of the Affordable Care Act, which will go into full effect in 2014. These newly released prices offer a glimpse of what the coverage will cost in the rest of the country. Within the federal healthcare law overhaul, Americans who are not able…

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Bills introduced to address health insurance issues in California

Governor Jerry Brown - California health insurance

California lawmakers look to provide consumers with more protection in the health insurance sector California lawmakers have introduced two bills to Governor Jerry Brown this week. Each of the bills is awaiting Brown’s approval, which lawmakers expect to come in short order. The bills are meant to provide consumers with more protection in the health insurance sector, preventing insurers from refusing coverage for those with pre-existing medical conditions and prohibiting the limitation of coverage or excessive charging for coverage of older consumers. The legislations are also meant to make the…

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Health insurance in some parts of California may be on the rise

California Health Insurance

Bay Area residents may experience hikes in their premiums for their coverage next year. Consumers living in the Bay Area could potentially experience increases to their health insurance premiums, say some industry experts, if new proposals are all to pass by lawmakers in the state. The federal healthcare law is currently being interpreted by lawmakers and could lead to some added cost. Though some have predicted that there could be health insurance rate increases by as much as 20 percent, others don’t believe that the increases will be anywhere near…

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Insurance news from California insurer involves massive policy payments

Funeral insurance makes insurance news headlines

A Texas funeral policy company must pay out $25 million to its customers. A recent settlement in California has made insurance news as it has caused an insurer based in Texas to have to issue payments of $25 million in funeral policies to its customers. Officials in California have just reached this agreement with Forethought Group Inc. Forethought Group is a financial planning company and insurer that has been selling end-of-life and retirement planning. It underwent an audit in 2008, which identified an issue with the processes of the company,…

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