Connecticut officials are warning consumers of health insurance scams

Connecticut health Insurance

Insurance Department tells consumers to beware of phone scams The Connecticut Insurance Department is warning consumers to beware of phone scams from those claiming to represent health insurance organizations. These scams have become fairly common during the open enrollment season for insurance exchanges. During these times, many consumers are either looking for new policies or to renew their current health insurance policies that they acquired through exchanges. These consumers are being targeted by scams that seek to profit during the open enrollment period. Phone scams are seeking to exploit consumers…

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Connecticut aims to put price optimization to rest among homeowners insurance companies

Connecticut liability insurance

Homeowners insurance sector is attracting controversy due to the use of price optimization The Connecticut Department of Insurance has begun warning insurance companies against using a controversial pricing method that relies heavily on consumer buying habits. The insurance industry is meant to use actuarial or risk-based principles to price the coverage being provided, but many insurers have been found to be using price optimization, which could be placing consumers under a great degree of financial stress. Such practices have been found in various sectors of the insurance industry and more…

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Insurance industry praises proposed change to Connecticut tax plan

Connecticut Governor Dannel Malloy

Revised tax plan could reduce financial strain on insurance companies Insurance companies in Connecticut are praising a proposed tax change that could result in some financial breathing room. Governor Dannel Malloy and several other lawmakers have proposed a significant change to a tax plan that would have placed the insurance industry under greater financial pressure. The tax plan does not target the industry specifically, but it would have an impact on insurers as the tax plan has to do with data processing. Original tax plan had called for an increase…

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State agency modifies health insurance rate increase proposals

Connecticut health Insurance

Connecticut Insurance Department modifies some proposals, rejects others The Connecticut Insurance Department has modified rate proposals from health insurance companies for policies that will offer coverage in 2015. The agency has modified rate proposals from some of the state’s largest insurers, including Aetna and UnitedHealthcare. Some rate proposals were rejected, while insurers were required by the agency to change their proposals in order to reduce the financial pressure that consumers experience from the coverage. Some of the rate proposals that the agency has modified have to do with policies that…

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Connecticut regulators deny rate proposals from two health insurance companies

Connecticut health Insurance

Regulators deny insurers the ability to raise rates on 2015 policies The Connecticut Insurance Department has denied rate increase proposals from two insurance companies that had sought approval to raise premiums by at least 12% in 2015. One of the companies seeking an increase in premiums was Anthem Blue Cross, which had wanted approval to increase its rates by an average of 12.5%. State regulators have deemed this request “excessive” and denied the proposal, requiring the insurer to submit a new rate proposal for policies it plans to sell in…

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Flood insurance costs continue to rise in Connecticut

fema flood insurance law

Homeowners are facing the real possibility of having to pay more for their flood protection Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in…

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Health insurance fraud spikes as exchanges go live

Health Insurance rate increases

Health insurance regulators are combating a tide of fraud Health insurance exchanges throughout the U.S. have proven popular with consumers, but many people may be at risk of falling victim to fraud and misleading tactics by those that seek financial gain. The New Hampshire Insurance Department has sent a cease and desist letter to an insurance brokerage based in Arizona this week. The company is being accused of misleading New Hampshire residents into thinking that it represented the state’s health insurance exchange. The company’s website has since been taken down,…

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