In October of last year, the Federal Insurance Office (FIO) issued a request for commentary on how to modernize health insurance regulations. The commentary period ended in December with the agency receiving more than 150 suggestions on what to do. Now, the FIO is using the comments it has received to help build a report regarding the regulatory system in the U.S. When completed, the report will be given to Congress and used to help plan a course of action for the future. Michael McRaith, director of the FIO, attended…
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Trustmark Life Insurance clashes with federal regulators over higher insurance rates
Trustmark Life Insurance Co. has run afoul of federal insurance regulators who claim that the company has raised rates for health insurance to unreasonable levels. The insurer has raised rates in five states by at least 13%, according to the Department of Health and Human Services. These states are Arizona, Virginia, Wyoming, Pennsylvania and Alabama. The Affordable Care Act requires insurers to submit their rate proposals for federal review if they pass the 10% mark. The Department of Health and Human Services has ordered the insurer to rescind the rate…
Read MoreING Group to abandon plans for combined insurance and investment operations in Europe and Asia
The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…
Read MoreA.M. Best Co. releases updated outlook for American health insurance sector in 2012
A.M. Best Co. has issued a briefing that provides a revision on its initial outlook for the United States Health Insurance sector in 2012, raising it from being negative to being stable. Last year at this time, A.M. Best had confirmed its negative forecast for that sector, primarily over worries about the capability of that sector of the insurance industry to be able to put into place and maintain the various requirements for the Patient Protection and Affordable Care Act (PPACA), in addition to concerns over the chance that there…
Read MoreCover-All Technologies acquires BlueWave Technology
The Delaware-based Cover-All Technologies Inc., has announced that it has acquired BlueWave Technology’s assets, including all of its innovative software solutions for insurance claims, called PipelineClaims. The acquisition was made in cash and came into effect as of December 30, 2011. The browser-based software solution for claims administration will now be marketed by Cover-All as both a fully integrated component into its existing products for Policy and Business Intelligence, and as a standalone product. This way, Cover-All hopes to be able to provide its customers will a full function, fully…
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