Insurance companies ask for more time

Insurance companies are asking President Obama and his administration to slow down with their up and coming decision on if the industry, along with non-banking financial companies, warrant further scrutiny. The administration is eyeballing the market as being deemed as a potential risk to the financial standing of the country, along with banks, and should be put to higher standards in hopes to avoid the same financial meltdown of 2008. According to the insurance industry, they would like the Treasury Department to hold the finalization of these rules and wait for…

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Crack down on auto insurance cheats

The Independent Democratic Conference wants to target what they call “auto insurance cheats,” and hold them accountable for supposed wrongdoings. The IDC wants to crack down on rate evasion, in which drivers living in areas whose auto insurance rates are high register their vehicles out of state to take advantage of cheaper coverage. Diane Savino, Senator of Staten Island, decried the practice as “an illegal and costly scam.” She claims that rate evasion steals nearly $1 million in revenue for the state each year from registration and other fees. Savino…

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New Data Protection Insurance

With the world continuing to move into a more technologically driven future, the threat against virtual security is becoming much more prevalent. In the medical field, changes are being made to move patient records into electronic data bases and that means that they will become susceptible to hackers. As a result of this many insurance companies are beginning to offer protection for physicians and their patients, known as data breach protection. When a data breach incident occurs, physicians are required by law to report the happening to a PR agency,…

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New York’s fire department proposes unpopular “Crash Tax”

The Stanton Island City Council has been pushing around a new proposal that is being referred to as, “crash tax”. This new fee will be assessed to both drivers, whether at fault or not, and can become effective as early as this July. The FDNY will charge $490 to each driver involved in accidents resulting in injuries, $415 for vehicle fires and $365 for just showing up. In a statement from FDNY spokesman Steve Ritea, “The intention here is to take the burden off of taxpayers and make the parties…

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Insurers change of view on electronic medical records

Medical liability insurance firms who were once excited about the benefits of EMRs(Electronic Medical Records) have now changed stance because of the possibility of the rise in claims as people and medical personnel adjust to the technology.  An EMR is a computerized medical record on a local health information system that stores and retrieves patients medication and procedure history. This technology was looked upon as a means of providing better patient safety, as insurance market research firm Conning Research and Consulting published in its study, which prompted medical insurers to…

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“Forced Placement” insurance rates are through the roof

“Forced placement” is when a lender buys a policy for a borrower at premiums that can significantly increase the price of insurance.  If you fail to renew your own homeowner’s insurance and the lender finds out, they will automatically purchase this coverage for you.  The new coverage is more expensive and doesn’t have the same coverage as your homeowner’s policy would. J. Robert Hunter of the Consumer Federation of America, feels the problem began because lenders and insurance companies have “set up sweetheart deals… and get all sorts of kickbacks.”…

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