Kansas Insurance Department struggles with financial woes

February 6, 2014February 3, 2014 S.Vagus

State agency faces a troublesome financial issue that could cause regulatory problems The Kansas Insurance Department has encountered a serious financial problem. A trend in which state legislators would waive the fees that insurance companies must pay the Insurance Department has left the agency’s regulatory fund empty. Now, the agency is seeking approval from the Kansas Legislature to increase the fees that insurers must pay to operate in the state. Senate Bill 322 has been introduced in order to provide the agency with the power to increase these fees when…

Michigan insurance news – no-fault fund transparency

January 9, 2013April 30, 2013

Every car in Michigan pays a $175 yearly fee to the Michigan Catastrophic Claims Association. In recent insurance news, one Judge in Ingham county decided that the public fund should be open for review so residents can understand how the fund sets the annual rate. No-fault and catastrophic loss The MCCA was created by state legislation to help Michigan insurance companies that pay out more than half a million in claim money to people in car accidents and suffer life altering injuries. This limit is for individual claims. Residents have…

New insurance fee to pay for medical treatment studies

December 29, 2011December 29, 2011 Julie Campbell

Beginning in 2012, there will be a new federal fee applied to health insurance policies which will be applied to research studies that will help to determine which types of treatments, tests, procedures, and drugs are the most effective. The purpose of these medical studies is to identify whether new tests and treatments truly are as effective as their less expensive generic counterparts. This is a portion of the Obama administration’s health care law that has not received as much hype as other elements such as the state insurance exchanges.…