Tag: insurance legislation

California workers compensation insurance overhauled

Nordstrom
California Insurance Commissioner rejects workers compensation rate hike for the third time

Governor signs workers compensation insurance legislation into law California Governor Jerry Brown has signed into law a legislation that will increase the disability insurance benefits workers receive if they are injured on the job. The legislation aims to provide workers with benefits more fitting to the rising costs of worker’s compensation insurance premiums. These premiums have been growing in California, largely due to the growing costs of medical care associated with workplace injuries and the prevalence of fraud. The legislation was approved by the state Legislature last month, but was…

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Unemployment insurance costs in Idaho continue to grow

Nordstrom
Unemployment Insurance

Employers face high unemployment insurance costs due to fraud Employers in Idaho are confronting higher unemployment insurance costs, which may be due to fraudulent benefits, according to the state’s Department of Labor. The agency is now looking to reclaim more than $20 million in misappropriated benefits that have been acquired through fraud. The prevalence of fraud has caused the state’s unemployment insurance costs to skyrocket, putting pressure on employers, some of whom may not be able to afford further boosts in prices. Idaho unemployment fund still under pressure Idaho’s unemployment…

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Legislation seeks to put an end to clawback insurance

S.Vagus
aetna faces insurance fine

New bill could prevent insurers from providing protection against clawbacks Financial firms may no longer be able to purchase insurance policies that provide them with protections against civil penalties or compensation clawbacks  if a new legislation introduced by Representative Barney Frank is successful. Clawbacks have become a somewhat popular form of censure for executives looking to reclaim compensation from one another. This practice can sometimes be damaging to an individual’s finances, a possibility that has spawned its own form of insurance coverage. Representative Barney Frank believes that clawbacks are an…

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Alabama Legislature blocks health insurance exchange bill

S.Vagus
Alabama Health Insurance

Legislative roadblocks keep exchange from moving forward As time goes by, more states are working to develop their mandatory health insurance exchanges. These insurance marketplaces are required by the Affordable Care Act, and each state must have a fully functioning, self sustaining exchange in place by 2014. Though the fate of the Affordable Care Act is currently pending a ruling from the Supreme Court, states have been working to comply with the law in order to avoid intervention from the federal government. In order for states to move forward with…

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Missouri Department of Insurance releases report concerning 2011 natural disasters

The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…

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