Live Insurance News

Judge orders insurance companies to submit records from Superstorm Sandy

January 1, 2015December 30, 2014 Julie Campbell

The purpose is to help to determine whether or not damage reports had been edited by engineering contractors. An order has now been issued by U.S. Magistrate Judge Gary Brown to insurance companies that requires them to submit massive quantities of additional records related to the damage investigated following Superstorm Sandy, which could help to find out whether or not engineering contractors had edited the reports that they had made in order to inaccurately reduce the payouts that were issued to hundreds – or possibly thousands – of victims of…

Health insurance shopping deadline in New York gets 5 day extension

December 16, 2014December 13, 2014 Julie Campbell

Residents of the state now have a little bit more time to be able to shop for their coverage. New Yorkers can now breath a little bit easier because they have just received an extension of five days for the deadline by which they must either purchase or renew their health insurance coverage through the state’s exchange. The deadline for enrollment through the online marketplace is now December 20 for coverage starting with 2015. This additional five days could make all the difference for many people who find this time…

New York law helps ensure the longevity of life insurance benefits

December 3, 2014December 1, 2014 S.Vagus

Governor Cuomo signs legislation focused on life insurance coverage into law A new law in New York will ensure that consumers will get to keep their life insurance policies if their issuing insurer goes out of business. The legislation was signed into law by Governor Andrew Cuomo, who believes that the law is necessary to ensure that consumers retain the coverage that they rely on. Typically, if an insurance company goes out of business, the policies it was responsible for become void, unless they are purchased by another insurance provider.…

Insurance company AIG to pay $35 million fine

November 3, 2014November 1, 2014 Julie Campbell

AIG Insurance company CEO - Building in Manhattan

The American International Group will be paying the penalty to the New York industry regulator. The American International Group insurance company is now required to pay a $35 million penalty for the violations of its former subsidiaries that had been selling coverage without a license in New York. This, according to a statement issued by the New York State Department of Financial Services. According to the statement from the department, former units of AIG had not only been selling within the state without proper licensing, but they had also been…

New York help line helps resolve problems with health insurance

October 10, 2014October 7, 2014 S.Vagus

Help line established in New York helps consumers voice their complaints about the insurance idnustry A help line established by the New York Attorney General’s Office has helped return millions of dollars to state residents that have been overbilled on their health insurance policies or were denied benefits by their insurer, according to Attorney General Eric T. Schneiderman. The help line was put in place in 2011, giving New York residents an opportunity to voice their concerns regarding insurance companies and how they conduct business. More than $12 million returned…