Live Insurance News

Life insurance policies that went unpaid in Minnesota lead to another settlement

May 18, 2013May 25, 2013 G. Turner

Prudential has agreed to pay a penalty of $14 million to compensate for the payments it did not make. Following a Department of Commerce review of Prudential life insurance policies in Minnesota in which no claims had been made following the deaths of the policyholders and where no benefits had been paid out, the insurer has agreed to a settlement, this week. The settlement is reported to be for $14 million and was first announced in the middle of the week. Prudential and the state of Minnesota were able to…

US insurance industry may benefit from new Internet monitoring system

May 18, 2013May 25, 2013 Logan B.

Cyber Insurance policies commissioners industry

Insurance industry continues to see threats in digital world Cyber security has become a very big deal for the U.S. government. Federal officials often highlight the risks that exist in the digital world, expressing their concerns that hackers and malicious parties could do irreparable damage to the country in a variety of ways. While these threats can often be over-politicized, the insurance industry is well aware of the risks they represent and has also been working to draw more attention to these risks in recent years. Federal government to develop…

Insurance news made with a new confirmed Medicare and Medicaid chief

May 17, 2013May 25, 2013 H. Cutner

The acting chief has now been confirmed as the new confirmed head – the first in six and a half years. This week, the Senate has made insurance news with its approval of the nominee of President Obama for the chief of Medicare and Medicaid, Marilyn B. Tavenner, who has been acting chief until now. This is the first confirmed chief that has held this position in six and a half years. The vote in support of Tavenner in the Senate was 91 to 7, showing a widespread approval for…

Health insurance may still be problematic for young adults in the US

May 17, 2013May 25, 2013 Logan B.

Young people could still face some challenges with health insurance coverage One of the primary tenets of the Affordable Care Act is to make health insurance coverage more available to a wider range of consumers throughout the U.S. Part of this goal is meant to be accomplished by making young adults more eligible for health insurance coverage that they need. The health care law has, thus far, made it easier for these people to receive such coverage by allowing them to stay on the health insurance plans of their parents…

Homeowners insurance at Citizens shedding some weight

May 17, 2013May 25, 2013 Julie Campbell

Florida homeowners insurance, Citizens Property

Lawmakers have given the state backed insurer the ability to take action to reduce its policyholders. The state backed homeowners insurance company, Citizens, in Florida, will now be reducing its number of policyholders following the approvals that it has recently received from lawmakers. Hundreds of thousands of policies will no longer belong to Citizens but will be shifted to the private market. Certain areas are being affected more heavily than others. Many lawmakers are using this as a kind of pilot program to be able to decide how reforms for…