Tag: California Insurance

Flexpoint Ford makes insurance news with acquisition of GeoVera

Insurance Industry News Deal

The private equity firm has announced the signing of a definitive agreement to purchase the insurer. Flexpoint Ford has just announced that it will be acquiring the California insurance company, GeoVera from the affiliates of Friedman Fleischer & Lowe, LLC, and Hellman & Friedman LLC. The financial details have not yet been disclosed, and the transaction is dependent on the completion of certain typical regulatory approvals and closing conditions, which should be finished by this summer. The private equity firm of Flexpoint Ford has a special focus on the healthcare…

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Senate Health Committee passes SB 1431 with the praise of Insurance Commissioner Jones

California life Insurance Commissioner Dave Jones

Insurance Commissioner Dave Jones has announced the passage of a bill for the regulation of stop-loss coverage to small businesses. Jones has given his applause for this change to the California insurance industry, as the state Senate Health Committee passed SB 1431, which places a minimum number of aggregate and individual attachment points and which bans the exclusion of workers on the grounds of health status during the sale of stop-loss coverage for self-insured employers of 2-50 people. The bill passed by a 5 to 3 vote. It was authored…

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MetLife agrees to settle life insurance claims in several states

auto Insurance fraud

The life insurance giant has agreed to a multistate settlement following regulator allegations among many states. MetLife Inc., the massive company that provides life insurance to millions of individuals across dozens of states, has announced that it will make approximately $438 million in payments toward a multistate settlement following allegations from regulators that said that it had withheld or delayed payments to thousands of policyholders. The payments will be made to beneficiaries over the next 17 years, with payments worth $188 this year. Regulators in many different states have all…

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New UnitedHealthcare settlement by Commissioner Dave Jones makes California insurance news

Dave Jones California insurance commissioner insurance industry rates

The California Department of Insurance has just issued an insurance news release… A new report explains the details of a settlement that was made between UnitedHealthcare Insurance company and Commissioner Dave Jones which requires that, beginning immediately, behavioral therapy will be covered as a medical benefit for the treatment of autism. This new deal is only the most recent among industry wide changes that have been made to comply with the initiative that was created by Insurance Commissioner Jones. Three settlements have already been reached with other insurers earlier this…

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California health insurance rate regulation to save medical industry $23 million

Health-Insurance

A rate regulation for California health insurance that was implemented about two months ago has already managed to save doctors and other medical care and service providers approximately $23 million from excessive premiums for malpractice coverage. This regulation was put into place by the California Department of Insurance and has managed to decrease the premiums that these medical professionals must pay by eliminating unjustified amounts that were being added to their malpractice coverage costs. The regulation authority put the rule into place by using prior approval. That said, while it…

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