Live Insurance News

Health insurance rates are on the rise in California, again

August 4, 2014August 2, 2014 Logan B.

Insurance premiums have grown by 88% so far this year Health insurance rates in California are growing rapidly. Over the past few years, insurers have been raising premiums, trying to offset the financial impact of increasingly expensive medical care and the provisions of the Affordable Care Act. Since the health care reform law was passed in 2010, rates for health coverage have been growing at a rapid pace. According to the state’s Department of Insurance, health premiums have grown by as much as 88% so far in 2014. Higher rates…

Health insurance exchange suffer from faulty internal controls

July 4, 2014July 2, 2014 S.Vagus

HHS report identifies internal controls as a problematic issue Insurance exchanges throughout the U.S. have faced technical struggles for the past several months, but a new report from the Department of Health and Human Services may have identified the reasons behind one of the most problematic aspects of these exchanges. Insurance exchanges have been having trouble adequately determining whether or not those seeking federal subsidies are actually eligible for these subsidies. The subsidies are offered by the federal government and exist as a way to make insurance coverage more affordable…

Legislation in California raises questions about health insurance coverage

June 25, 2014June 23, 2014 S.Vagus

Regulations targeting insurance rates could put Covered California in a precarious position New regulations targeting health insurance rates in California are raising questions about the state’s insurance exchange, Covered California. The Insurance Rate Public Justification and Accountability Act is set to be included on the November ballot. If approved by voters, it would go into effect on November 5 this year, 10 days before the state’s insurance exchange begins its second open enrollment period. The legislation would have an impact on the cost of the policies sold through the exchange, but…

New auto insurance regulations in California target on-demand ride services

June 17, 2014June 13, 2014 S.Vagus

Regulators are introducing new rules that focus on the on-demand ride service sector California insurance regulators are considering new rules that target on-demand ride services, like UberX and Lyft. These services represent a certain degree of risk when it comes to auto insurance and many insurers have expressed concerns regarding fraud and other issues that have yet to receive regulatory attention by the state. Similar services in other states have been subjected to the same regulatory focus recently, with some of these services actually being barred from operating in some…

Auto insurance fraud receives more attention from state agency

June 3, 2014May 31, 2014 Logan B.

Insurance Department begins to increase its efforts to combat insurance fraud throughout California The California Department of Insurance has begun to focus more heavily on fighting auto insurance fraud in the Los Angeles area. The agency has been working to track down and eliminate fraud in this area for some time, but has only found modest success. Those participating in fraud have, thus far, managed to find ways to sidestep regulations and continue exploiting consumers and insurance companies alike. Recently, the agency has found more success in its fight against…

Health insurance in California to be affected by Insurance Commissioner race

June 2, 2014May 31, 2014 S.Vagus

Dave Jones California insurance commissioner insurance industry rates

Dave Jones fights to keep his position as the state’s Insurance Commissioner California is currently searching for a new Insurance Commissioner and the state’s incumbent, Dave Jones, is facing some serious opposition. Jones has become a regulatory powerhouse over the past few years, using his authority to hold the state’s insurance companies to a higher standard. Jones has won support for being an enthusiastic consumer advocate, but he has also made enemies within the insurance industry due to his aggressive stance on regulation. More aggressive regulations could keep insurers in…

Health care reform causes some turbulence in California

May 19, 2014May 17, 2014 Logan B.

Californians are finding that they no longer have access to their favorite doctors Consumers in California are learning that they are no longer able to see their old health care providers because changes to their health insurance coverage. With the launch of the state’s insurance exchange, called Covered California, many people throughout the state purchased new insurance policies. While many of these policies came from the companies they had been patrons of for several years, these policies did not include the same coverage networks. In other cases, health care organizations…