Live Insurance News

Affordable Care Act stirring rage in California

January 24, 2013January 24, 2013 Dan

Affordable Care Act spurs insurers to raise rates Since the passage of the Affordable Care Act in 2010, health insurance companies have been warning of a nationwide rate increase that could introduce new financial pressures to consumers throughout the U.S. Insurers claim that the provisions of the health care law are responsible for the possibility of higher rates. The law requires insurance companies to take more aggressive measures on the types of coverage they provide, the administration of the companies themselves, as well as expand the eligibility of insurance coverage.…

Anthem Blue Cross seeks to raise rates in California

November 30, 2012April 30, 2013

Anthem Blue Cross aims for rate increase of an average 18% California’s Anthem Blue Cross, the state’s largest for-profit health insurance company, is looking to raise rates on individual policies by an average of 18%. The rate increase proposal has put the insurer at odds with state insurance regulators once again. Anthem Blue Cross has proposed rate increases regularly in the hopes of addressing issues it considers to be important, including the rising cost of medical care. Regulators have renewed their scrutiny of the health insurance company to determine whether…

Insurance fraud causing major problems in California

October 18, 2012April 30, 2013

Ventura County officials begin crack down on insurance fraud California’s Ventura County District Attorney’s Office has been awarded with a $1 million grant from the state’s Insurance Department to combat fraud. Ventura County has been battling workers’ compensation and auto insurance fraud for several years, and the funds received through the Department of Insurance are expected to help District Attorney Greg Totten make new strides in the fight against fraud and eventually drive down insurance rates for honest consumers and businesses. Insurance fraud costs California $15 billion annually According to…

California insurance regulators clash with Aetna over insurance rate hikes

April 7, 2012April 6, 2012 Marc

California health insurance industry go head to head with regulators Aetna Life Insurance has raised the health insurance rates for small employers in the state of California this month. The company has plans to raise rates by an average of 8% for this sector each year. The plan has struck a chord with the state’s insurance regulators, with Insurance Commissioner Dave Jones accusing the company of being unreasonable. According to the state’s Department of Insurance, Aetna’s health insurance rates for small businesses will jump by more than 30% over the…

Consumer Watchdog proposes new ballot initiative to curb health insurance rate hikes

April 6, 2012April 5, 2012 S.Vagus

California health insurance industry being eyeballed Consumer Watchdog, a non-profit advocacy group focused on the insurance industry, has proposed a new ballot initiative to the California Legislature that would put a stop on rising health insurance premiums. The organization claims that the state’s largest insurance companies have increased premiums by 20% since April 1, 2012. Consumer Watchdog suggests that these companies will raise rates a second time in May, and increase that will likely be 20% again. These higher rates have affected more than 1 million Californians, many of whom…

California insurance regulators clash with insurers over coverage for small businesses

March 26, 2012March 25, 2012 Marc

California insurance regulators are pushing for new legislation that would institute limitations on a controversial form of health insurance that is targeting small businesses. This coverage is a type of self-insurance that is designed for businesses with 25 or fewer employees. Regulators claim that these policies are being used by health insurers to find companies with the healthiest workers, lowering their risk of costly payouts. Insurance Commissioner Dave Jones is concerned that these policies undermine one of the key principles of the Affordable Care Act: Lowering premiums by allowing insurers…

California insurance regulators target GeoVera Insurance, imposing fines and requiring the company to make changes to underwriting

March 1, 2012April 30, 2013

California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…