Insurance industry on El Nino watch. The U.S. Climate Prediction Center (CPC), a government agency that provides weather information to the insurance industry and others, has raised concerns that El Nino may make a strong return to the Northern Hemisphere later this year. The weather phenomenon is notorious for the number of natural disasters it spawns throughout the Northern Hemisphere. El Nino brings an increase in rainfall and changes to temperature and wind patterns in some parts of the world. The CPC notes that El Nino could have a disastrous…
Read MoreTag: insurance networking news
Medical loss ratio provision could have saved Illinois residents millions according to Commonwealth Fund report
Health care reform medical loss ratio study The Commonwealth Fund, an independent foundation based in New York that researchers health care policies, has released a new report concerning the medical loss ratio (MLR) provision of the Affordable Care Act. The MLR provision requires insurance companies to spend no less than 80% of the money they collect from premiums on improving medical care. If insurers cannot meet this standard, the money must be returned to policyholders. The provision took effect in 2011, but has been mired in litigation and bureaucracy, which…
Read MoreCourt rules denial of benefits to same-sex couples to be discrimination
Same sex insurance coverage ruling The chief judge in a San Francisco court has deemed the denial of insurance benefits for a same-sex spouse to be a discriminatory act, and has ordered that the couple in the case be compensated for the costs they incurred for private insurance. The case involved the same-sex spouse of a federal court employee who had been denied insurance coverage. However, those payments may not be fast to arrive, as the courts will now consider the Defense of Marriage Act’s constitutionality, as this law from…
Read MoreXavier University decides to cut contraceptive coverage for employees
The Xavier University of Ohio will be making cuts to the insurance it offers employees in July of this year. The university, which is one of the oldest Catholic colleges in the country, will stop providing coverage for birth control, railing against rules imposed by the federal government requiring all faith-based organizations to provide such coverage to their employees. The university’s decision has struck a chord with the Obama administration, which is now accusing the college of standing in the way of a regulation that would be beneficial to women’s…
Read MoreMissouri Senate overturns Governor Nixon veto on worker’s compensation changes
The Missouri Senate has overridden a veto from Governor Jay Nixon concerning the states worker’s compensation laws. Governor Nixon had vetoed a bill last month that would have imposed bans on some lawsuits regarding workplace injuries. The Senate voted to overturn this veto with a 24-9 vote, claiming that the ban would cause significant legal problems throughout the state. After overriding the veto from Governor Nixon, state legislators passed a bill that would stop employees from suing their co-workers for injuries they receive whilst working. This is not the only…
Read MoreInsurance employment forecast sees 14,000 jobs currently available and 27,000 more this year
GreatInsuranceJobs.com has released a report on the availability of jobs among managing general agents, third party administrators, brokers, and agents, and has determined that there are currently about 14,000 positions open, and that there will be an additional 27,000 jobs available before the end of 2012. The report was based on a survey of those parts of the industry, among which 126 different insurance entities participated across the country. The survey was performed over the phone, and involved five questions about the current and forecasted job availability, in addition to…
Read MoreVirginia officials encouraging residents to purchase earthquake insurance
Virginia officials are urging residents to check their home insurance policies to ensure they have protection against earthquakes. The initiative comes as a new law takes effect, which will force insurance companies to disclose what their various policies do not offer coverage for. State officials are hoping that residents will be proactive in finding out what coverage they may lacking and take steps to rectify the problem before they fall victim to a devastating natural disaster. According to the State Corporation Commission’s Bureau of Insurance, many Virginia residents do not…
Read More