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Health insurance research on North Dakota marketplace shows near monopoly

December 5, 2012April 30, 2013

A new study has found that the small market may increase premiums and shrink benefits. The American Medical Association has released the results of a study on the health insurance marketplace in North Dakota, which has revealed that the environment in the state is nearly a monopoly. It indicated that the small number of insurers were boosting premiums and decreasing benefits. The primary health insurance company in the state is Blue Cross Blue Shield. The study has made it clear that it is not claiming that any of the insurers…

Homeowners insurance reforms needed in Florida, says Governor

December 4, 2012April 30, 2013

Gov. Scott and a panel of lawmakers have called for changes that will provide greater awareness. Governor Rick Scott, along with a number of lawmakers in Florida, have announced that they will be seeking to provide residents of the state with better education regarding the hidden costs linked with homeowners insurance and the “house of cards” that will collapse in the wake of a major storm. The governor spoke at a summit at Disney for the Florida Chamber of Commerce. He explained that solid efforts are required to make certain…

Insurance news from Oklahoma has state Insurance Department buying guns

December 4, 2012December 4, 2012 Julie Campbell

The state Insurance Department is spending $180,000 on guns and police vehicles for anti-fraud efforts. The latest insurance news from Oklahoma has revealed that the state’s insurance officials have spent over $180,000 on bulletproof vests, high-tech shotguns, and seven police package vehicles which the Insurance Department claims are necessary for the expansion of its anti-fraud crackdown. The department’s effort to fight criminal fraud has drawn the attention of the entire country. Questions and concerns are being directed at the department, as some lawmakers wonder why it would require the nine…

OneBeacon teams with Equifax to provide data breach coverage

December 3, 2012November 30, 2012 S.Vagus

OneBeacon announces partnership with Equifax to protect against hackers OneBeacon Professional Insurance, a division of the OneBeacon Insurance Group, has announced that it is updating its Network Security and Privacy Liability Policy. The insurer has teamed with Equifax, a leading consumer credit reporting agency, to provide data breach services to its policy. Data breach is becoming a very serious issue for large companies that have a wealth of consumer information stored in servers. If this information were to be stolen by a hacker or otherwise compromised, it could mean serious…

Earthquake insurance premiums fall for some California customers

December 3, 2012April 30, 2013

Some consumers in the state will find that rates are dropping so that the coverage is more affordable. Two major earthquake insurance companies in California have just announced that they will be lowering the rates that they charge for the coverage against tremors in the state. The approval was given to the insurers by the commissioner of the state on Friday. The commissioner in California, Dave Jones, made his announcement on Friday, which said that he had approved a rate reduction of 15 percent for earthquake insurance policies provided by…