Live Insurance News

Missouri Insurance Department recovers funds amidst swarm of complaints

October 24, 2012April 30, 2013

Missouri Insurance Department fields 26,000 consumers complaints The Missouri Insurance Department is fielding some 26,000 consumer complaints concerning the coverage they receive through the state’s insurance companies. This week alone, the agency has received more than 10,000 complaints and inquiries regarding the practices of insurance companies. On average, the agency typically receives 16,000 complaints throughout the course of an entire year. Spurred by these complaints, the Missouri Insurance Department has reclaimed some $7.7 million that will be returned to the state’s insurance consumers. Common complaints involve health insurance The most…

EU insurance regulations may be put on hold

October 18, 2012 S.Vagus

Insurance regulations may be delayed for up to two years European insurance companies could get a break from the looming insurance regulations that are coming from the European Union. These regulations, which will cause serious changes in the European insurance industry and could push some smaller companies out of business, are currently scheduled to take effect in January, 2014. The insurance regulations put strict capital requirements on insurance companies and have been the source of controversy for some time. Now, a top European insurance regulator is working to have the…

Global Federation of Insurance Associations forms to combat rampant regulation

October 12, 2012October 12, 2012 Nordstrom

Insurers come together to form the Global Federation of Insurance Associations Insurance regulations around the world are becoming more stringent in the wake of the global financial crisis that began taking off in 2008. The crisis is responsible for a severe economic depression in the U.S. and other countries and is being widely attributed to the lack of strict regulation of both the insurance and banking industries. Because of the industry’s link to the financial crisis, companies around the world are beginning to see extreme regulations that are making it…

Health insurance vows by Romney will make notable changes to the system

October 10, 2012April 30, 2013

Millions of Americans with pre-existing medical conditions are asking if they will lose their protection. In the heated debates over health insurance, that have only become more intense as the election draws nearer, Mitt Romney has expressed his intention to extend continued coverage to individuals with pre-existing medical conditions. The presidential nominee for the Republican party has said that those switching jobs will have their coverage shielded. Those who are changing jobs will have their health insurance coverage protected. What has yet to be seen from Romney’s plans is what…

Homeowners insurance in North Carolina may be getting more expensive

October 5, 2012October 5, 2012 Marc

Homeowners insurance rate increase proposal coming from state insurers Homeowners in North Carolina may soon see their insurance rates jump if insurers are granted approval for proposed rate hikes. Many of the state’s insurance companies are looking to raise rates on homeowners insurance coverage to account for several risk factors that companies believe consumers are confronted with. Homeowners insurance in North Carolina has been a tricky subject recently, with many insurance companies looking to mitigate their exposure to the risks associated with powerful natural disasters, which have caused some havoc…