Tag: insurance regulations

Kansas health insurance regulators begin reviewing rate increase proposals

Nordstrom
Health-Insurance

Kansas Health insurance officials to comply with federal law Kansas insurance regulators have begun reviewing rate increase proposals coming from the state’s insurance companies that are 10% or higher. This is a new practice from state regulators, who had traditionally only reviewed rate proposals that exceeded 12%. The change comes due to requirements imposed by the federal government through the establishment of the Affordable Care Act. According to the health care law, insurance regulators in each state are required to review rate increase proposals that seek to raise rates on…

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Consumer group warns that insurers may be manipulating claims payouts

H. Cutner
insurance industry report

Organization warns that software is allowing insurers to make reduced payments on injury claims The Consumer Federation of America has issued warnings this week concerning software that is often used by many of the largest insurance companies in the U.S. The organization, which works to establish a more consumer-friendly atmosphere in a number of different industries, claims that this insurance system is susceptible to manipulation, allowing insurance companies reduce their payouts concerning home injury claims. The organization has released a report detailing the shortfalls of the system and calling for…

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Lloyd’s of London highlights reputational risk and regulation as top concerns for insurers

S.Vagus
Insurance Industry News Deal

Survey suggests insurers are vexed by increasing risks Lloyd’s of London, one of the world’s largest providers of insurance and reinsurance, has released the results of its latest survey concerning the global insurance industry. The survey indicates that many of the world’s leading insurance executives are becoming increasing concerned with reputational risk and insurance regulations. These concerns are spurring new actions from insurance companies, including the offering of new policies and, in some cases, the abandonment of some markets or refusal to provide coverage to controversial organizations. Stricter regulations pose…

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China to strengthen regulations for growing insurance industry

Nordstrom

Major changes for China insurance industry. The insurance industry in China is growing at a rapid rate. The country recently opened up its borders to foreign insurers looking to expand into new markets and this initiative has been quite successful. As more insurance companies enter the Chinese market, however, regulators are growing concerned over their ability to comply with the country’s laws and expectations. These concerns have grown too large to ignore any longer and the China Regulatory Commission has announced that it will be strengthening the supervision of the…

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State of the Union: President Obama touches briefly on the issue of health care

S.Vagus

President Obama delivered his third State of the Union on Tuesday. The president spoke about many issues concerning the U.S. in his speech, but only made one mention of the controversial Affordable Care Act he signed into law in 2010. In his address, the president noted that it was no longer possible for insurance companies to operate with impunity and must submit to new regulations that help protect consumers. Obama also stated that part of the goal of the health care reform law was to get rid of regulations that…

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