Insurance companies are pushing for lengthy delays in the enactment of a law that would require them to summarize the benefits plans they provide. According to the Affordable Care Act, health insurance providers must summarize their policies to within four pages of easily understood content. The law is meant to provide consumers with a better understanding of the benefits they will be receiving and what their policies do and do not cover. The Department of Labor, however, has announced that it will not be forcing insurance companies to be adhering…
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States without health overhaul plans contain 75 percent of uninsured Americans
According to an analysis performed by the Associated Press, three out of every four Americans who do not have health insurance are residents of states that have not yet established how they will be meeting the requirements of the healthcare overhaul. According to the same analysis, the largest medical coverage safety net in American history is progressing, but is doing so in sudden sharp leaps and pauses. At the moment, according to insurance coverage data provided by the Urban Institute, a nonpartisan group, the country is in a truly patchwork…
Read MoreDepartment of Health and Human Services seizes control of rate review process in Arizona
Arizona insurance companies are falling prey to federal insurance regulators as the Department of Health and Human Services (HHS) seizes control of the rate review process in the state. Last year, federal regulators began reviewing rates proposals from a company that sought approval for a 40% increase. Regulators decried this as one of the most unreasonable rate proposals they had seen since the passing of the Affordable Care Act and have vowed to fully investigate proposals coming from 32 other health insurance companies. Federal regulators will be reviewing any proposal…
Read MoreA.M. Best report shows the potential for growth seen in the Indian insurance market
A new report from A.M. Best, a global insurance rating company, shows that the insurance market of India is poised for major growth. This potential for growth is, however, offset significant challenges facing the insurance industry. The report, titled “Growth Anticipated for Indian Insurers, But Frustrations Remain”, indicates that the nation’s insurance industry will benefit from a growing middle class and economic growth in numerous industries. The report also highlights the shortcomings of the nation’s auto insurance market, which has become quite volatile as more people have begun driving. The…
Read MoreFederal Insurance Office receives 150 comments on how to modernize the U.S. health insurance regulatory system
In October of last year, the Federal Insurance Office (FIO) issued a request for commentary on how to modernize health insurance regulations. The commentary period ended in December with the agency receiving more than 150 suggestions on what to do. Now, the FIO is using the comments it has received to help build a report regarding the regulatory system in the U.S. When completed, the report will be given to Congress and used to help plan a course of action for the future. Michael McRaith, director of the FIO, attended…
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