Aetna pulls out of New Jersey health insurance exchange

New Jersey Health Insurance

Company opts to not participate in state health insurance exchange Aetna, one of the largest health insurance companies in the U.S., has announced that it will not be participating in the New Jersey health insurance exchange. The exchange is set to begin open enrollment on October 1 this year, and is meant to provide consumers with access to affordable health insurance plans. Aetna was expected to be a prominent participant in the exchange, but disagreements with state officials may have discouraged the company from participating in the state’s exchange. Aetna…

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New Jersey insurance industry showing signs of change in wake of Hurricane Sandy

Inusrance Industry Hurricane Sandy

Insurance industry reforming after disaster Nearly six months after Hurricane Sandy struck New Jersey, the effects that the storm has had on the insurance industry are beginning to manifest. New Jersey is not expressly exposed to natural disasters like tropical storms and hurricanes, but the state has suffered from a direct hit from Hurricane Sandy, as well as tropical storm Irene some time before that. The damage caused by the disasters was immense, leaving thousands without homes and businesses without property. The insurance industry has worked to pick up much…

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Insurance News Video Broadcast

insurance news video

This Week’s Round Up – Insurance News Broadcast for April 4th, 2013 See Notes and Highlights of The Stories Featured in Video: Study claims health insurance rate shock may be coming Health insurance companies throughout the U.S. have been warning of the impending rate shock that could be spurred by the Affordable Care Act. According to the study, health insurance companies are expected to pay out an average of 32% more on payouts for medical claims for individual consumers. Federal officials are questioning the accuracy of the study suggesting that…

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Homeowners insurance in New Jersey to become easier to understand

Homeowners insurance New Jersey

The Senate in the state has given its unanimous approval to the clarification of policies. The New Jersey Senate has just given its approval to assist residents with achieving a better understanding of their homeowner insurance policies, passing a bill by a unanimous 38 to 0 vote. The bill would make it a requirement for insurers to make their coverage far simpler to understand. The Senate bill (A-3642) would require that homeowners insurance companies provide their customers with an information brochure – one that is already a requirement under the…

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Homeowners insurance bill in New Jersey requires policy rewrites

New Jersey homeowners insurance law

Following Superstorm Sandy, a new proposal would mean that coverage would be easier to understand. Assemblyman Paul Moriarty (D-4, Washington Township) is the primary sponsor of a New Jersey bill that would require homeowners insurance companies to lose the industry jargon in the wording of their policies, in favor of a “plain English” alternative. This would allow the details of the coverage to be easier for policyholders to understand. The bill, A3642, requires that homeowners insurance policies that are renewed, initially issued, or delivered within the state of New Jersey…

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Auto insurance fraud is the latest NJ Assembly target

Auto insurance fraud

A new bill has been sponsored by Assemblyperson Wayne P. DeAngelo (D) to implement a crackdown. A new bill A2204 is before the Assembly, having been sponsored by Assemblyperson Wayne P. DeAngelo (D-Mercer/Middlesex) with the purpose of targeting the residents of the state who are purchasing their auto insurance in other states through fraudulent means, despite the fact that they reside primarily within New Jersey or the insured vehicle is primarily kept there. This is considered to be a form of fraud that is becoming quite costly within the state.…

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Hurricane Sandy spawns class-action lawsuit against insurers

New Jersey homeowners insurance law

New Jersey victims file suit against insurers in wake of Hurricane Sandy Hurricane Sandy continues to cause problems along the East Coast. Though the storm is long over, its effects can still be felt in numerous states. Insurers may soon feel another financial impact as a result of the storm, but it will be coming from consumers instead of the storm itself. Hurricane Sandy victims from New Jersey have filed a class-action lawsuit against nine insurance companies. The suit claims that these insurers denied claims through the misinterpretation of something…

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