Tag: New York insurance

New York to build health insurance exchange after executive order is issued

Marc
New York Governor Andrew Cuomo Insurance News

New York health insurance system gets the go ahead With the current fate of the federal Affordable Care Act unknown, many states have slowed down in making progress on complying with the law’s various provisions. One provision in particular concerns the establishment of health insurance exchanges in each state. These exchanges are meant to help lower the cost of health insurance coverage by increasing competition amongst insurers. The initiative has been somewhat popular amongst consumers and some insurance companies, but state lawmakers have been divided on the issue since the…

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Force-placed coverage causes probe of New York insurance companies

A closer look into forced placed insurance practices The state insurance regulator in New York is currently performing an investigation as to whether or not the rates for force-placed insurance that are being charged by companies should be deemed excessive, and is requesting data from insurers such as Assurant Inc. The New York Department of Financial Services released a statement that said that it is trying to obtain basis for “consistently high profits” that are occurring at the investors’ and homeowners’ expense. It is also requiring that insurers such as…

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New York insurance regulators and federal authorities claim victory over insurance fraud syndicate

Marc

Auto insurance fraud has been a major problem in the state of New York. For years, regulators and lawmakers have been working to combat fraud throughout the state, but it has been a difficult challenge to overcome. This week, regulators have claimed a major victory as state and federal authorities dismantled a massive auto insurance fraud ring. Regulators are calling it the largest insurance fraud syndicate that focused almost exclusively on exploiting New York’s no-fault insurance laws. The crime ring is comprised of 36 people in total. Ten doctors and…

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NY Soldiers, vets, and their families may receive insurance protection from Cuomo administration effort

Marc

The New York State Department of Financial Services has released a news statement that included Superintendant Benjamin M. Lawsky’s announcement that life insurance companies will be required to pay the full amount to the beneficiaries of the policies that were held by veterans, soldiers, and others, without holding the money in their accounts. Unless either the beneficiary or the policy buyer specifically indicates that the funds should be provided otherwise, this will be the new standard for all life insurance policies of this nature. For many years, the life insurance…

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Freelancers Union to establish new insurance plans in New York, New Jersey, and Oregon

Nordstrom

The Freelancers Union, a non-profit organization that represents freelance workers, has received a $341 million loan from the U.S. government. The money will help the organization set up health insurance plans in three states. New York, New Jersey, and Oregon are the states where the plans will take root once they have been finalized. The plans are meant to compete with those that come from for-profit insurance companies and may help lower coverage rates by bringing in more competition to the markets. The Freelancers Union owns its own insurance company…

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