Live Insurance News

Insurance refund total of $2.75 million and a fine to be paid by insurer

December 6, 2013December 3, 2013 Julie Campbell

A company based in Virginia will be issuing the payments on top of a $1 million fine after being caught overcharging. An insurer based in Virginia will be sending out an insurance refund that totals $2.5 million on top of a fine that will cost almost $1 million in order to settle the claims that have been made that indicate that it had been overcharging students in New York. Estimates are that there were approximately 22,000 students from 37 New York colleges that were overcharged. The insurance refund and fine…

Taxi driver disability insurance lacking among many New York fleets

November 27, 2013February 24, 2014 G. Turner

Despite the fact that the coverage is required, many companies have not been complying with that rule. According to the New York Workers’ Compensation Board, the law in the state says that taxi driver disability insurance coverage must be provided to fleets for employees who suffer injuries while off duty, or illnesses. However, many of the fleets in the state have failed to provide their workers with that coverage. The lack of taxi driver disability insurance has meant that when employees of these companies suffer from medical issues that are…

Auto insurance scams in New York shut down with doctor claims suspensions

November 6, 2013November 4, 2013 Julie Campbell

A number of “dirty” docs are now being pursued by the state regarding accidents that never happened. New York is now going after twelve doctors that signed off on auto insurance claims for accidents that never occurred, in order to allow their “patients”, and themselves, to collect millions in payments from the no-fault system in the state. Notices went out to the dozen physicians as well as six additional health providers. Those notices have barred them from being able to submit auto insurance claims on the no-fault system in New…

Insurance news made with Falcone fund manager ban

October 11, 2013October 8, 2013 G. Turner

U.S. regulators have banned him from the coverage and securities industry for five years. The latest insurance news has just been released, revealing that Philip Falcone, the hedge fund manager, has now been banned by U.S. regulators from the securities industry for a period of five years. Further bans were also put into place beyond this wide reaching one, in New York. The bans making the insurance news also include prohibiting Falcone from any decision making roles at a unit of his firm, Fidelity & Guaranty Life Insurance. This, according…

New York health insurance exchange hit by technical difficulties

October 8, 2013October 5, 2013 Logan B.

Health insurance exchange website encounters problems New York’s health insurance exchange has begun open enrollment on schedule, but the exchange’s website has been experiencing some technical difficulties. The site is meant to serve as the face for the exchange and functions as the marketplace through which state residents can purchase health insurance policies. The site is quite similar to those that exist in other states, but New York officials have found that there are some glitches that escaped discovery when the site was being tested last month. Site upgraded to…