Tag: Washington insurance

Aetna faced with fine from Washington regulators

S.Vagus
aetna faces insurance fine

Aetna facing $1 million fine for faulty policies Insurance giant Aetna has run afoul of regulators in Washington. Insurance Commissioner Mike Kreidler has announced that Aetna has been fined $1 million for issuing more than 7,000 policies in the state to residents that faced premiums  that were never approved by state regulators. Regulators suggest that many of these policies did not live up to the state’s legal requirements, thus were never official and introduced significant risk to consumers that held these policies as well as major financial stress. Policies do…

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Insurance companies in three states required to provide their response plans for climate change

The insurance commissioners for New York, California, and Washington state have announced that they will now be requiring insurers to disclose a climate change response plan that will outline the way in which they plan to respond to the changing risks that customers and businesses face as wildfires, severe storms, and rising sea levels become more common. Until now, those three states have asked only about a third of the larger insurance companies to provide information in the form of responses to a survey, but for all other insurers, it…

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Why are Washington homeowner’s paying higher premiums every year?

H. Cutner

The Insurance Research Council has released a new study today, whose findings show that the cost of homeowners insurance in Washington has raised. The IRC study investigated the influence the Insurance Fair Conduct Act had on the market. The study compares the frequency of claims and trends in losses for Washington and four other states that have similar laws. Given the information, the study finds that the cost of insurance has gone up over two years, reaching the $190 million mark. “The facts are in and the bottom line is…

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Washington state school employees need insurance make-over

S.Vagus

A new report from the Auditor’s Office of Washington says that the insurance for the state’s school employees should be streamlined so that it will be more fair and cost effective. The state auditor, Brian Sonntag, said that the system is overly complex. More than 1,000 different funds pay for 200 coverage plans offered by only 10 insurers. In the current system, some employees pay no premiums while others pay over $500 a month and there is little to differentiate the two. The cost of health benefits for 100,000 school…

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