NAIC Model Law Update Offers Relief for Offshore Reinsurers

Original source: https://www.businessinsurance.com/article/20190702/NEWS06/912329395/NAIC-model-law-update-offers-relief-for-offshore-reinsurers

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Business Insurance (07/02/19) Gonzalez, Gloria

Pros say reinsurers domiciled in the European Union, Bermuda, Japan, and Switzerland will likely gain from security relief under an updated version regulation and law adopted by the National Association of Insurance Commissioners (NAIC). The NAIC recently approved revisions to its charge for Reinsurance Model Law and Regulation to make the models consistent with provisions of the EU and also U.K. covered arrangements. The reinsurance security reductions will also supply reinsurers domiciled in NAIC-qualified authorities other than within the EU Bermuda, Japan, and Switzerland — with precisely the identical collateral support, the NAIC states. While the EU has removed its demand for U.S. reinsurers to have a local presence in their own authorities, the arrangement requires the United States to adopt the collateral decrease prerequisites for EU entities doing U.S. company, notes lawyer John Finston…. Read More

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Original source: https://www.businessinsurance.com/article/20190702/NEWS06/912329395/NAIC-model-law-update-offers-relief-for-offshore-reinsurers

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Business Insurance (07/02/19) Gonzalez, Gloria

Pros say reinsurers domiciled in the European Union, Bermuda, Japan, and Switzerland will likely gain from security relief under an updated version regulation and law adopted by the National Association of Insurance Commissioners (NAIC). The NAIC recently approved revisions to its charge for Reinsurance Model Law and Regulation to make the models consistent with provisions of the EU and also U.K. covered arrangements. The reinsurance security reductions will also supply reinsurers domiciled in NAIC-qualified authorities other than within the EU Bermuda, Japan, and Switzerland — with precisely the identical collateral support, the NAIC states. While the EU has removed its demand for U.S. reinsurers to have a local presence in their own authorities, the arrangement requires the United States to adopt the collateral decrease prerequisites for EU entities doing U.S. company, notes lawyer John Finston…. Read More

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Buyer Beware: When Religion, Politics, Health Care, and Money Collide

Original source: https://www.houstonchronicle.com/business/article/Buyer-Beware-When-religion-politics-health-14065418.php

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Houston Chronicle (07/02/19) Deam, Jenny

Regulators in many countries are taking action from Aliera Healthcare for fraudulently selling insurance without a permit. Stories are emerging that reveal the Christian health-sharing ministry denied claims and left patients with hundreds of thousands of dollars in medical bills. Last month, the Texas Department of Insurance stated it would find a cease-and-desist order in administrative court from Aliera for deceiving customers into believing they were buying insurance and blurring the line between the for-profit parent company and its affiliated nonprofit health-share ministry. This was followed closely by Washington state ordering the company to stop doing business, alleging”deceptive business practices,” and also New Hampshire devoting a warning about Aliera on its site. Colorado’s insurance commissioner after posted a broad caution against health care sharing ministries, noting”If it sounds too good to be true, it likely is.” Because they are mostly untrue, nobody knows for sure how many health care sharing ministries exist within the USA, where they are, or exactly how many people they have. Membership is estimated at over 1 million…. Read More

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Original source: https://www.houstonchronicle.com/business/article/Buyer-Beware-When-religion-politics-health-14065418.php

We run around the web each day to guide you to understand to the need of getting a Property Damage Adjustment Consultant in your corner. Read this story we ran across.

Houston Chronicle (07/02/19) Deam, Jenny

Regulators in many countries are taking action from Aliera Healthcare for fraudulently selling insurance without a permit. Stories are emerging that reveal the Christian health-sharing ministry denied claims and left patients with hundreds of thousands of dollars in medical bills. Last month, the Texas Department of Insurance stated it would find a cease-and-desist order in administrative court from Aliera for deceiving customers into believing they were buying insurance and blurring the line between the for-profit parent company and its affiliated nonprofit health-share ministry. This was followed closely by Washington state ordering the company to stop doing business, alleging”deceptive business practices,” and also New Hampshire devoting a warning about Aliera on its site. Colorado’s insurance commissioner after posted a broad caution against health care sharing ministries, noting”If it sounds too good to be true, it likely is.” Because they are mostly untrue, nobody knows for sure how many health care sharing ministries exist within the USA, where they are, or exactly how many people they have. Membership is estimated at over 1 million…. Read More

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Here's How Insurance Fraud Hurts All Consumers

Original source: https://www.valleynewslive.com/content/news/Heres-how-insurance-fraud-victimizes-all-consumers–511213801.html

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North Dakota Insurance Commissioner Jon Godfread claims a local insurance agency tipped off him about Goebe, who claimed a total of $22,985 in car wrecks. Godfread explains,”Insurance at its heart is basically pooling risk, directly, so we all join a pool jointly. So essentially if something happens, that cash pays us out, right? There are cases where there wasn’t an crash, and he is just filing the exact same claim. So he’s getting paid three, four, five, six times to precisely the exact identical damage.” The Cass County State Attorney says if Scott Goebel is found guilty, he could spend up to 10 years in jail and be fined $20,000, as well as paying back the nearly $23,000 in deceptive claims. Godfread states on average North Dakotans pay an extra $950 per year in premiums due to insurance fraud. He warns that there’s no need to face someone straight at the scene of a wreck —but to reach out into his department. “If something doesn’t feel appropriate, we only ask that you give us a call,” Godfread states,”then we could take it from there.”… Read More

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Original source: https://www.valleynewslive.com/content/news/Heres-how-insurance-fraud-victimizes-all-consumers–511213801.html

All of the time we run around the internet nonstop to make you to realize to the betterment of having a Public Adjuster there to assist you. Take a look at this web post we ran across.

North Dakota Insurance Commissioner Jon Godfread claims a local insurance agency tipped off him about Goebe, who claimed a total of $22,985 in car wrecks. Godfread explains,”Insurance at its heart is basically pooling risk, directly, so we all join a pool jointly. So essentially if something happens, that cash pays us out, right? There are cases where there wasn’t an crash, and he is just filing the exact same claim. So he’s getting paid three, four, five, six times to precisely the exact identical damage.” The Cass County State Attorney says if Scott Goebel is found guilty, he could spend up to 10 years in jail and be fined $20,000, as well as paying back the nearly $23,000 in deceptive claims. Godfread states on average North Dakotans pay an extra $950 per year in premiums due to insurance fraud. He warns that there’s no need to face someone straight at the scene of a wreck —but to reach out into his department. “If something doesn’t feel appropriate, we only ask that you give us a call,” Godfread states,”then we could take it from there.”… Read More

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Insured Lacked Standing to Sue After Sale of Property

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/qYtzbs0w7jU/

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Assignment of Benefits (AOB) is definitely a hot button issue in the insurance market. When an insured assigns its rights into some third party that’s not technically an plan to insurance proceeds AOB takes place. This usually comes in the form of a contractor or remediation firm that steps in to help…… Continue Reading

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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/qYtzbs0w7jU/

We access the internet each day to guide you to understand to the betterment of having a Property Damage Adjustment Consultant in your corner. Look at this website post we just found.

Assignment of Benefits (AOB) is definitely a hot button issue in the insurance market. When an insured assigns its rights into some third party that’s not technically an plan to insurance proceeds AOB takes place. This usually comes in the form of a contractor or remediation firm that steps in to help…… Continue Reading

. Read More

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Medical Pot Laws No Answer for U.S. Opioid Deaths, Study Finds

Original source: https://www.apnews.com/11be51610def4224b2953574492103e6

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Associated Press (06/10/19) Johnson, Carla K.

A new study challenges the concept that medical marijuana legislation can help prevent opioid symptoms. Chelsea Shover of Stanford University School of Medicine and colleagues examined data through 2017 from an earlier analysis, finding that states who passed medical marijuana laws saw a 23 percent higher than expected rate of deaths involving prescription opioids. Numerous forces play a role in the opioid crisis, such as how widely accessible the overdose antidote naloxone isalso, who has insurance, and how broadly insurance insures dependence therapy. The new study undermines recent policy changes in some states. New Mexico recently joined New York, New Jersey, and Pennsylvania in approving marijuana for individuals with opioid dependence on Rosalie Liccardo Pacula of this Rand Drug Policy Research Center says rather than bud, drugs such as buprenorphine, morphine, and naltrexone ought to be employed when treating opioid addiction. Related Story: Wall Street Journal (subscription)… Read More

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Original source: https://www.apnews.com/11be51610def4224b2953574492103e6

Our intent is to run around the net everyday to help you to realize to the need of having a Public Adjuster in your corner. Look at this story we located.

Associated Press (06/10/19) Johnson, Carla K.

A new study challenges the concept that medical marijuana legislation can help prevent opioid symptoms. Chelsea Shover of Stanford University School of Medicine and colleagues examined data through 2017 from an earlier analysis, finding that states who passed medical marijuana laws saw a 23 percent higher than expected rate of deaths involving prescription opioids. Numerous forces play a role in the opioid crisis, such as how widely accessible the overdose antidote naloxone isalso, who has insurance, and how broadly insurance insures dependence therapy. The new study undermines recent policy changes in some states. New Mexico recently joined New York, New Jersey, and Pennsylvania in approving marijuana for individuals with opioid dependence on Rosalie Liccardo Pacula of this Rand Drug Policy Research Center says rather than bud, drugs such as buprenorphine, morphine, and naltrexone ought to be employed when treating opioid addiction. Related Story: Wall Street Journal (subscription)… Read More

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State Could Take Over Operation of Health Care Exchange

Original source: https://www.tribdem.com/news/state-could-take-over-operation-of-health-care-exchange/article_f9a16908-8ca3-11e9-a030-731941f61e25.html

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Tribune-Democrat (PA) (06/11/19) Finnerty, John

Beneath a plan that passed the Pennsylvania state House on June 11, the nation would assume control of its own Affordable Care Act wellbeing exchange. State officials estimate that working the exchange internally would cost $50 million less than what the federal government charges. The federal government collects a 3.5percent commission on premiums paid by consumers who obtain insurance through the market, based on Pennsylvania Insurance Commissioner Jessica Altman in testimony to the House insurance commission in May. That totals roughly $88 million yearly, and say officials estimate they’re able to do exactly the exact same job for about $30 million to $35 million,” Altman said. The savings could be utilized to finance a plan to reduce costs to consumers who get insurance through the trade, said House Majority Leader Bryan Cutler (R), who estimated the proposal could decrease insurance premiums from 5 percent to 10 percent…. Read More

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Original source: https://www.tribdem.com/news/state-could-take-over-operation-of-health-care-exchange/article_f9a16908-8ca3-11e9-a030-731941f61e25.html

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Tribune-Democrat (PA) (06/11/19) Finnerty, John

Beneath a plan that passed the Pennsylvania state House on June 11, the nation would assume control of its own Affordable Care Act wellbeing exchange. State officials estimate that working the exchange internally would cost $50 million less than what the federal government charges. The federal government collects a 3.5percent commission on premiums paid by consumers who obtain insurance through the market, based on Pennsylvania Insurance Commissioner Jessica Altman in testimony to the House insurance commission in May. That totals roughly $88 million yearly, and say officials estimate they’re able to do exactly the exact same job for about $30 million to $35 million,” Altman said. The savings could be utilized to finance a plan to reduce costs to consumers who get insurance through the trade, said House Majority Leader Bryan Cutler (R), who estimated the proposal could decrease insurance premiums from 5 percent to 10 percent…. Read More

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Dispute Whether Contractor Overhead & Profit Should Be Included in Actual Cash Value Payment Will Be Decided by State Supreme Court

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/t85qItkCE8o/

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The Pennsylvania Supreme Court recently agreed to hear argument on the situation of Kurach v. Truck Insurance Exchange.1 Merlin Law Group blogged about this class action litigation back in May of 2017 and the connection can be found here. Kurach involves a scenario where the insureds hadn’t completed construction repairs at the time that they received…… Continue Reading
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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/t85qItkCE8o/

Our intent is to search the internet each day to make you to relate to the need of having a Public Adjuster on your side. Take a look at this website post we just found.

The Pennsylvania Supreme Court recently agreed to hear argument on the situation of Kurach v. Truck Insurance Exchange.1 Merlin Law Group blogged about this class action litigation back in May of 2017 and the connection can be found here. Kurach involves a scenario where the insureds hadn’t completed construction repairs at the time that they received…… Continue Reading
. Read More

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Oklahoma Joins Suit in Support of Association Health Plans

Original source: http://news.ambest.com/newscontent.aspx?altsrc=23&refnum=217786

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BestWire (06/11/19) Darragh, Timothy

Oklahoma has joined the Trump administration’s appeal of a court judgment that adhered down regulations enabling the growth of association health plans (AHPs). Oklahoma Insurance Commissioner Glen Mulready said in a statement that the section was joining the appeal so that small companies could benefit from a comfortable U.S. Department of Labor principle making AHPs an option. “This principle, coupled with Oklahoma’s brand fresh AHP bill, gives small business owners at our state the opportunity to discover cheap health insurance options for their employees and their employees’ families,” Mulready explained…. Read More

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Original source: http://news.ambest.com/newscontent.aspx?altsrc=23&refnum=217786

Our intent is to search the net everyday to help you to understand to the need of getting a Property Damage Adjustment Consultant on your side. Read this story we located.

BestWire (06/11/19) Darragh, Timothy

Oklahoma has joined the Trump administration’s appeal of a court judgment that adhered down regulations enabling the growth of association health plans (AHPs). Oklahoma Insurance Commissioner Glen Mulready said in a statement that the section was joining the appeal so that small companies could benefit from a comfortable U.S. Department of Labor principle making AHPs an option. “This principle, coupled with Oklahoma’s brand fresh AHP bill, gives small business owners at our state the opportunity to discover cheap health insurance options for their employees and their employees’ families,” Mulready explained…. Read More

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Governor Signs Insurance Innovation Waiver Bill

Original source: https://vermontbiz.com/news/2019/june/11/scott-signs-insurance-innovation-waiver-bill

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Vermont Business Magazine (06/11/19)

Vermont Gov. Phil Scott signed S.131 in to law, which is related to the production of an insurance”regulatory sandbox” enabling the nation’s Commissioner of Financial Regulation to provide limited-duration creation waivers. The waivers are intended to allow organizations to offer innovative or even more efficient insurance services and products to customers in the state. Vermont Insurance Commissioner Michael Pieciak observes,”Even though companies might be given temporary relief from specific regulatory or statutory requirements under this application, they will additionally be subject to improved regulatory oversight through the waiver period” Deputy Commissioner of Insurance Kevin Gaffney adds,”When a product completes a successful test beneath a waiver, the department may determine that statutory modification is justified and propose appropriate legislation to allow the insurer or service to be provided on a permanent foundation” The department could start accepting applications for invention waivers at the end of 2019. Related Story: VT Digger… Read More

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Original source: https://vermontbiz.com/news/2019/june/11/scott-signs-insurance-innovation-waiver-bill

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Vermont Business Magazine (06/11/19)

Vermont Gov. Phil Scott signed S.131 in to law, which is related to the production of an insurance”regulatory sandbox” enabling the nation’s Commissioner of Financial Regulation to provide limited-duration creation waivers. The waivers are intended to allow organizations to offer innovative or even more efficient insurance services and products to customers in the state. Vermont Insurance Commissioner Michael Pieciak observes,”Even though companies might be given temporary relief from specific regulatory or statutory requirements under this application, they will additionally be subject to improved regulatory oversight through the waiver period” Deputy Commissioner of Insurance Kevin Gaffney adds,”When a product completes a successful test beneath a waiver, the department may determine that statutory modification is justified and propose appropriate legislation to allow the insurer or service to be provided on a permanent foundation” The department could start accepting applications for invention waivers at the end of 2019. Related Story: VT Digger… Read More

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National Flood Conference – An Insider’s Perspective, Days 2 & 3

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/oPSKxrdqQsk/

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If you’ve read my opinion from Day 1 of the National Flood Conference, you’ll understand there was lots to talk about in Day 1. Days 2 & 3 were a bit less eventful, and mostly more geared towards flooding insurance agents and agents. As with Day 1, that there were often several classes running simultaneously,…… Continue Reading

. Read More

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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/oPSKxrdqQsk/

We access the net everyday to reach out to you to understand to the need of getting a Property Damage Adjustment Consultant on your side. Take a minute to read this story we ran across.

If you’ve read my opinion from Day 1 of the National Flood Conference, you’ll understand there was lots to talk about in Day 1. Days 2 & 3 were a bit less eventful, and mostly more geared towards flooding insurance agents and agents. As with Day 1, that there were often several classes running simultaneously,…… Continue Reading

. Read More

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