U.S. Life Insurers Add $44 Billion to Mortgage Investments

Original source: https://www.thinkadvisor.com/2019/08/06/u-s-life-insurers-add-44-billion-to-mortgage-investments/

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ThinkAdvisor (08/06/19) Bell, Allison

U.S. life insurers still have almost three-quarters of their resources parked in bonds, but the value of their mortgage holdings is growing at a quicker pace, said the National Association of Insurance Commissioners’ Capital Markets Bureau in 2 new insurance company investment reports based on insurers’ 2018 financial announcements. U.S. life insurers finished last year with $4.2 trillion in cash and invested funds , up 1.3% by the end of 2017. Life insurers’ bond holdings increased by $17 billion, or only 0.6%, to $1 trillion. Meanwhile, the worth of life insurance’ mortgage investments soared 9.3% to $522 billion. The growth equates to $44 billion, or the equivalent of approximately 170,000 new home mortgage loans. In accordance with NAIC Capital Markets Specialist Michele Wong, the prolonged low interest rate environment continues to push U.S. insurance into assets besides corporate bonds. “Although these asset classes generally provide higher yields than people corporate bonds, they’re typically less liquid, and consuming less transparency, and also are subject to higher price volatility,” she wrote…. Read More

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Original source: https://www.thinkadvisor.com/2019/08/06/u-s-life-insurers-add-44-billion-to-mortgage-investments/

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ThinkAdvisor (08/06/19) Bell, Allison

U.S. life insurers still have almost three-quarters of their resources parked in bonds, but the value of their mortgage holdings is growing at a quicker pace, said the National Association of Insurance Commissioners’ Capital Markets Bureau in 2 new insurance company investment reports based on insurers’ 2018 financial announcements. U.S. life insurers finished last year with $4.2 trillion in cash and invested funds , up 1.3% by the end of 2017. Life insurers’ bond holdings increased by $17 billion, or only 0.6%, to $1 trillion. Meanwhile, the worth of life insurance’ mortgage investments soared 9.3% to $522 billion. The growth equates to $44 billion, or the equivalent of approximately 170,000 new home mortgage loans. In accordance with NAIC Capital Markets Specialist Michele Wong, the prolonged low interest rate environment continues to push U.S. insurance into assets besides corporate bonds. “Although these asset classes generally provide higher yields than people corporate bonds, they’re typically less liquid, and consuming less transparency, and also are subject to higher price volatility,” she wrote…. Read More

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Insurance Agents Play An Important Role In Everyday Life

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/Jhr0oEFV8as/

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David Thompson of the Florida Association of Insurance Agents (FAIA) is a premier insurance agent instructor who spends most of their time on the road teaching insurance brokers how to ply their trade. This morning, I had been on a panel moderated by Thompson, with insurance agent defense lawyer Jessica Kirkwood-Alley and insurance pro Brent Winans…… Continue Reading
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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/Jhr0oEFV8as/

We browse the world wide web each day to make you to understand to the need of having a Public Adjuster on your team. Read this website post we found.

David Thompson of the Florida Association of Insurance Agents (FAIA) is a premier insurance agent instructor who spends most of their time on the road teaching insurance brokers how to ply their trade. This morning, I had been on a panel moderated by Thompson, with insurance agent defense lawyer Jessica Kirkwood-Alley and insurance pro Brent Winans…… Continue Reading
.

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Drug Companies Spend Millions So That Doctors Will Prescribe Risky and Expensive Drugs

Original source: https://www.jsonline.com/story/news/investigations/2019/08/07/biologic-drug-makers-pay-doctors-prescribe-risky-pricey-medications/1901753001/

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Milwaukee Journal Sentinel (WI) (08/07/19) Fauber, John

According to a lawsuit filed with the California Department of Insurance, AbbVie created a”Nurse Ambassador” software in 2012 that paid nurses nationwide to make home visits to individuals that were prescribed its rheumatoid arthritis and psoriasis medication Humira, however, the physicians were instructed to not mention the dangers of the drug, including acute cancer and disease risks. The lawsuit alleges that, through the application, physicians reportedly received kickbacks in the form of cash. “Kickbacks and much more complex schemes, such as those alleged in the AbbVie instance, are important drivers in the out-of-control cost of prescription medications that hurt customers,” said California Insurance Commissioner Ricardo Lara. His office quotes that private insurers in California alone paid out $1.2 billion in Humira asserts from 2013 to 2018, making it potentially the biggest insurance fraud case in the division’s history. The situation is pending. AbbVie denies wrongdoing…. Read More

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Original source: https://www.jsonline.com/story/news/investigations/2019/08/07/biologic-drug-makers-pay-doctors-prescribe-risky-pricey-medications/1901753001/

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Milwaukee Journal Sentinel (WI) (08/07/19) Fauber, John

According to a lawsuit filed with the California Department of Insurance, AbbVie created a”Nurse Ambassador” software in 2012 that paid nurses nationwide to make home visits to individuals that were prescribed its rheumatoid arthritis and psoriasis medication Humira, however, the physicians were instructed to not mention the dangers of the drug, including acute cancer and disease risks. The lawsuit alleges that, through the application, physicians reportedly received kickbacks in the form of cash. “Kickbacks and much more complex schemes, such as those alleged in the AbbVie instance, are important drivers in the out-of-control cost of prescription medications that hurt customers,” said California Insurance Commissioner Ricardo Lara. His office quotes that private insurers in California alone paid out $1.2 billion in Humira asserts from 2013 to 2018, making it potentially the biggest insurance fraud case in the division’s history. The situation is pending. AbbVie denies wrongdoing…. Read More

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Governor Signs Legislation Protecting Health Care for Delawareans

Original source: https://www.scsuntimes.com/news/20190807/carney-signs-legislation-protecting-health-care-for-delawareans

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Smyrna/Clayton Sun-Times (08/07/19)

On Aug. 7, Delaware Gov. John Carney signed Senate Bill 35 and Senate Substitute 1 for Senate Bill 92, each of which will shield excellent healthcare coverage for residents. Senate Bill 35 codifies consumer protections of the Affordable Care Act into Delaware law, including protections for individuals with preexisting requirements, the guaranteed availability of coverage, and pragmatic evaluation variables. Senate Substitute 1 for Senate Bill 92 will offer care for all qualified Medicaid recipients. “Ensuring that Delawareans continue to receive the crucial health care they want and deserve is paramount to my mission as insurance commissioner,” explained Delaware Insurance Commissioner Trinidad Navarro. “Under this bill, Delaware ensures that the most exposed consumers will continue to obtain coverage” Associated Story: Delaware Public Media… Read More

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Original source: https://www.scsuntimes.com/news/20190807/carney-signs-legislation-protecting-health-care-for-delawareans

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Smyrna/Clayton Sun-Times (08/07/19)

On Aug. 7, Delaware Gov. John Carney signed Senate Bill 35 and Senate Substitute 1 for Senate Bill 92, each of which will shield excellent healthcare coverage for residents. Senate Bill 35 codifies consumer protections of the Affordable Care Act into Delaware law, including protections for individuals with preexisting requirements, the guaranteed availability of coverage, and pragmatic evaluation variables. Senate Substitute 1 for Senate Bill 92 will offer care for all qualified Medicaid recipients. “Ensuring that Delawareans continue to receive the crucial health care they want and deserve is paramount to my mission as insurance commissioner,” explained Delaware Insurance Commissioner Trinidad Navarro. “Under this bill, Delaware ensures that the most exposed consumers will continue to obtain coverage” Associated Story: Delaware Public Media… Read More

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State Regulatory Agency May Tackle Surprise Medical Bills

Original source: https://www.nbc12.com/2019/08/07/state-regulatory-agency-may-tackle-surprise-medical-bills/

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Nbc12.com (Richmond, Va.) (08/07/19) DePompa, Rachel

A proposed rule under consideration in the Virginia State Corporation Commission (SCC) would limit surprise medical bills by requiring physicians to tell all emergency patients when suppliers involved in their maintenance will bill separately for fees outside of what insurance covers. Will be liable for paying the remainder of the patient’s bills. Based on SCC spokesperson Ken Schrad,”The [Bureau of Insurance] has experienced a rising number of complaints about balanced billing. What started as a handful of complaints has expanded to as many as 50 annually, but the bureau can simply be certain that its responsibilities have been met by the insurer under the policy’s terms. That is almost always the case. The commission is now taking comments on a proposed law prepared by the agency that attempts to increase advance notice to your patient every time there is a probability that services may be offered through an insurer.” SCC is accepting comments on the proposal through Aug. 9. If accepted, the rule change goes into effect on Oct. 1…. Read More

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Original source: https://www.nbc12.com/2019/08/07/state-regulatory-agency-may-tackle-surprise-medical-bills/

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Nbc12.com (Richmond, Va.) (08/07/19) DePompa, Rachel

A proposed rule under consideration in the Virginia State Corporation Commission (SCC) would limit surprise medical bills by requiring physicians to tell all emergency patients when suppliers involved in their maintenance will bill separately for fees outside of what insurance covers. Will be liable for paying the remainder of the patient’s bills. Based on SCC spokesperson Ken Schrad,”The [Bureau of Insurance] has experienced a rising number of complaints about balanced billing. What started as a handful of complaints has expanded to as many as 50 annually, but the bureau can simply be certain that its responsibilities have been met by the insurer under the policy’s terms. That is almost always the case. The commission is now taking comments on a proposed law prepared by the agency that attempts to increase advance notice to your patient every time there is a probability that services may be offered through an insurer.” SCC is accepting comments on the proposal through Aug. 9. If accepted, the rule change goes into effect on Oct. 1…. Read More

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Texas Windstorm Insurer: No Rate Hike for 2020

Original source: https://www.insurancejournal.com/news/southcentral/2019/08/06/535100.htm

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Insurance Journal (08/07/19)

According to the Texas Windstorm Insurance Association (TWIA), the state’s provider of last resort for wind and hail insurance for coastal lands , the board of directors voted in its Aug. 6 quarterly assembly not to raise residential and commercial property rates. As a result, TWIA will submit a 0 percent yearly fee filing for 2020 policies together with the Texas Department of Insurance from Aug. 15. This includes despite TWIA reporting past month that its Rate Adequacy Evaluation for 2019 found present rates are inadequate by 41.7percent for residential properties and 50% for business properties, as well as a speed inadequacy of 32% and 37%, respectively, in June 2018. This season marked the first time that TWIA approved people comment in reaction to its yearly Rate Adequacy Analysis. In making its choice the board believed both public comment from stakeholders and the 2019 Rate Adequacy Analysis…. Read More

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Original source: https://www.insurancejournal.com/news/southcentral/2019/08/06/535100.htm

I run around the internet nonstop to make you to relate to the betterment of keeping a Public Adjuster on your side. Take a minute to read this web post we ran across.

Insurance Journal (08/07/19)

According to the Texas Windstorm Insurance Association (TWIA), the state’s provider of last resort for wind and hail insurance for coastal lands , the board of directors voted in its Aug. 6 quarterly assembly not to raise residential and commercial property rates. As a result, TWIA will submit a 0 percent yearly fee filing for 2020 policies together with the Texas Department of Insurance from Aug. 15. This includes despite TWIA reporting past month that its Rate Adequacy Evaluation for 2019 found present rates are inadequate by 41.7percent for residential properties and 50% for business properties, as well as a speed inadequacy of 32% and 37%, respectively, in June 2018. This season marked the first time that TWIA approved people comment in reaction to its yearly Rate Adequacy Analysis. In making its choice the board believed both public comment from stakeholders and the 2019 Rate Adequacy Analysis…. Read More

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Pretrial Motion Practice in Federal Court

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/LZBrt5OT7No/

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This article will describe the difference between case motions and motions that affect the admissibility of evidence. I found in a previous post that (1) motions to dismiss and also (2) moves for summary judgment are case dispositive motions. Meaning that when either party finally wins the movement, the assert…… Continue Reading

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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/LZBrt5OT7No/

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.
This article will describe the difference between case motions and motions that affect the admissibility of evidence. I found in a previous post that (1) motions to dismiss and also (2) moves for summary judgment are case dispositive motions. Meaning that when either party finally wins the movement, the assert…… Continue Reading

Read More

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California’s Insurance Adjuster Act of 2019 Is Coming

Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/TyOewgeXYy8/

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The Senate Bill 2401 of california is making its way through the legislature and will bring a few vital adjustments to how insurance businesses train. The bill, also Called the Insurance Adjuster Act of 2019,” Was Made by Senator Bill Dodd to eliminate confusion…… Continue Reading
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Original source: http://feeds.lexblog.com/~r/propertyinsurancecoveragelaw/YZft/~3/TyOewgeXYy8/

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.
The Senate Bill 2401 of california is making its way through the legislature and will bring a few vital adjustments to how insurance businesses train. The bill, also Called the Insurance Adjuster Act of 2019,” Was Made by Senator Bill Dodd to eliminate confusion…… Continue Reading
Read More

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Short-Term Health Plans Spend Little on Medical Care

Original source: https://www.modernhealthcare.com/insurance/short-term-health-plans-spend-little-medical-care

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Modern Healthcare (08/06/19) Livingston, Shelby

The National Association of Insurance Commissioners (NAIC) recently released its 2018 Accident and Health Policy Report, that impacts medical-loss ratios, or even the proportion of premiums spent on medial asserts. Of the five medical insurance companies that collect the premiums from short term insurance policies, the typical loss percentage was 39.2 percent, meaning 39 pennies of ever $1 collected in premiums was spent on healthcare and the remainder on administrative expenditures or kept as profit. In contrast, the loss ratio was 73% one of comprehensive major medical plans last year, purchased by individuals. The reduction ratios for short-term wellness plans are lower because they do not offer as many advantages as Affordable Care Act-compliant plans, which, unlike short-term plans, must satisfy a minimum medical-loss ratio of 80% or pay enrollees refunds. The NAIC’s report demonstrates that about 86,600 people were enrolled in plans in 2018, because most short-term plans are sold through institutions exempt from 35, but this figure is higher…. Read More

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Original source: https://www.modernhealthcare.com/insurance/short-term-health-plans-spend-little-medical-care

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Modern Healthcare (08/06/19) Livingston, Shelby

The National Association of Insurance Commissioners (NAIC) recently released its 2018 Accident and Health Policy Report, that impacts medical-loss ratios, or even the proportion of premiums spent on medial asserts. Of the five medical insurance companies that collect the premiums from short term insurance policies, the typical loss percentage was 39.2 percent, meaning 39 pennies of ever $1 collected in premiums was spent on healthcare and the remainder on administrative expenditures or kept as profit. In contrast, the loss ratio was 73% one of comprehensive major medical plans last year, purchased by individuals. The reduction ratios for short-term wellness plans are lower because they do not offer as many advantages as Affordable Care Act-compliant plans, which, unlike short-term plans, must satisfy a minimum medical-loss ratio of 80% or pay enrollees refunds. The NAIC’s report demonstrates that about 86,600 people were enrolled in plans in 2018, because most short-term plans are sold through institutions exempt from 35, but this figure is higher…. Read More

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After California Quakes, Las Vegas Homeowners Wonder if They're Underinsured

Original source: https://lasvegassun.com/news/2019/jul/10/las-vegas-homeowners-earthquake-insurance/

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Las Vegas Sun (07/10/19) Horwath, Bryan

Tom Edington, co-owner the Western Pacific Insurance bureau at Henderson, Nevada, says many policyholders reached out in today since the new Southern California earthquakes wanting to know whether their current policy included earthquake policy. Almost do not, he states, adding that”most of the insurance carriers that we do business with today have a moratorium on new earthquake policies in many regions of Southern Nevada before things settle down a bit.” Moratoriums can last from 30 days to 60 days, according to the Nevada Division of Insurance (DOI). David Cassetty, DOI’s deputy commissioner, states,”I think that the important issue is that this has contributed a lot of people more consciousness that we do live in an earthquake zone. That is a good thing since people should be looking into whether or not (earthquake insurance) is a product they need to get.”… Read More

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Original source: https://lasvegassun.com/news/2019/jul/10/las-vegas-homeowners-earthquake-insurance/

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Las Vegas Sun (07/10/19) Horwath, Bryan

Tom Edington, co-owner the Western Pacific Insurance bureau at Henderson, Nevada, says many policyholders reached out in today since the new Southern California earthquakes wanting to know whether their current policy included earthquake policy. Almost do not, he states, adding that”most of the insurance carriers that we do business with today have a moratorium on new earthquake policies in many regions of Southern Nevada before things settle down a bit.” Moratoriums can last from 30 days to 60 days, according to the Nevada Division of Insurance (DOI). David Cassetty, DOI’s deputy commissioner, states,”I think that the important issue is that this has contributed a lot of people more consciousness that we do live in an earthquake zone. That is a good thing since people should be looking into whether or not (earthquake insurance) is a product they need to get.”… Read More

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