People on the Move: Oct. 12 Oct 13, 2009
Robben Moore, the new vice president, director of underwriting will oversee the department of underwriters, which is responsible for reviewing potential client files, determining the credit worthiness of the borrower and protecting Mason Dixon from issuing risky loans. She has close to 20 years of experience in the mortgage industry, having previously worked with Wells Fargo and Aurora Loan Services. (Washington Business Journal, DC)
Fat baby cant get health insurance Oct 13, 2009
As for routinely, that s what the head of the Rocky Mountain Insurance group suggested when he defended the decision as routine underwriting ... American health insurers are in a business, and underwriting unhealthy folks is not good business ... The question doesn t devolve into one of fairness, only the underwriting risk. (Atlanta Journal-Constitution -- Opinion)
AB 2 gives patients, not insurers, power Oct 8, 2009
Second, this legislation will require insurance companies to do a better job of underwriting. This bill shifts the burden from the patient to the insurer and will help prevent many rescission/cancellation issues at the front end. (Sacramento Bee -- Opinion)
Is Congress Giving States Too Much Power on Health-Care Reform? Oct 7, 2009
"Changing the underwriting laws will be relatively easy for us," says Chris Koller, Rhode Island's insurance commissioner. But other states, including many in the South and Midwest, have not attempted such bold health reform, meaning they will likely be slower to adapt to potential new responsibilities. (Time.com)
Small businesses voice concerns about health care reform Oct 4, 2009
Why can't we do groupings of people and allow Realtors or chambers of commerce or journalists to group together in their professional designations or their avocations and buy coverages that cross state lines and that are true group priced and have the benefits of a large underwriting group. " he said. "That takes care of the pre-existing condition problem. (Athens Banner-Herald)
Domestic violence as pre-existing condition? 8 states still a00004000llow it Oct 4, 2009
Lisa Codispoti, senior counsel for the National Women's Law Center, said it was hard to know whether insurance companies had changed because they closely guarded their underwriting standards, and battered women had always been reluctant to speak out publicly. "We don't know how many insurance companies still have that policy," she said, "but we are talking about an industry that once charged a race-based premium.". (Fresno Bee -- Local)
Out-of-date information? Oct 2, 2009
Having taught insurance law at the college level for many years, I can say, unequivocally, that the statements currently coming from Washington, in reference to forcing health insurance companies to liberalize their underwriting and reduce their rates, is beyond the authority of the federal government ... The president has been claiming that health insurance companies must change their underwriting to include everyone, regardless of. (Fresno Bee -- Opinion)
Entertainment Brokers International Celebrates 20th Anniversary Oct 2, 2009
OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. (Yahoo! Wire -- Entertainment News)
How would the public option outcompete private enterprise? Sep 30, 2009
Public option: No underwriting and no underwriting expense ... Sorry, but any insurance company, public or private, has claim and underwriting expenses ... Sorry, but any insurance company, public or private, has claim and underwriting expenses. (Atlanta Journal-Constitution -- Opinion)
Higher health premiums on way: Medibank Sep 24, 2009
The underwriting result after expenses fell 28 ... The underwriting margin after expenses fell to 3 ... With the economy becoming stronger, the underwriting result was also expected to improve as the number of people taking out health insurance picked up. (Sydney Morning Herald -- Business)
LETTER: Health care reform starts with providers Sep 24, 2009
"http://www.nytimes.com/2004/06/21/opinion/21HERB.htmlIt may be hard to understand why `tort reform' is even on the national agenda at a time when insurance industry profits are booming, tort filings are declining, only 2 percent of injured people sue for compensation, punitive damages are rarely awarded, liability insurance costs for businesses are minuscule, medical malpractice insurance and claims are both less than 1 percent of all health care costs in America, and premium-gouging... (Mattoon Journal-Gazette, IL)
Health care programs fail to get financial reprieve Sep 22, 2009
It happens in the individual insurance market, where underwriting is allowed. Backed by the , the bill requires health plans and insurers to get approval from an independent review organization before rescinding insurance. (Sacramento Business Journal, CA)
Texas gets 'D' for financial stability Sep 22, 2009
And finally to address financial abuses, Texas should also provide regulatory oversight for credit service organizations offering payday and automobile title loans and enforce sound underwriting standards for all credit and mortgage products. Of the 12 policy priorities, Texas currently has taken action on six of them, with only one state policy rated strong or very strong by the Scorecard. (San Antonio Business Journal, TX)
Nebraska gets `C' for overall financial stability Sep 22, 2009
One proposal is to curb predatory mortgage-lending by prohibiting prepayment penalties and enforcing sound underwriting practices as a way reduce the number of Nebraska homebuyers receiving high-cost mortgage loans and to preserve home equity. Policymakers could also improve the state's below-average homeownership rate by increasing the amount and stability of funding of its two housing trust funds, the report said. (Sioux City Journal)
Globe offers lessons in health care Sep 19, 2009
Instead, Baucus calls for tax credits for small business, the end of underwriting and a mishmash of government-subsidized insurance plans co-ops to make health care affordable for all. The Republicans continue to wring their hands at the prospect of a trillion dollars being poured into a reform plan at a time when government debt has reached the nearly incalculable stage. (MSNBC -- Health)
Norms for insurance IPOs soon Sep 19, 2009
IRDA also expressed concern over the increasing underwriting losses in the non-life insurance industry. "Due to increase in competitive pressure post detariffing, underwriting losses in the Indian non-life space is increasing which is not a healthy sign," Narayan said. (India Times, India -- Intl Business)
Stacy Kniffen Paquet to Speak at 2009 Risk Management and Finance Summit for Nonprofits Sep 19, 2009
About OneBeacon: OneBeacon Insurance Group's underwriting companies offer a range of specialty and segmented commercial and personal insurance products sold through select independent agents, regional and national brokers, and wholesalers. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. (PR Newswire)
HINGHAM OPINION: Joining in the heath care reform debate Sep 19, 2009
This approach also increases competition by allowing smaller health insurance companies to come into the market and offer health plans without fearing that they will attract a disproportionate share of bad risk that could happen under Obama s proposed no underwriting standards. The increased competition would likely result in lower prices and better service. (Hingham Journal, MA)
My turn: Health care debate picks up pace, shows progress Sep 19, 2009
The amazing pharmaceutical products produced by American firms are made possible in part by public dollars underwriting the research and development process. But a far larger incentive for private-sector firms to seek out medicines that produce miraculous results is the economic reward for creating these products. (Juneau Empire)
Heritage Financial plans to raise $40M Sep 18, 2009
After underwriting discounts and commissions, it expects to generate $40. 5 million, which it said it intends to use. (Puget Sound Business Journal, WA)
Capital Senior Living appoints new board member Sep 17, 2009
Reid previously was in charge of Lehman Brothers' real estate investment trust equity underwriting practice. Earlier, he was chief operating officer of SL Green Realty Corp., a real estate investment trust. (Fresno Bee -- Business)
Senate unveils sweeping health bill Sep 17, 2009
With White House backing, the nation's drugmakers and hospitals have agreed to defray part of the expense of the eventual bill, and the Pharmaceutical Research and Manufacturers of America is underwriting a television-advertising campaign at a cost of tens of millions in favor of health-care legislation. The AARP generally supports the effort, as well, despite the cuts in planned Medicare spending, and even opposition from the insurance industry has been muted. (AZCentral -- News)
NFP Reorganizes To Enhance Client Service Delivery to Core Corporate and Individual Client Markets Sep 16, 2009
Factors that could cause actual results to differ materially from those contemplated by a forward-looking statement include: (1) NFP's ability, through its operating structure, to respond quickly to regulatory, operational or financial situations impacting its firms; (2) the Company's ability to manage its business effectively and profitably through the principals of its firms; (3) a recessionary economic environment, resulting in fewer sales of financial products or services, including rising... (PR Newswire)
Seven lessons Sep 16, 2009
Second, to feed the bubble, loans were offered to home buyers based on ever-sloppier underwriting. In many cases, borrowers were approved without any proof they could pay the money back. (MSNBC -- Business)
Industry groups back health overhaul, but aim to protect profits Sep 13, 2009
Even the lobbyists for the insurers -- the favorite villain of Democratic health care rhetoric -- say they, too, strongly support reform, including new restrictions on their own underwriting ... Even the lobbyists for the insurers -- the favorite villain of Democratic health care rhetoric -- say they, too, strongly support reform, including new restrictions on their own underwriting. (Honolulu Star-Bulletin)
GOP Drives State Efforts Against Reform Sep 13, 2009
The GOP protest showcases heavy sub-rosa corporate underwriting by the health care and pharmaceutical industries. In effect, the GOP agitation is "manufactured" all the way from town hall to DC.. (CBS News)
Cost of change Sep 13, 2009
Before unilaterally deciding to end certain underwriting practices by insurance companies, we need to be clear about the cost of such change, and whether we as a society are willing to pay it. Robert Levy Swampscott. (Boston Globe -- Editorial)
Health lobbyists fight on both sides Sep 12, 2009
Even the lobbyists for the insurers -- the favorite villain of Democratic health care rhetoric -- say they, too, strongly support reform, including new restrictions on their own underwriting. But that does not mean they have laid down their arms. (News & Observer)
Local voices on health care reform (979) Sep 11, 2009
"Right now, I have no options because I have a pre-existing condition. If you have a pre-existing condition, you cannot change companies on an individual basis. I would like to have the same choices as a group plan has with no underwriting condition.". Dennis Buettner, community outreach worker, Stockton. (Lodi News Sentinel, CA)
Leaders speak Sep 11, 2009
"The idea of regulating the insurance companies so that they can no longer do some of the bad things that they do is commendable ... but I would be concerned that insurance companies have the objective of making a profit and up until now, as far as we can tell, they tend to make their profits from attracting healthy, young customers and underwriting out unhealthy people. Just how they will be able to change is an unknown. That is my concern about not having a robust public option, although it... (Albany Times Union)
UPDATE: Obama hopes his pitch will sway health care debate Sep 11, 2009
who is underwriting the cost of the all plans the taxpayers. So even though the person is paying "extra" the bill is still unerwritten by the taxpayers. (Waterloo-Cedar Falls Courier)
Open thread on Obamas health-care speech Sep 10, 2009
It s easy to villanize the insurance industry, but most of the underwriting guildelines they follow are set by the states they do business in ... If they can t, they either leave the state(like New York) or tighten up the underwriting process. (Atlanta Journal-Constitution -- Opinion)
Small businesses would see lower costs, more comprehensive coverage from health reform Sep 9, 2009
Provisions to extend health care coverage to everyone and repair the small group insurance market would alleviate high premium costs, high broker fees, underwriting, and a lack of transparency about benefit packages that small business owners currently face ... "The reforms have the potential to increase both the affordability and comprehensiveness of health insurance available to small businesses and individuals by protecting them from underwriting on the basis of health, establishing new... (EurekAlert!)
American Seniors Association Weighs In on Health Care Sep 9, 2009
Indeed, the current House legislation attacks baby boomers and seniors -- in fact, every American-- by underwriting the $1. 6 trillion healthcare price tag with new taxes and by cutting $500 billion out of Medicare over the next 10 years. (Human Events Online)
Robb: Ways to make bill bipartisan Sep 7, 2009
There are a lot of Republicans who support prohibiting medical underwriting in private insurance, for example ... Prohibiting medical underwriting simply puts the burden for subsidizing health care on the young, who will pay far higher insurance premiums than would otherwise be the case. (AZCentral -- News)
Letters for Saturday, September 5, 2009 Sep 6, 2009
Private insurers necessarily waste health dollars on things that have nothing to do with care: overhead, underwriting, billing, sales and marketing departments as well as huge profits and exorbitant executive pay. Doctors and hospitals must maintain costly administrative staffs to deal with the bureaucracy. (Lihue Garden Island, HA)
K Street Files: Ad Blitz Against Debt Load Sep 2, 2009
The Employment Policies Institute, a vocal opponent of a national minimum wage, is underwriting the campaign. The organization began airing its first anti-deficit television ad this week on cable news stations, a spot that plays on the familiar morning routine once again taking place for grade-schoolers across the country this week: the reciting of the Pledge of Allegiance. (Roll Call)
Bringing passion and experience Sep 1, 2009
Schreiber is responsible for the management of all sales, marketing and underwriting functions for small and large group accounts in Wisconsin, and serves as the primary contact for state regulators. Anthem has about 1,500 employees in Wisconsin and about 1 million people covered by its health plans. (Milwaukee Business Journal, WI)
AIG's Benmosche Says Cuomo's Retention-Bonus Actions `Unbelievably Wrong' Sep 1, 2009
64 billion settlement of state and federal probes into improper transactions to inflate reserves and hide underwriting losses. The company later restated earnings lower by $3. (Bloomberg -- US)
Getting Real About Health Care Reform Sep 1, 2009
The states might also be invited to submit their own reform plans for consideration by an independent commission and possible matching funds underwriting by the feds. This could hopefully enable a wide variety of approaches to be tested, all with the idea of better ensuring the prospect of true and effective reform down the road. (Townhall.com)
> FDIC report details demise of MagnetBank Aug 28, 2009
Auditors faulted MagnetBank s underwriting, credit administration, inadequate evaluations of loan participations, failure to quickly react to problem assets and inadequate loan loss reserves. The bank ultimately became capital restrained as its loans soured and losses mounted, auditors said. (Triangle Business Journal)
MagnetBank post-mortem reveals problems Aug 28, 2009
Auditors faulted MagnetBank s underwriting, credit administration, inadequate evaluations of loan participations, failure to quickly react to problem assets and inadequate loan loss reserves ... Loans approved by Pittard showed some cases in which the project was not consistent with the loan description; many loans made under the size needed for referral to the loan committee were experiencing distress; credit underwriting documentation was misleading ; and paperwork on one loan was fictitious. (Atlanta Business Chronicle, GA)
My insurance wont pay for the doctor I want Aug 26, 2009
Underwriting standards are used to determine probabilities and severity of loss, determining what premium each person is required to pay to cover potential losses, maintaining loss reserves and allow for company profits. By Cynthia Tucker not having a contract with the insurance carrier that essentially controls the doctor she wishes to uses to have her child checked, she will have to pay additional costs for those services. (Atlanta Journal-Constitution -- Opinion)
Energy Industry Icon Re-Affirms Position that U.S. Equity Market Valuations Overdone: U.S. Energy Industry at Major Risk Aug 26, 2009
A recovery based upon negative net worth, and the U.S. Government underwriting the retail consumer and institutional marketplace on all fronts, including a ludicrous renewable energy plan and unrealistic and un-achievable health care proposal will not happen. Retail investors should not be investing in the equity and debt markets at the current time, while the major banks, hedge funds, and private equity funds are insolvent on a majority of their asset based holdings. (PR Newswire)
Can't pay your premiums? Aug 23, 2009
Once you start paying your premiums again your risk benefits resume, after a waiting period of three months, without penalties or the need to go through underwriting. De Klerk says it is important to consider your health if you are looking to reduce your benefits in the short term. (iAfrica.com)
Charlie Cook: Dem situation has 'slipped completely out of control'... Aug 21, 2009
Americans are right to wonder why Mr. Obama is underwriting in Brazil what he won't allow at home. http://online. (The Drudge Report)
SWBC exec focused on healthy passion Aug 19, 2009
I moved on to an opportunity with where I learned all about the health insurance field from the underwriting and actuarial perspective, to provider issues and contracting, employer needs and sales perspectives, to finding solutions to consumer problems. I learned that consumers can get really passionate about standing in line at the pharmacy if their drug card doesn t work and they get denied drugs. (San Antonio Business Journal, TX)
Ocwen Financial Corporation Announces the Completion of Its Common Stock Offering Aug 19, 2009
3 million after deducting underwriting discounts but before estimated offering expenses. Ocwen intends to use the net proceeds for general corporate purposes, including without limitation, acquisitions and working capital. (Primezone Releases)
NH court sets Oct. date for malpractice arguments Aug 19, 2009
Lawyers for Lakes Region General Hospital in Laconia and other policyholders of the Medical Malpractice Joint Underwriting Association argue the state has no right to the money. 2009 The Associated Press. (Concord Monitor)
Hartford Financial to refund Florida businesses $48M Aug 19, 2009
"The combination of these loss prevention efforts, along with The Hartford's strong workers' compensation underwriting and risk selection in the state, resulted in lower claims costs. We can think of no better testimony to the partnership achieved between our agents, policyholders and The Hartford than is reflected in the return of these funds.". The refunds or credits must be provided within 60 days, and Hartford Financial has to certify that it has attempted to locate those policyholders whose... (South Florida Business Journal, FL)
Convenience at a high price Aug 19, 2009
Some policies are fully underwritten and are similar to products sold via brokers and advisers but most have limited or no underwriting. Fully underwritten life insurance generally requires consumers to fill in a medical questionnaire and sometimes undergo a medical assessment. (Sydney Morning Herald -- Business)
Travel Insurance: When to Get, Skip Aug 18, 2009
Always buy from a third party (and most travel agents can sell you the insurance) -Know who is underwriting the policy. Ask for the name of the insurance company underwriting the policy. (CBS News -- Early Show)
Health insurers: Born losers? Aug 18, 2009
Large underwriting losses in the 2008-09 balance sheets of state-owned insurers forced the ministry of finance to bring the four state-owned insurers together to hammer out a non-compete agreement in May. This agreement become into force from June 1 and restrains the state-owned insurers from competing for any group health insurance policy with a premium exceeding Rs 1 crore. (India Times)
Ga.s wild and crazy Rep. Paul Broun strikes again Aug 16, 2009
Secondly, insurance underwriting is based on the premise of probability of loss and severity of loss ... Secondly, insurance underwriting is based on the premise of probability of loss and severity of loss. (Atlanta Journal-Constitution -- Opinion)
Blue Cross to lay off 57 in Richardson Aug 13, 2009
At the Richardson headquarters, the losses will be seen in departments that include customer service, finance, information technology, underwriting and administrative services, she said. Blue Cross and Blue Shield of Texas, for its part, is experiencing record growth in its small business and individual insurance markets this year, and has increased its members by more than 135,000 as of the end of July, she said. (Dallas Business Journal, TX)
Health insurers: Smart or losers? Aug 12, 2009
Large underwriting losses in the 2008-09 balance sheets of stateowned insurers forced the ministry of finance to bring the four stateowned insurers together to hammer out a non-compete agreement in May. 1. (India Times)
Obama in Full Retreat on Healthcare Public Option Aug 12, 2009
Leading Democrats use the "co-op" term loosely and in a way that still appears to provide for federal underwriting. Sen. (Newsmax)
Health care plan's big price tag a concern Aug 10, 2009
He applauded underwriting reform in the insurance industry, contained in all of the bills so far, which would prevent insurers from cherry-picking only healthy individuals for coverage. He also said effectiveness research will show "what works (in medicine) and what doesn't.". (Florida Today)
Allianz Second-Quarter Net Income Falls 16%, Less Than Analysts Estimated Aug 8, 2009
Allianzs lower property and casualty underwriting result stemmed firstly from our credit insurance, it said in the quarterly report filed on its Web site ... 4 percent a year ago, meaning claims and costs exceeded premium income, giving it a loss from underwriting. (Bloomberg -- Germany)
Health Care Reform: How It Will Affect You Aug 8, 2009
Health insurance underwriting. Does it affect you. (CBS News)
Impossible Promises Aug 5, 2009
The New York Times describes a key part of the House bill: "Lawmakers of both parties agree on the need to rein in private insurance companies by banning underwriting practices that have prevented millions of Americans from obtaining affordable insurance. Insurers would, for example, have to accept all applicants and .". No more evil "cherry-picking." No more "discrimination against the sick. But that's not insurance. Insurance is the pooling of resources to cover the cost of a possible but by... (Townhall.com)
Conseco Announces Second Quarter 2009 Results; Reports Second Consecutive Profitable Quarter Aug 5, 2009
Effective January 1, 2010, the Company will no longer be assuming the underwriting risk related to PFFS business ... Assumptions and other important factors that could cause our actual results to differ materially from those anticipated in our forward-looking statements include, among other things: (i) general economic, market and political conditions, including the performance and fluctuations of the financial markets which may affect our ability to raise capital or refinance existing... (PR Newswire)
Dems Take Aim at Insurance Industry Aug 4, 2009
"Let'Em'Die. Let's also change the Stars and Stripes to a skull and crossbones. That'll let the world know that we Americans do things the right wing way. Also, forget the American Eagle as a national symbol. A shark would be much more appropo as we all get on the right wing bandwagon. Let the world know what America is really about. Also, don't forget to invest in mortuaries, cemetaries, morgues, etc. You can make a killing! [excuse the pun] Yep, I'm beginning to see the light. Maybe I'll even... (CBS News)
Krugmans contradiction Aug 4, 2009
The Agent simply completes the e-application on the secure SLAICO portal for the client, then submits it directly to Underwriting. Upon receipt, SLAICO calls the client for a voice signature, confirming their approval. (Fresno Bee -- Opinion)
Munich Re Second-Quarter Profit Rises to $994 Million, Beating Estimates Aug 4, 2009
A combined ratio of less than 100 percent means underwriting is profitable. Recession-related losses alone are likely to make it more difficult to achieve -- let alone outperform -- the long-term combined ratio target of 97% in 2009, the reinsurer added. (Bloomberg -- Germany)
