After raking in an impressive $1.45 billion quarterly profit, AIG says it is on its way to repaying the $182 billion government bailout it received in 2008 and 2009. The company already laid out a bailout repayment plan in April in hopes of showing how serious it is in paying back its debts to taxpayers. Now the life insurance company says that its recent profit could make its goal a greater reality.
First Quarter a Good One for AIG
AIG saw a first quarter income of $1.45 billion ($2.16 per share), which compares to a loss of $4.35 billion a year earlier, the company said on Friday.
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>Life Partners Inc., a Texas-based life settlement and viatical company, is paying $170,000 for failing to register its securities with the Virginia State Corporation Commission’s division of securities and retail franchising.
To settle the commission’s allegations, Life Partners must pay Virginia’s Treasurer $150,000 and pay the commission $20,000 for the cost of the investigation.
The commission requires disclosures be made to investors before investing in life or viatical settlements in Virginia.
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A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the United Farm Bureau of Indiana Group (the Group) and two members, United Farm Family Mutual Insurance Company (Mutual) and UFB Casualty Insurance Company (UFB Casualty).
Concurrently, A.M. Best has downgraded the FSR to B++ (Good) from A- (Excellent) and ICR to “bbb+” from “a-” of Countryway Insurance Company (Countryway) (Syracuse, N.Y.). The outlook for all ratings is stable. All companies are domiciled in Indianapolis, IN, unless otherwise specified.
The ratings for the Group are based upon the consolidation of Mutual and its wholly owned subsidiaries, UFB Casualty and Countryway.
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Workers compensation insurers writing in Florida have filed for an average 4.2 percent rate decrease.
This marks the eighth decrease in workers compensation rates since 2003. The cumulative overall statewide average decrease in workers compensation rates will be 64.7 percent since the 2003 reforms.
Insurance Commissioner Kevin McCarty said that the National Council on Compensation Insurance (NCCI) filing came into the Office of Insurance Regulation on May 7.
NCCI made the rate filing due to a change in the Special Disability Trust Fund (SDTF) assessment — a change that ultimately reduces the insurance company’s overhead expenses.
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Division of Workers’ Compensation releases latest study on access to medical care in California’s workers’ compensation system
Injured workers are getting the care they need, according to a recent study on access to medical care in teh California workers’ compensation system. The California Division of Workers’ Compensation (DWC) study, conducted by the University of Washington, Seattle (UW), shows four out of five injured workers are satisfied with their care, and the level of access to quality care appears unchanged from a similar study done in 2006.
“We’re pleased to see that injured workers continue to get proper care,” said DWC acting Administrative Director Carrie Nevans.
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>Fundamental Medicare Physician Payment Reforms Will Ensure Access to Care and Foster Practice Transformation
WASHINGTON, May 12, /PRNewswire-USNewswire/ — An independent poll recently conducted on behalf of the American Osteopathic Association (AOA) shows that an alarming number of physicians will stop seeing Medicare beneficiaries if current payment policies are not reformed. When physicians who have at least some say in what kind of insurance they accept in their practices were asked about the pending 21.3% cut in Medicare payments, only 42% said they would definitely or probably continue seeing their current Medicare patients if the cut were to occur. Another 33% were undecided as to whether or not they would continue to see their current Medicare patients.
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Oklahoma Attorney General Drew Edmondson said the state’s price gouging law is in effect in 56 Oklahoma counties following Gov. Brad Henry’ declared a state of emergency for those areas devastated by severe storms on May 10.
Oklahoma’s Emergency Price Stabilization Act prohibits an increase of more than 10 percent in the price of most goods and services when a state of emergency has been declared. It is effective for the duration of a declaration of emergency and for 30 days thereafter.
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> LOS ANGELES–(BUSINESS WIRE)– Health Net, Inc. (NYSE:HNT) wants to remind small business owners about one of the first provisions of the recently passed health care reform legislation, the Patient Protection and Affordable Care Act, to go into effect – the small business health care tax credit.
This tax credit encourages small business owners to offer health insurance coverage for the first time or maintain the coverage they already have. With the potential of assisting four million employers, it is specifically targeted to small businesses and tax-exempt organizations that primarily employ low and moderate income workers. <
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