Insurance

Captive Life Agents May Face Selling Conflicts After Financial Reform

August 16, 2010  ·  Consumer Watchdog

OLDWICK, N.J. -- Certain life insurance agents and broker-dealer firms could face increased legal liability depending on how the U.S. Securities & Exchange Commission rules on the fiduciary standard pertaining to the sale of investment products. The concern among affected parties is the possible increased legal liability or financial penalties from the SEC if they don't meet the new standard, said Carmen Balber, director of the Washington, D.C. office of Consumer Watchdog.

ObamaCare’s Loss Ratio Rules Are Out Of Balance, Critics Say

August 16, 2010  ·  Consumer Watchdog

As part of ObamaCare, the federal government will impose strict new spending rules on health insurers. How it does so could have a sweeping impact on the industry and patient care. "We believe that insurance companies will get enough goodies out of the new "medical loss ratio" (MLR) law that they will not have to do business any differently," said Consumer Watchdog's Judy Dugan. "If a nursing line is something where a nurse can advise a patient on treatment, sure, that may be a medical expense. But if it is just to determine if a patient needs to see a doctor, that's just cost containment."

Saturday in Seattle: Live demonstrators, zombie insurance lawyers, someone’s caving to lobbyists

August 14, 2010  ·  Consumer Watchdog

<p> It's livelier Saturday at the National Association of Insurance Commissioners meeting in Seattle. Most refreshing was a medium-sized street demonstration, with forays into meeting rooms, by young and old demonstrators protesting lobbyist influence on health care reform. They handed out "lobbyist disinfectant packs," including soap and face masks, and demanded that regulators do their job for consumers. The sponsor was the "Puget Sound Alliance for Retired Americans," and it was backed by Health Care for America Now, a national group that is finally engaging with vigor on regulation issues. </p>

Live from Seattle: The health insurance industry vs. health reform

August 13, 2010  ·  Consumer Watchdog

<p> (Seattle)--The big buzz today at a meeting of the National Association of Insurance Regulators was that President Obama would speak to the thousand-plus people gathered here--and then that he wouldn't. Maybe he didn't want to get...</p>

Insurers hold death benefits for more profit

August 13, 2010  ·  Consumer Watchdog

<p> Life insurers are facing broad criticism for profiting from the death benefits of soldiers and other life insurance policyholders after a claim is supposed to be paid... </p>

Health Insurance Limits Are Rising, If Regulators Approve

August 13, 2010  ·  Consumer Watchdog

Insurers and employers say a generous waiver process is needed to avoid a sudden jump in premiums. But patient advocates, such as California-based Consumer Watchdog, warn against being too lenient. All sides are pressing their cases with the <a href="http://content.usatoday.com/topics/topic/Organizations/Companies/Health+and+Medicine/United+States+Department+of+Health+and+Human+Services" title="More news, photos about Department of Health and Human Services">Department of Health and Human Services</a> (HHS), which is writing the rules on the waiver process but has not specified what they will say or when they'll be in place. It's not clear yet whether waivers could continue after 2014. HHS said details on the process are under development, and declined to elaborate.

Consumer Groups Want Federal Investigation of Insurers’ Medical Spending

August 12, 2010  ·  Consumer Watchdog

Consumer advocates urged the Obama administration Thursday to investigate what they called an effort by large for-profit insurance companies to slash spending on medical care even as they raise premiums. In a letter to Health and Human Services Secretary Kathleen Sebelius, Consumer Watchdog and the Center for Media and Democracy said that insurers reported less medical spending in recent months ahead of new federal rules that will require the companies to do just the opposite starting next year.

Congress clarifies intent on key provision in health care law

August 12, 2010  ·  Consumer Watchdog

Chairmen of the Senate and House committees with jurisdiction over health care reform sent a <a href="http://politi.co/aLmaZt">letter</a> to Secretary Sebelius on Tuesday clarifying their intent on a particularly controversial provision in the...

Yet again, health insurers seeking ways to defy health care law

August 12, 2010  ·  Consumer Watchdog

Consumer Watchdog and the Center for Media and Democracy have sent a <a href="http://www.consumerwatchdog.org/resources/sebeliusletterCWDCMD081110.pdf">letter</a> to Secretary Kathleen Sebelius calling on her and the administration to investigate the recent dramatic decreases in medical loss ratios by major health care insurers in anticipation of health care reform implementation.

Showdown on health care reform rules?

August 12, 2010  ·  Consumer Watchdog

<p> It's going to be consumer advocates vs. a large scrum of health insurance company lobbyist in Seattle for the next several days at the summer meeting of the National Association of Insurance Commissioners. In advance of that, we've...</p>

Insurers Reign Over Rates — Only 19 States Have ‘Prior’ Approval Over Medical Premiums

August 12, 2010  ·  Consumer Watchdog

WASHINGTON, DC -- As Americans struggle with double-digit hikes in their health insurance bills, millions are coming up against a hard reality: The state regulators who are supposed to protect them can often do little to control what insurers are charging. Consumer advocates and administration officials are trying to spark new state efforts because the new healthcare law gives the federal government only limited power to regulate premiums, traditionally a state responsibility. The Obama administration plans to announce a series of $1-million grants next week to help states increase their oversight.

Consumer Watchdog Vs. Insurers on Health Care Reform Implementation Regulations

August 11, 2010  ·  Consumer Watchdog

<p> Consumer Watchdog has fought to defend central consumer protections in the health care law against efforts by lobbyists for the health insurance industry to undermine rules and create loopholes in regulations.  State insurance regulators at the National Association of Insurance Commissioners (NAIC) and federal regulators at the Department of Health and Human Services began writing implementing regulations in summer of 2010.</p>