Insurance

Big Money from Special Interests Attempts to Sway Three Local Elections

July 11, 2010  ·  Consumer Watchdog

<strong>Without directly revealing their involvement, major industries and organizations play key roles in legislative contests.</strong> <p> Voters may not have been aware that insurance companies, lawyers and other interests were calling most of the shots in the three campaigns. The California Senior Advocates League, which paid for attack ads in two of the three contests, received money from JobsPAC, which is affiliated with the Chamber of Commerce, and Put California Back to Work, a committee sponsored by the Civil Justice Assn. of California. Both groups' members and contributors are mostly big corporations. Doug Heller, executive director of the Santa Monica nonprofit Consumer Watchdog, said the league's name gives the impression that the candidates' support is coming from "an authentic campaign by seniors."<br /> </p>

Applicants Dismayed as Minor Medical Conditions Lead to Insurance Denials or Big Hike in Premiums

July 4, 2010  ·  Consumer Watchdog

<p> People have been rejected for such common conditions as acne and high blood pressure, said Judy Dugan, research director for Consumer Watchdog. "If you are pregnant, (insurers) will run the other way screaming," she added. "They don't want to insure a baby until they have looked it over to make sure it's absolutely healthy." </p>

“Trust us” not good enough for health insurance rates

July 1, 2010  ·  Consumer Watchdog

After meeting with health insurance executives two weeks ago, President Obama reiterated an oft repeated promise: "The CEOs here today need to know that they're going to be required to publicly justify unreasonable premium increases." ...

Liveblog: CDS- Misunderstanding?

July 1, 2010  ·  Consumer Watchdog

Commissioner Peter Wallison is suggesting that Credit Default Swaps are not inherently problematic. We just don't understand the underlying principles, he tells the witnesses. Wallison is asserting that CDS are just loans under another name, and...

Health Insurer Now Seeks 14 Pct Calif. Rate Hike

July 1, 2010  ·  Consumer Watchdog

<p> Anthem Blue Cross has become a poster child for stricter premium regulation, said Jamie Court, president of Consumer Watchdog, a group based in Santa Monica, CA.  Court said the double-digit increase following its earlier hike so closely shows the need for a law that gives regulators "the power to say no" to rate increases from insurers making "too much" money. </p>

Liveblog: Too big to recognize?

July 1, 2010  ·  Consumer Watchdog

Eric Dinallo, former Superintendent of the NYS Insurance Department, points out to Commissioner Keith Hennessey that AIG FP was in large part able to take on absurd amounts of risk because market perception viewed AIG FP in the context of its...

Anthem Blue Cross Seeks to Raise Rates Up to 20%

July 1, 2010  ·  Consumer Watchdog

After taking heat for proposing to raise insurance rates as high as 39 percent, Anthem Blue Cross proposed rates Wednesday that would raise health premiums by an average of 14 percent and as much as 20 percent for thousands of California consumers. Several consumer groups said the Anthem case highlights the need for greater rate regulatory oversight. "Examining and controlling health insurance rates needs to be the law, not a one-time favor to consumers," said Judy Dugan, research director of Consumer Watchdog, which is based in Santa Monica.

Anthem Revises California Health Policies to a 14% Hike

July 1, 2010  ·  Consumer Watchdog

<p> Greater government oversight is crucial to protecting consumers, said Jamie Court, president of Consumer Watchdog, a left-leaning Santa Monica-based advocacy group. "The problem is we don't have a standard that sets out what is excessive and what is not," Court said. He argues the state should have the ability to deny rate increases it determines are too high. "We should let the regulators determine what's excessive," Court said. </p>

Liveblog: Session 2

July 1, 2010  ·  Consumer Watchdog

Session 2, with opening statements occuring now (links provided), has these witnesses set to testify:<br/> <br/> <div class="name"> Eric R. Dinallo </div> <div class="attribution"> Former Superintendant<br/> New York State Insurance...</div>

LIveblog: GS: We don’t track our derivatives operation

July 1, 2010  ·  Consumer Watchdog

<p> Brooksley Born is asking GS execs about their derivatives operations. GS is continuing to assert that they integrate their businesses, and don't track derivatives separately, so they wouldn't have any specific information on derivatives...Brooksley Born is asking GS execs about their derivatives operations. GS is continuing to assert that they integrate their businesses, and don't track derivatives separately, so they wouldn't have any specific information on derivatives operations.<br /> <br />

Liveblog: Why was GS so inept at pricing?

July 1, 2010  ·  Consumer Watchdog

After Thomas is done questioning, Angelides interjects and is incredulous that Goldman Sachs had a "scientific" methodology of pricing that was based on the market alone.<br/> <br/> He points out that GS' first pricing of one of AIG's...

Liveblog: Cassano: Never diluted our underwriting standards

June 30, 2010  ·  Consumer Watchdog

Representatives from AIG are asserting good faith and denying that credit default swaps (CDSs) or over-the-counter derivatives were ever sold without due diligence or with lower underwriting standards.<br/> <br/> Cassano especially is...