Insurance

Liveblog: Did we learn anything?

June 30, 2010  ·  Consumer Watchdog

The session with the "experts" is over. It is not entirely clear if the Commission learned anything new, especially considering the disparate views held by each of the panelists. In a telling series of answers, one member asked each of...

Liveblog: Opening statements

June 30, 2010  ·  Consumer Watchdog

While opening statements wrap up from our four witnesses, only one witness seems to be defending the stance that over the counter derivatives played "no role" in exacerbating the crisis: Steve Kohlhagen. As questioning starts...

Consumer Group Warns Sebelius On Health Insurers’ ‘Bully Tactics’

June 30, 2010  ·  Consumer Watchdog

<p> A consumer group warned in a letter to U.S. Health and Human Services Secretary Kathleen Sebelius that health insurers “cannot be trusted” when lobbying over provisions of the new federal health reform law. “The insurance industry is lobbying now for loopholes in regulatory language that would make it unnecessary for insurers to make mathematical ‘errors’ in order to meet the law’s requirement that they spend 80% to 85% of premium dollars on health care,” the letter to Sebelius suggests. Judy Dugan, research director from Consumer Watchdog, went further, saying, “The California rate scandal shows that insurers cannot be trusted with a hand calculator, much less the language of health regulation.” </p>

Insurance deregulation blocked in Wall Street reform bill

June 29, 2010  ·  Consumer Watchdog

Drivers, business owners and every other American who expects their insurance policies to be there in an emergency can breathe a sigh of relief that an eleventh hour fix saved consumers from insurance deregulation in the financial reform bill...

Corporate PACs Spent Freely In Spring Races

June 28, 2010  ·  Consumer Watchdog

<p> The intent, said Doug Heller, executive director of Consumer Watchdog, whose complaint with the Fair Political Practices Commission is under review, was to give cover to the PAC run by the American Federation of State, County and Municipal Employees, or AFSCME, which did not want to appear to be taking cash from big business in its effort to support Vargas. Salas and Vargas are still awaiting the tallying of absentee votes in a close race that may be headed for a recount. "It cleaned the money," Heller said. "That's why it's called laundering. They were hiding the funding sources. It was important to have the appearance of authentic working people and not corporations actually funding it." </p>

New Bill Would Allow State To Reject Health Insurance Rate Hikes

June 28, 2010  ·  Jamie Court

<p> Jamie Court directs the non-profit group <a href="../../../">Consumer Watchdog</a>. He rejects the idea that the measure would be too tough on insurance companies. "There's nothing that's saying they can't raise rates," Court points out. "It's saying they have to justify that their rates aren't excessive. And so if they really need to raise rates, they should be able to make the case. But right now, all they have to do is raise rates. And what industry wouldn't like to raise rates at a whim." </p>

Top trustbuster says DOJ watching search industry

June 28, 2010  ·  Consumer Watchdog

<p> The <a href="http://DOJ.gov">U.S. Justice Department </a>is paying close attention to the Internet search industry now dominated by Internet giant, Google, according to Assistant Attorney General Christine Varney. The nation's top trustbuster, Varney, gave the keynote speech last week to the American Antitrust Institute's 11th Annual Convention in Washington, DC. I was there and took the opportunity to ask her what government policy should be if online search naturally tends to become a monopoly. </p>

Dodgers Draw Criticism for Yankees Series Ticket Policy

June 25, 2010  ·  Consumer Watchdog

The Dodgers will begin a three-game interleague series against the New York Yankees tonight at Dodger Stadium with the most restrictive regular-season ticket sales policy in the team's 53 seasons in Los Angeles. "Forcing people to buy several game packages just rules out most folks from being able to attend a Dodgers versus Yankees game," said Mark Reback, a public advocate for the Santa Monica-based group Consumer Watchdog. "Professional sports teams should think about the big picture and realize that fleecing their loyal fans on tickets for one series could taint the team's image in the long run with these same fans who may think twice before buying that $100 jersey next time."

Math Error Found In Aetna Health Care’s New California Premiums

June 25, 2010  ·  Consumer Watchdog

The Department of Insurance said it found "substantial mathematical errors" in the rate filings submitted by Aetna, which had planned to raise premiums by an average of 19 percent on 65,000 Californians who buy insurance on their own. "This just confirms that we need to take a closer look at every rate filing," said Jamie Court, president of Consumer Watchdog, a left-leaning Santa Monica-based advocacy group. "It's amazing how insurers are making mathematical errors," he said, "when they're not used to regulators checking their math."

Aetna Scraps 19% Rate Increase for Individual Policyholders

June 25, 2010  ·  Consumer Watchdog

<strong>The health insurer pulled back after multiple math errors in its paperwork were found by its own staff and by an independent consultant working for California.</strong> <p> Consumer advocates applauded the withdrawal of Aetna's rate filing, seeing the move as part of a broader effort to rein in insurance companies. "It seems like there is a lot of momentum building toward rate regulation," said Jamie Court, president of Santa Monica-based Consumer Watchdog. "Insurers have to worry about that because they haven't had anyone looking over their shoulder." </p>

Aetna rate increase bites the dust; Review finds major ‘mathematical errors’

June 25, 2010  ·  Consumer Watchdog

<p> It was insurance company lobbying that stuck Americans with a health reform law that lets private insurance companies run the show. The industry keeps proving that it has no intention of doing an honest job of it. The California <a href="http://www.insurance.ca.gov/0400-news/0100-press-releases/2010/release091-10.cfm">Department of Insurance announced Thursday </a>that Aetna's rate increases in the individual market, like those of Anthem Blue Cross, were full of "substantial mathematical errors." The company (also like Blue Cross) "agreed" to withdraw the planned premium hikes. </p>

White House carries a small stick against spiking health premiums

June 23, 2010  ·  Consumer Watchdog

<p> It was nice of the New York Times to print a story on the f<a href="http://www.nytimes.com/2010/06/22/business/22kaiser.html">ast rise of health insurance premiums nationwide,</a> just a day before President Obama's showdown meeting Tuesday with insurance executives. The president needs all the help he can get, because the health reform law is a very small stick indeed for controlling insurance companies. </p>