Insurance

AIG Bailout 2: Did AIG put life insurance policyholders at risk?

October 9, 2008  ·  Doug Heller

<p> The Federal Reserve Bank of New York added another $38 billion to the AIG bailout pot today, bringing the total taxpayer infusion into AIG to nearly $125 Billion.  But today's bailout offers another thing to worry about...At some point, AIG might have to use money reserved for paying claims to, instead, repay hedge funds and, potentially, policyholders might not be able to count on AIG when they make a claim.. </p>

Schwarzenegger Vetoes Profit Limit, Single-Payer Health Insurance Bills

October 7, 2008  ·  Consumer Watchdog

SACRAMENTO, CA -- Among the insurance bills recently vetoed by California Gov. Arnold Schwarzenegger is a measure that would have limited health insurers' profits and administrative expenses by mandating that health insurers spend at least 85% of their premium costs on medical care.

Stem Cell Agency May Loan Out $500M

October 6, 2008  ·  Consumer Watchdog

Decisions about the program's size, goals and structure remain to be made. The agency said it is still deciding whether to run the loan program in-house or pick outside delegated underwriters and how much to lend in total. And still unresolved is whether the program is intended as a loss-leading driver of innovation in a commercially risky field or more of a way to help bolster CIRM's budget by generating loan-related income, said John M. Simpson, director of the stem cell project at the advocacy group Consumer Watchdog.<br />

Schwarzenegger Abandons the Sick

October 4, 2008  ·  Consumer Watchdog

<strong>The Governor Failed Patients by Vetoing a Bill that Barred Insurers from Unfairly Canceling Policies.</strong><br /> Schwarzenegger wants us to trust insurers to regulate themselves. We'd love to share his confidence, but the truth is that we don't believe that they will put the care of their patients ahead of their bottom lines -- their record makes that appear unlikely. Instead, we placed our trust in the governor, only to have him let us down.

Governor Vetoes Health Insurance Rescission Bill

October 2, 2008  ·  Consumer Watchdog

Governor Schwarzenegger has repeatedly vowed to crack down on health insurance companies that dump policyholders who get sick. But this week, he vetoed legislation to strengthen state laws against cancellations. KPCC's Julie Small reports the governor is relying on state agencies to enforce the laws.

California Health Rescissions Bill Vetoed

October 2, 2008  ·  Consumer Watchdog

Jerry Flanagan, health policy director of the advocacy group Consumer Watchdog, said the governor's veto "betrays" a pledge in his 2008 State of the State address to protect patients whose policies are unfairly cancelled. "This veto will mean that health insurers who have given more than $1 million to the governor will continue to rescind innocent patients when they fall ill and need coverage the most, forcing consumers into court to challenge unfair policy cancellations," he said.

Four Bills Schwarzenegger Should Sign

September 30, 2008  ·  Consumer Watchdog

<strong>From Wildfire Safety to Insurance Protections, These Measures Deserve the Governor's Approval.</strong><br /> <strong>Assembly Bill 1945 - </strong>This important bill by Assemblyman Hector De La Torre (D-South Gate) takes on the problem of insurance companies retroactively revoking coverage, sometimes on dubious grounds. It would subject such action to review by the state Department of Managed Health Care or the Department of Insurance.

Schwarzenegger vetoes stem cell bill, SB 1565

September 29, 2008  ·  John M. Simpson

<a href="http://gov.ca.gov/" target="_blank" rel="noopener">Gov. Arnold Schwarzenegger</a> has vetoed a bill that would have enacted into law intellectual property policy provisions covering research funded by the state stem cell agency, <a href="http://www.cirm.ca.gov/" target="_blank" rel="noopener">the California Institute for Regenerative Medicine.</a>

Aetna to Allow Independent Doctor Panel to Review Rescission Decisions

September 29, 2008  ·  Consumer Watchdog

In a statement, Consumer Watchdog said Aetna's announcement "does not sufficiently protect current and future policyholders" because it doesn't clarify the legal standard for rescissions -- intentional misrepresentation, which is provided in Assembly Bill 1945 authored by Democratic California Assemblyman Hector De La Torre.

Dodd Inherited Problems, Did He Do Enough?

September 27, 2008  ·  Consumer Watchdog

Public Citizen and Consumer Watchdog have also called on Congress to increase regulation of financial institutions and establish strict accountability for firms that receive bailout money. Dodd has been an advocate for most of their specific recommendations including that taxpayers get a stake in companies that are bailed out and strict oversight.

Gov protects predatory lenders

September 26, 2008  ·  Carmen Balber

Yesterday, the <a href="http://www.sacbee.com/111/story/1267248.html">Governor vetoed AB 1830 (Lieu), a bill that would have banned the kind of predatory mortgages that are at the heart of today’s financial meltdown</a>...

Back from the D.C. bailout debacle

September 25, 2008  ·  Harvey Rosenfield

I just got back from Washington D.C. where congressional lawmakers were in the process of surrendering $700 billion of the public’s money to the Wall Street schemers and speculators whose greed caused this crisis...