Category Archives: Insurance

New York Insurance Chief Slams Trump’s Executive Order

­New York Insurance chief slams Trump’s executive order. New York’s top insurance regulator, Maria Vullo, said Thursday that President Donald Trump’s executive order unwinding certain Obamacare regulations would destabilize New York’s insurance marketplace.
Trump’s order, signed Thursday morning directs federal agencies to consider options to make cheaper, less comprehensive health plans available to more Americans. It offers association health plans as one way to accomplish that goal. The agencies have 60 days to consider proposing regulations, followed by a public comment period, so any changes are not expected to take effect until next year.
article continues below advertiseill allow thousands of small business employers to have the same purchasing power as large employers to get more affordable and generous insurance options for their workers,” Trump said during a ceremony at the White House before signing the order.
Association health plans allow small businesses to band together to purchase health insurance. They are currently permitted in New York but must cover 10 categories of health benefits and cannot charge higher premiums to people with pre-existing conditions in compliance with the Affordable Care Act. But the executive order would allow employers to form such groups across state lines and to be treated like large employers.
Most large employers are not required to cover all the benefits the Affordable Care Act deemed essential, such as maternity care and mental health, though many of them do. Their plans also are not required to pay for a certain percentage of the total cost of coverage, unlike the products sold to individuals on the marketplaces. These employers are regulated by the federal Employee Retirement Income Security Act, and are not subject to many Department of Financial Services’ rules.
Under executive order, Vullo said she fears that certain insurers will base operations in states with looser regulations and then sell the cheaper plans in New York. Vullo, who is superintendent of the state Department of Financial Services, spoke Thursday morning at a City & State event in Lower Manhattan, before the executive order’s signing. She based her comments on earlier reports that it would include association health plans.
“This is just an effort to preempt state law and to have larger players potentially reduce benefits with this idea of reducing premiums,” she said.
Health policy experts have suggested that the creation of such plans will lead businesses with healthier employees to flock to association health plans, while groups with less healthy members remain with ACA-compliant plans, leading their premiums to rise.
The executive order also directs federal agencies to consider expanding the availability of “short-term limited-duration” insurance. The Obama administration limited such coverage to less than three months, but it could be extended back to 364 days. Such plans are typically less expensive but offer fewer benefits than Obamacare plans. A migration to the short-term plans also could result in higher premiums in the ACA marketplaces.
Karen Ignagni, chief executive of EmblemHealth, said while the order could lower prices for younger, healthier consumers, the overall impact on the state’s individual insurance market could be “devastating.”
“If you create an inventive to remove low-risk individuals from pools, it will make costs soar for those who remain,” she said.
She questioned whether state officials would mount a legal challenge to the potential regulations given their encroachment on the state’s ability to regulate its insurance market.
Vullo, an attorney, said the potential changes might be unconstitutional.
“I don’t see how you can preempt states by an executive order,” she said. “There’s a supremacy clause in the United States Constitution, and Congress has the power to preempt. Congress did not pass this.”

Netherlands Firm Partners H. Pierson on Insurance Sector Risk-based Supervision

Netherlands Firm partners H. Pierson on insurance sector risk-based supervision A Netherland- based company , SecondFloor SA, has is in partnership with one of Nigeria ’ s consulting firms – H. Pierson Associates, leveraging on its risk practice to support the Nigerian insurance sector on risk-based supervision compliance and initiation of Solvency II .
In a statement to announce the partnership , H. Pierson Associates disclosed that SecondFloor SA’ s expertise in Governance Risk and Compliance ( GRC ) and Solvency II in Europe, will enhance the partnership and purpose .
It added that SecondFloor has great experience working for European insurance regulatory authorities and operators in driving risk- based supervision and solvency migration .
“ H. Pierson on the other hand has spent a major part of its 27 years in commitment to providing strategy , end -to -end risk management consulting , capacity building and risk-culture transforming solutions in the Nigerian market.
“ SecondFloor’ s collaboration with H. Pierson is offering the insurance sector Risk-based Supervisory Compliance Consulting , GRC and Capital Management Consulting , Own -Risk-Self -Assessment ( ORSA ) Tools as well as GRC and Solvency II Tools and Software , “ the company added .
According to the company, the partnership offers to clients software on a low pricing model and free trial flexibility, which is key for Nigerian companies that are in a recession- imposed cost -conscious mode .
“ Their great low price starts from 495 Euros per month. SecondFloor serves about 20 per cent of the European insurance market, support over 500 solo entities, have over 2, 000 users, and offer both Cloud and Server options of the software .
Already , some insurance companies have described the development as positive because the joint expertise of H. Pierson and SecondFloor will serve to further strengthen insurance companies, the regulatory landscape and the sector in general .

How to Get a Short-Term Insurance Policy in 8 Easy Steps

Short-term car insurance may cover you for a single day and up to a month. If you are looking for auto-insurance, San Diego has many expert insurance providers. Here are a few ways you can try to get a fast short-term insurance for your vehicle.
1. Get Coverage Details If You Lend Your Car to Another Driver
You need car insurance in almost every state of the US. Get in touch with an expert insurance provider who can get you the right coverage for your vehicle. The coverage rates may vary according to the state and policy.
2. Look into Coverage If You Borrow Someone Else’s Car
You may be at risk when driving a borrowed car. Ask your insurance agent whether the policy can cover you when you are driving someone else’s car. When renting a car, the agency may ask you to get a short-term coverage. You can find rental car insurances quite expensive.

NAICOM To Sack Chief Executives Of Insurance Firms Over Unpaid Claims

The National Insurance Commission (NAICOM) has revealed plans to work on statutory deposits of insurance firms to settle unpaid claims, while the chief executives of companies whose deposits are applied to such would be discharged from official duty.

This Commissioner for Insurance, Mohammed Kari, disclosed this at the ongoing Chartered Insurance Institute of Nigeria (CIIN) 2017 Professional Forum in Abeokuta, Ogun State.

He noted that the Commission had received requests from claimants to apply companies statutory deposits to settle discharged claims, as stated in the law, stressing that the process had already commenced.

Quick Guide On How To Switch Car Insurance Companies

Searching for better Car Insurance deal? If Yes then below is a quick guide to switching car insurance companies.

Take these six steps below when you want to switch your car insurance company:

When to switch car insurance: The best and easiest time to switch is three to four weeks before renewal, giving you time to find a new policy and to qualify for any early-shopper discount. But you are free to switch companies at any time.
Buy a new policy before you drop the old one: A gap of even one day can be costly, not just if you have an accident, but also if your state penalizes registered cars without continuous coverage.

10 Nigeria Insurance Firms Pay Telecoms Operators N383.9m Claims

Following various damages done to telecommunications facilities across the country, 10 insurance firms paid out over N383 million to the affected operators, New Telegraph has learnt.

This was contained in a report by Nigerian Insurers Association (NIA).

According to details of payments under fire peril, a larger chunk of the money, amounting to N315.63 million, was paid to one mobile telecommunication companies, MTN Nigeria, while others, including Airtel, Visafone, EMTS/Etisalat (now 9mobile) and Emerging Markets Telecom Services Limited got the difference amounting to N68.63 million.

Further breakdown revealed that 10 underwriting firms made the claims payment based on the losses suffered by the firms.

CIIN Partners Babcock University on Insurance Education

As part of its commitment to increasing insurance industry manpower with new generation of Nigerian youths, the Chartered Insurance Institute of Nigeria (CIIN) has pledged to support Babcock University establish insurance department in the institute.

The President of the CIIN, Funmi Babington-Ashaye, made the promise in Lagos when council members of the university led by its Deputy Vice Chancellor, Management Services, Prof. Sunday Owolabi, visited the CIIN Secretariat.

In a statement, she said the institute, which currently has about 5,000 qualified and student members, was committed to raising more professionals for the industry, stating that having the department and as a course of study in universities, polytechnics and at secondary school level was a sure way to catch them young.

Sovereign Trust Insurance Targets N7.5 billion Authorized Share Capital

Sovereign Trust Insurance Plc says its special business for the company’s 22nd Annual General Meeting slated for September 21, 2017, will focus on increasing the authorised share capital of the company from N5.5bn to N7.5bn.

This, it noted, would happen by the creation of 4,000,000,000 ordinary shares of 50 kobo each ranking pari passu in all respect with the existing ordinary shares of the company.

In a statement on Tuesday, the insurance firm said it had been granted approvals for its 2016 annual report and accounts by the various regulatory authorities in the country.

The company said the meeting would take place at the Civic Centre in Lagos.