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Seen at Business Insurance: President Barack Obama has signed into law a measure that extends the National Flood Insurance Program through March 28. The NFIP extension is part of measure that temporarily extends a variety of federal programs, a bill that stalled in the Senate when Sen. Jim Bunning, R-Ky., objected to the package’s $10 billion price. [...] 
I feel disappointed in myself for not having caught this news earlier, but it seems that one casualty of the Senate’s backlog may be flood insurance. According to Insurance Journal, the NFIP is not accepting new business since an omnibus bill which includes yet another temporary reauthorization is stuck in queue with the Senate. The IJ [...]
I noticed over on the Actuarial Outpost that TheAnonymousActuary has posted to YouTube a 10 minute tutorial on why health insurance is so expensive. Note that the video focuses on the current components of loss cost, a much narrower focus than my ramblings about the cost of health care in general…but I do have a [...]
A few days ago, Health & Human Services Secretary Sebelius released a new “report” on the state of health insurance in the U.S., ahead of another round of public/political debate on health reform. A taste: Recent economic data show that profits for the ten largest insurance companies increased 250 percent between 2000 and 2009, ten times [...]
Seen in Insurance Journal: A top aide says Nevada Gov. Jim Gibbons is taking another look at having a company set up a network of roadway cameras to catch vehicle insurance scofflaws. Gibbons aide Lynn Hettrick says it might be a money-maker to hire Chicago-based InsureNet as part of a budget-cutting package offered for the Legislature [...] This is Why Underwriting, Insurable Interest, and an Informational Level Playing Field are Important
You know, if people put their brilliance towards good, rather than evil (or at least something other than just making the fast buck), what an incredible place the world would be. An article in the Wall Street Journal caught my eye this morning: "Terminal Illness? $2,000 in CASH, Immediately Available." That was the promise of an advertisement that [...] 
Seen in Insurance Journal: The American Bar Association says the Illinois Supreme Court was right in striking down as unconstitutional the caps on non-economic damage awards in medical malpractice cases. Insurer groups, however, say the decision will add to rising health care costs and stymie the economic climate in the state. In an opinion filed on Feb. [...]
One item that came up while I was deluged was that Obama’s proposed budget includes a proposed change to the federal backstop on terrorism coverage. Quoting Business Insurance: According to budget documents released Monday, the administration’s plan would eliminate “nearly $250 million in federal subsidies to insurance companies for terrorism insurance. These subsidies are no [...] 
Some happy thoughts courtesy of Paul Farrell at MarketWatch: Retire? You can fuggetaboutit if the new Global Debt Time Bomb is detonated by any one of 20 made-in-America trigger mechanisms. Yes, 20. And yes, any one can destroy your retirement because all 20 are inexorably linked, a house-of-cards, a circular firing squad destined to self-destruct, triggering the [...]
Seen on Insurance Journal: California Insurance Commissioner Steve Poizner said that his position has become too politicized and should return to being one that’s appointed by the governor. […] California’s insurance commissioner became an elected position when voters approved Proposition 103 in 1991.[…] Poizner says the insurance commissioner acts as an important watchdog for consumers and should not [...] |
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