Hearsay & News Review
ULR has settled with Attorney General Elliot Spitzer. The former president and CEO of ULR (Doug Cox) has settled for $2million in restitution to policyholders. The company is now defunct. Spitzer had alleged that as much as two-thirds of ULR’s income came via secret insurance company payments. Cox has since started another company. Just wondering who will trust that venture?
According to the Centers for Medicare/Medicaid Services (CMS), health care spending rose 7.9% in 2004, down from 8.2% in 2003 and 9.1% in 2002. Spending on Rx grew 8.2% in 2004, down from 10.2% in 2003 and 14.3% in 2002. CMS says that Americans spent an average of $6,280 per person on medical care in 2004 and that health care spending accounted for 16% of the GNP.
A Heritage Foundation study says that self-funded plans save $26.72 PEPM ($321 per employee/year) from ERISA’s Exemption from state mandated benefits. Plans were analyzed in 37 states and each state averaged 26 mandated benefits. Mandated benefits require that insured plans cover certain benefits or that insurers offer coverage for specific types of health care providers.
study by the Employment Policies Institute reveals that employer funded health
care mandates such as the recently passed “Wal-Mart Bill” in
Assurant has been barred by a federal court from selling its cancer and accident insurance products, due to copyright infringement laws relating to AFLAC’s products. Assurant executives plan to appeal the decision. Apparently AFLAC executives are saying that “If it walks like a duck……”
The NAIC reports that complaints against insurance carriers about delays and denials of payment accounted for more than 40% of the nearly 200,000 complaints filed last year with state insurance departments. That number is down 22.4% from 2004. Auto complaints top the list at 41% of complaints while accident and health complaints came in second with 34%.
Public employers will have to disclose their non-pension retiree benefit liabilities as soon as December 15 of 2006 under a new Government Accounting Standards Board rule, similar to the one required by FASB in the private sector. The rule affects government bodies with $100 million or more in annual revenues. In 2007, it will go down to those with at least $10 million in revenues and in 2008 for those with less than $10 million in revenues. The ruling does not require funding of the liabilities, but may affect bond availability when assessing a public entity’s financial condition.
was fined $150,000 by the state of
Deloitte survey of 152