Every year consumers spend billions of dollars on insurance coverage in the United
States. According to Webster’s Dictionary, “insurance is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.” The statutory power to regulate the business of insurance comes from a 1945 ruling by the U.S. Supreme Court that prompts
Congress to enact the McCarron-Ferguson Law giving individual states the power to regulate the business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within the state-based agencies have become a growing problem. For years Congress has been studying
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According to its director, Michael T. McRaith and Dick
Allender, supervisor of the property and casualty consumer services division, the D of I, is an administrative agency that lacks the legal authority to monitor government and private entities within the insurance industry while doing business in our state. The Illinois D of I, lacks the legal authority to impose sanctions or fines should their investigations reveal unscrupulous or unfair business practices. According to McRaith and Allender, legislation has repeatedly failed its consumers and the lack of power, regulation and consumer advocacy poses a serious risk to consumers in the insurance arena. Albert B. Crenshaw explains, “Americans who move from place to place learn sometimes to their delight, other times to their horror -that insurance is a quirky affair, regulated differently by each state.” Since the enactment of the McCarran-Ferguson Act of 1945, it is believed that state-based regulation is the most desirable system. According to William J. Warfel, the McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, also known as Public Law 15,[1], “is a United States federal law that exempts the business of insurance from most federal regulation. The McCarran-Ferguson Act specifically provides that the regulation of the business of insurance by the state
As a follow up to our phone conversation this date, Allstate investigated an intersection accident which occurred on October 4, 2016 in Fairfax, Virginia. Upon completion of our investigation found Geico insured Karen Finger to be the proximate cause of the loss and 100% liable. We determined Ms. Finger failed to maintain proper lookout and yield the right of way while attempting to make a turn and therefore was 100% liable for the loss. Allstate’s investigation found no liability on our insured driver, Nathaniel
David A. Goldmeier and Terry C. Goldmeier v. Allstate Insurance Company 337 F.3d 629 (6th Cir 2003) case supports our
On Thursday, November 9, 2017m at 10:45 a.m., the Investigator traveled to conduct an employer level AOE/COE investigation at the Insureds business; El Wester Lawn Mower Shop, located at 5663 York Blvd., Highland Park CA 90042-2550. We received two separate r/s’s from Mr. Fernando Rodriguez and Mrs. Cinthia Rodriguez. They confirmed the claimant’s full-time employment at their company as Certified Mechanic as of December 2012. They established that their company performs minor tune-ups on mini-bikes, mopeds, motorized bicycles that they charge $50.00; coupled with the repairs that they regularly perform on the lawn mower and other motorized gardening equipment. Mr. Rodriguez alleges on June 22, 2017, at 11:30 a.m., the claimant got through
Albert F. Pennisi is President of the Queens Chamber of Commerce and Senior Advisor at the Law Firm Daniels, Norelli, Scully & Cecere P.C. He was admitted to practice law in New York in 1967. He has represented the Superintendent of Insurance, Liquidation Bureau in personal injury matters involving Empire Mutual, All City, Ideal Mutual, Union Indemnity, Nassau, Horizon and Cosmopolitan Insurance, among others. He has also represented Allstate Insurance Company, Royal Insurance Company, and the Lefrak Organization on self insured matters.
In 2007, CNN investigative reporters did an expose on how insurance companies handle “minor” accident claims, revealing exactly how it affects consumers. In this article, we are revisiting that report to reveal how it affects our clients.
Secondly, John Goodman shares his defining moments of the current methods of insurance payers and how they work:
The imbalance and struggle that are attached to the insurance disparities trickles well beyond just insurance
The 1905 Supreme Court heard the case, Swift & Co. v. United States, 196 U.S. 375 (1905), was a case in which the United States Supreme Court ruled that the Commerce
For those Americans not covered or find their work coverage too expensive, there is a new way for them to buy insurance on their own called Health Insurance Marketplaces. Some states have named these marketplaces something else. The Health Insurance Marketplace is like a virtual insurance megamall where private insurers compete for American’s business. Americans can pick out how much coverage they want, how much they want to pay for it, from cheaper high deductible plans to more expensive plans. Regardless what plan is chosen, all plans will cover a complete set of services like hospital visits, doctor visits,
Some states have accepted the terms of the program including all of its expansion on the health care system, but some have been reluctant to implement the program. One of those reluctant states has been Florida, which is apparent by multiple court cases that has come since its inception (1). With Florida’s House of Representative consisting of a majority of Republicans, the conservatives of the state have fought the incorporation of the bill (2). With legislative bodies in opposition of the terms of the Affordable Care Act, it begs to question how policy makers have approached the issue of healthcare. My research question was in what ways the Affordable Health Care Act has affected healthcare in Florida, and how effective has it been in
The ACA has created certain restrictions on insurance companies which limits insurance companies from ending contracts and denying patients of medical coverage because of a patient’s medical
The healthcare climate in the United States was grim. Per capita spending was amongst the highest in the world, and while more than four out of every five Americans had health insurance of some kind, spending on healthcare continued to increase and services continued to decline. Insurance companies had the ability to deny coverage when people became ill, and they limited their responsibility towards those who were insured by enforcing both annual and lifetime limits. Those who had pre-existing conditions had great difficulty getting insurance. Profit margins for insurance companies became steeper, but the health of Americans suffered.
You have asked me to research how the cases of Shaeffer, Whiting v. Grange Mutual Casualty Company, 1981 Ohio App. LEXIS 14351 (Ohio Ct. App. 1981) and Schneider v. Eady, 2008-Ohio-6747 (Ohio Ct. App. 2008) will affect our case with
Regarding the issue of “Alter Ego” relative to the insured’s business entities; this was schedule to be presented to the court on 08/22/16, has there been any ruling to date?
In today’s world insurance plays a critical part in almost everything we do in society. So isn’t a surprise that insurance plays a huge part in a countries economy. In simple terms insurance allows people to participate in the economy by letting them produce goods and services without the fear of an event or action that would leave them destitute or unable to keep doing business. On a less known level insurance also affects the economy of starts and local economies. In addition to this one way, the insurance industry supports the economy is by being an employer. In the United States this industry employers more than 2.5 million jobs varying in position and function. (Insurance Information Institute) Furthermore, the insurance companies support the economy with their investments. By collecting funds and acting as intermediaries for providing insurance protection these companies have $5.1 trillion in assets which could be broken up into $1.5 trillion for property/casualty and $3.6 trillion for the life sector. (Insurance Information Institute) As for the gross domestic product, the insurance industry’s has contributed $421 billion in 2013. (Insurance Information Institute)