A.M. Best Co. over the past few months has grown increasingly concerned with the heightened level of global economic uncertainty. Continuing economic weakness in certain European countries and the debt crisis in the United States, which remains unresolved, have elevated the risk profile of life insurers. As a result, A.M. Best is considering a revision in the rating outlook for the U.S. Life/Annuity sector to negative from stable.
Supplementing the standard review of capital adequacy, A.M. Best is reviewing the sensitivity of life insurance companies’ risk-adjusted capitalization under stressed scenarios, as detailed in the Best’s Briefing, “Sovereign Debt Pressure Spreads to Insurers’ Balance Sheets” (July 19, 2011). Initial data indicate that some life companies’ risk-adjusted capital positions are more impacted under these extreme stress scenarios. The results are still under study, and each company will be reviewed on a case-by-case basis.
Of particular interest will be those groups that experienced above-average declines in risk-adjusted capital under the stress scenarios, as well as companies with a high concentration in domestic and foreign sovereign credits. In conjunction with a review of a company’s liability structure and liquidity, A.M. Best may choose to downgrade ratings or revise outlooks to negative as needed.
A.M. Best believes that the current challenges for the life/annuity segment include the following:
- Global sovereign uncertainty;
- Increased equity market volatility;
- Ongoing weakness in the real estate market; and
- Lingering unemployment and weak consumer confidence.
The continued economic fragility will constrain life insurers’ ability to increase revenues and earnings. Clearly, raising the U.S. government debt ceiling would alleviate near-term concerns of default on the highest rated government securities and the potential fallout of such an unprecedented event. However, A.M. Best believes the raising of the debt ceiling on its own will not achieve long-term fiscal stability.
A.M. Best has observed that many insurance companies have taken proactive steps to improve their capital positions, de-risk their product portfolios and position themselves for future growth. Overall capital positions are more robust and earnings trends have been more stable of late. While substantial unrealized loss positions in general account investment portfolios have recovered to a positive gain position, the change in the sovereign credit quality is increasing the industry’s overall investment risk.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.
Rabu, 20 Juli 2011
Selasa, 19 Juli 2011
A federal judge in Michigan has granted class status in a lawsuit alleging that Blue Cross Blue Shield of Michigan denied coverage for an autism therapy treatment in violation of federal law.
In an opinion handed down July 14, Judge Stephen J. Murphy III of the U.S. District Court for the Eastern District of Michigan approved a request for class certification that will allow the case to incorporate the claims of thousands of plaintiffs whose children may have been denied coverage for a form of autism therapy known as Applied Behavior Analysis, or ABA. The order was issued in the case of Potter v. Blue Cross Blue Shield of Michigan, No. 10-cv-14981.
The suit alleges Blue Cross has illegally characterized ABA therapy as "experimental," despite findings by the U.S. Surgeon General, the National Institute of Mental Health, the American Academy of Pediatrics, and a study commissioned by the Medicare and Medicaid systems that determined ABA is a scientifically valid form of autism treatment. The suit also contends that 26 states require insurers to cover ABA therapy.
Gerard Mantese of Troy, Mich.-based Mantese Honigman Rossman and Williamson, who is representing plaintiffs in the case, called Blue Cross Blue Shield of Michigan's alleged actions "shameful" and said he has asked Murphy to issue an injunction that would force the company to cover ABA treatment.
"Blue Cross needs to stop intentionally ignoring the plethora of medical and scientific evidence showing that ABA is a valid therapy," Mantese said, adding his case argues that if children with autism do not receive ABA-type treatment within a narrow window of time, "they can suffer irreversible damage."
Mantese said this latest suit against Blue Cross Blue Shield of Michigan comes just one year after the company settled a separate case involving ABA coverage that cost the company $700,000 (BestWire, June 3, 2010). "Yet, even after that settlement they continued their policy of denying coverage for ABA," Mantese said.
But Blue Cross Blue Shield of Michigan contends it does provide its policyholders with the option to purchase coverage for ABA-type therapy.
"We recognize that all families care about their children," a Blue Cross Blue Shield spokeswoman said in a statement. "We believe we have been more progressive than other Michigan insurance companies in addressing autism. In 2009, we became the first insurer in the state to offer businesses with our coverage the option to purchase coverage for autism treatment programs that provide intensive early intervention (ABA). To the best of our knowledge, we are the only insurer in Michigan to offer this coverage option to businesses."
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> Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
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Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
July 15, 2011 | A.M. Best Company, Inc.
emailEmail emailPrint free newsletterFree Newsletter
Copyright: (c) 2011 A.M. Best Company, Inc.
Source: A.M. Best Company, Inc.
Wordcount: 552
A federal judge in Michigan has granted class status in a lawsuit alleging that Blue Cross Blue Shield of Michigan denied coverage for an autism therapy treatment in violation of federal law.
In an opinion handed down July 14, Judge Stephen J. Murphy III of the U.S. District Court for the Eastern District of Michigan approved a request for class certification that will allow the case to incorporate the claims of thousands of plaintiffs whose children may have been denied coverage for a form of autism therapy known as Applied Behavior Analysis, or ABA. The order was issued in the case of Potter v. Blue Cross Blue Shield of Michigan, No. 10-cv-14981.
The suit alleges Blue Cross has illegally characterized ABA therapy as "experimental," despite findings by the U.S. Surgeon General, the National Institute of Mental Health, the American Academy of Pediatrics, and a study commissioned by the Medicare and Medicaid systems that determined ABA is a scientifically valid form of autism treatment. The suit also contends that 26 states require insurers to cover ABA therapy.
Gerard Mantese of Troy, Mich.-based Mantese Honigman Rossman and Williamson, who is representing plaintiffs in the case, called Blue Cross Blue Shield of Michigan's alleged actions "shameful" and said he has asked Murphy to issue an injunction that would force the company to cover ABA treatment.
"Blue Cross needs to stop intentionally ignoring the plethora of medical and scientific evidence showing that ABA is a valid therapy," Mantese said, adding his case argues that if children with autism do not receive ABA-type treatment within a narrow window of time, "they can suffer irreversible damage."
Mantese said this latest suit against Blue Cross Blue Shield of Michigan comes just one year after the company settled a separate case involving ABA coverage that cost the company $700,000 (BestWire, June 3, 2010). "Yet, even after that settlement they continued their policy of denying coverage for ABA," Mantese said.
But Blue Cross Blue Shield of Michigan contends it does provide its policyholders with the option to purchase coverage for ABA-type therapy.
"We recognize that all families care about their children," a Blue Cross Blue Shield spokeswoman said in a statement. "We believe we have been more progressive than other Michigan insurance companies in addressing autism. In 2009, we became the first insurer in the state to offer businesses with our coverage the option to purchase coverage for autism treatment programs that provide intensive early intervention (ABA). To the best of our knowledge, we are the only insurer in Michigan to offer this coverage option to businesses."
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Blue Cross Blue Shield of Michigan currently has a Best's Financial Strength Rating of A- (Excellent).
Blue Cross Blue Shield of Michigan is not the only health insurance carrier to draw fire for allegedly refusing to cover ABA therapy.
Earlier this week, the California Department of Insurance slapped Blue Shield of California Life and Health Insurance Co. with an enforcement action after determining the company failed to comply with the state's mental health law when it denied coverage for the autism therapy approach. But Blue Shield of California's chief operating officer Paul Markovich fired back at CDI, saying the company will cover the autism therapy approach and it is "perplexed" by the enforcement action (BestWire, July 14, 2011).
In an opinion handed down July 14, Judge Stephen J. Murphy III of the U.S. District Court for the Eastern District of Michigan approved a request for class certification that will allow the case to incorporate the claims of thousands of plaintiffs whose children may have been denied coverage for a form of autism therapy known as Applied Behavior Analysis, or ABA. The order was issued in the case of Potter v. Blue Cross Blue Shield of Michigan, No. 10-cv-14981.
The suit alleges Blue Cross has illegally characterized ABA therapy as "experimental," despite findings by the U.S. Surgeon General, the National Institute of Mental Health, the American Academy of Pediatrics, and a study commissioned by the Medicare and Medicaid systems that determined ABA is a scientifically valid form of autism treatment. The suit also contends that 26 states require insurers to cover ABA therapy.
Gerard Mantese of Troy, Mich.-based Mantese Honigman Rossman and Williamson, who is representing plaintiffs in the case, called Blue Cross Blue Shield of Michigan's alleged actions "shameful" and said he has asked Murphy to issue an injunction that would force the company to cover ABA treatment.
"Blue Cross needs to stop intentionally ignoring the plethora of medical and scientific evidence showing that ABA is a valid therapy," Mantese said, adding his case argues that if children with autism do not receive ABA-type treatment within a narrow window of time, "they can suffer irreversible damage."
Mantese said this latest suit against Blue Cross Blue Shield of Michigan comes just one year after the company settled a separate case involving ABA coverage that cost the company $700,000 (BestWire, June 3, 2010). "Yet, even after that settlement they continued their policy of denying coverage for ABA," Mantese said.
But Blue Cross Blue Shield of Michigan contends it does provide its policyholders with the option to purchase coverage for ABA-type therapy.
"We recognize that all families care about their children," a Blue Cross Blue Shield spokeswoman said in a statement. "We believe we have been more progressive than other Michigan insurance companies in addressing autism. In 2009, we became the first insurer in the state to offer businesses with our coverage the option to purchase coverage for autism treatment programs that provide intensive early intervention (ABA). To the best of our knowledge, we are the only insurer in Michigan to offer this coverage option to businesses."
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Want to connect w/ 15 local prospects for free?
Agents --> Click here to claim your 15 free leads and start connecting with local insurance shoppers who want your help, right now!
{NEW} Elder Care Planning Product
Watch a quick overview of this exciting NEW Single-premium Guaranteed-Issue Whole Life product that can be part of an elder care plan including governement benefits too!
{free report} Annuity Buying Behaviors
CLICK HERE to request your free copy of the Dalbar 2011 Quantitative Analysis of Investor Behavior. Uncover the consumer-trends and skills you need to surpass production goals fast.
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Get a free Income Rider Comparison Tool right now and save yourself hours comparing options.
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> Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
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> Vordel and Oracle Raise the Bar for SOA Deployments
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Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
July 15, 2011 | A.M. Best Company, Inc.
emailEmail emailPrint free newsletterFree Newsletter
Copyright: (c) 2011 A.M. Best Company, Inc.
Source: A.M. Best Company, Inc.
Wordcount: 552
A federal judge in Michigan has granted class status in a lawsuit alleging that Blue Cross Blue Shield of Michigan denied coverage for an autism therapy treatment in violation of federal law.
In an opinion handed down July 14, Judge Stephen J. Murphy III of the U.S. District Court for the Eastern District of Michigan approved a request for class certification that will allow the case to incorporate the claims of thousands of plaintiffs whose children may have been denied coverage for a form of autism therapy known as Applied Behavior Analysis, or ABA. The order was issued in the case of Potter v. Blue Cross Blue Shield of Michigan, No. 10-cv-14981.
The suit alleges Blue Cross has illegally characterized ABA therapy as "experimental," despite findings by the U.S. Surgeon General, the National Institute of Mental Health, the American Academy of Pediatrics, and a study commissioned by the Medicare and Medicaid systems that determined ABA is a scientifically valid form of autism treatment. The suit also contends that 26 states require insurers to cover ABA therapy.
Gerard Mantese of Troy, Mich.-based Mantese Honigman Rossman and Williamson, who is representing plaintiffs in the case, called Blue Cross Blue Shield of Michigan's alleged actions "shameful" and said he has asked Murphy to issue an injunction that would force the company to cover ABA treatment.
"Blue Cross needs to stop intentionally ignoring the plethora of medical and scientific evidence showing that ABA is a valid therapy," Mantese said, adding his case argues that if children with autism do not receive ABA-type treatment within a narrow window of time, "they can suffer irreversible damage."
Mantese said this latest suit against Blue Cross Blue Shield of Michigan comes just one year after the company settled a separate case involving ABA coverage that cost the company $700,000 (BestWire, June 3, 2010). "Yet, even after that settlement they continued their policy of denying coverage for ABA," Mantese said.
But Blue Cross Blue Shield of Michigan contends it does provide its policyholders with the option to purchase coverage for ABA-type therapy.
"We recognize that all families care about their children," a Blue Cross Blue Shield spokeswoman said in a statement. "We believe we have been more progressive than other Michigan insurance companies in addressing autism. In 2009, we became the first insurer in the state to offer businesses with our coverage the option to purchase coverage for autism treatment programs that provide intensive early intervention (ABA). To the best of our knowledge, we are the only insurer in Michigan to offer this coverage option to businesses."
Tap into retirement assets tax-free
Blue Cross Blue Shield of Michigan currently has a Best's Financial Strength Rating of A- (Excellent).
Blue Cross Blue Shield of Michigan is not the only health insurance carrier to draw fire for allegedly refusing to cover ABA therapy.
Earlier this week, the California Department of Insurance slapped Blue Shield of California Life and Health Insurance Co. with an enforcement action after determining the company failed to comply with the state's mental health law when it denied coverage for the autism therapy approach. But Blue Shield of California's chief operating officer Paul Markovich fired back at CDI, saying the company will cover the autism therapy approach and it is "perplexed" by the enforcement action (BestWire, July 14, 2011).
Minggu, 17 Juli 2011
Federal officials are preparing to judge health insurance rate increases of 10% or more for excessiveness in seven states determined to have ineffective rate review processes.
The Center for Consumer Information & Insurance Oversight found rate review systems to be insufficient in Alabama, Arizona, Idaho, Louisiana, Missouri, Montana, Wyoming and four territories. Under final rate review regulations adopted under the authority of the Affordable Care Act, federal officials will conduct reviews "until those areas are able to strengthen their review processes and authorities," CCIIO, a division of the Centers for Medicare & Medicaid Services, announced. The center also announced partnerships with three states -- Iowa, Pennsylvania and Virginia -- it deemed to have a partially effective review program.
Louisiana Insurance Commissioner Jim Donelon plans to introduce legislation to establish a review structure in order to make the federal involvement unnecessary. The CCIIO designation is not a surprise, Donelon said.
"Historically, we have not had prior approval of rates at all," he said.
The rate review regulation -- finalized in May and effective Sept. 1 -- requires the use of independent experts to review proposed increases of 10% or more for most individual and small group health insurance plans. Reviews will be the job of state regulators. Federal officials gained the authority to perform rate reviews in states that lack the resources or otherwise decline to take on the responsibility. Starting September 2012, the 10% level will be replaced with thresholds that reflect state-specific insurance and health care cost trends in each state, developed with federal officials (BestWire, May 20, 2011).
The Affordable Care Act allocated $250 million for states to improve their oversight processes. So far, 43 States and the District of Columbia are using $44 million in grants.
Health insurers have criticized what they see as an assumption of blame for rising rates. The rising cost of providing medical care is the number-one reason for rate increases, they said. Insurers have also criticized the 10% threshold for considering an increase potentially excessive as arbitrary and not based on actuarial data (BestWire, May 20, 2011).
The regulation also requires insurance companies to provide easily comprehensible information to their customers about their reasons for rate increases judged to be unreasonable or excessive. They will be required to publicly justify and post online any "unreasonable" rate increases.
(By Sean P. Carr, Washington Bureau Manager: sean.carr@ambest.com)
A new A.M. Best Co. Statistical Study shows the face amount of life insurance policies issued during 2010 declined 3.1% to $2.87 trillion compared with a year earlier.
Term life on a business issued basis marked a steeper descent, falling 11.7% to $1.13 trillion.
Group life business issued declined at a less significant rate yet ended up at essentially the same plateau, dropping 1.5% to just above $1.13 trillion, according to another study. The five A.M. Best Statistical Studies looked at total life issued; ordinary life issued; term life issued; group life issued and credit life issued.
Andrew Edelsberg, a vice president in the life/health division at A.M. Best Co., said term sales were driven down last year by higher rates and the sluggish economy's impact on consumer spending.
"Term pricing generally increased as carriers were, in many cases, forced to self-fund Regulation XXX reserves as alternative solutions became relatively expensive," Edelsberg said. "We saw an increase in whole life and universal life sales due to consumer's demand for cash value policies, as well as universal life with no-lapse guarantees."
Edelsberg also said that large mutuals with career distribution had a favorable experience with whole life sales trends.
Northwestern Mutual Group bucked overall segment declines and gained across separate categories of rankings. Total life issued increased 9.5% to $123.9 billion, boosting the Milwaukee, Wis.-based mutual ahead of ING USA Life Group and into the top three.
Metropolitan Life & Affiliated Cos. held the top ranking with $288.8 billion in total life business issued for 2010 (down 5.9%), and was trailed by Prudential of America Group with $186.3 billion (down 9.2%).
Northwestern jumped ahead of MetLife and into the top spot for ordinary life business issued. For term life issued, Northwestern moved up two positions to secure the No. 2 slot.
Shawn Mauser, Northwestern's director of life products, said the company saw significant increases for all life products. He suggested it stems from a changing consumer mindset that has migrated away from the paralysis in 2008 and 2009, when he said there was a tendency to postpone financial decisions.
He described a resurgence taking place with consumers taking a broader and more thorough look at their overall financial situation.
"What we saw in that was a shift in their risk posture overall, and that affects what they are doing with their accumulated assets as well as their insurance," Mauser said. "It wasn't a full-fledged retreat from taking risk; I would say it was just a greater appreciation for safety in the overall context of how much risk people are willing to take."
Mauser said more than half of Northwestern's new sales last year came from existing clients.
"I think that speaks to a flight to quality in some respects, but a confirmation of their previous Northwestern Mutual purchases," Mauser said.
Despite experiencing a 37.6% decline on term life business issued, Prudential's group life business issued increased 14.6% to $126.9 million.
In terms of total life business issued, Prudential of America Group held its No. 2 position.
Mark Hug, chief marketing officer for individual life at Prudential, said the company raised prices twice in 2009 for its life-protection products.
"While it was painful, it was necessary," Hug said. "Our competition didn't respond as quickly as we thought they would, but they have responded since."
Hug cited a confluence of events that were triggered back in 2009, which he described as a favorable year for Prudential. He said Prudential benefitted from a flight to quality in 2009 that ensued as the recession ended.
One factor was that American International Group had lost its spot as the top seller of term insurance in the United States. "They pretty much dropped off the map," Hug said. "So all of that term insurance had to go someplace, and we were a big benefactor of that."
He said other key players in the term market also experienced difficulties during 2009, issues that have since abated and enabled their return to the term segment. Combining that return factor with an overall reduction in the amount of coverage purchased has provided a subsequent confluence for the life industry. Hug said Prudential believes that the overall drop in coverage can be "associated with the loss of disposable income of the middle class, as they suffer through high unemployment."
Standard Insurance Group notched a 53% increase in group life business issued, raising that 2010 figure to $68.1 billion. As a result, the boost moved Standard up five places into the No. 6 slot. Brad Nantz, vice president of employee benefit sales at Standard, said this happened despite a challenging economy in which shrinking headcounts and static wages dampened organic growth.
"Our stable, expert sales force delivered strong group life sales and persistency," Nantz said. "We also saw volume growth as a result of key technology investments in new services and capabilities, including improved enrollment tools and online beneficiary management, which appealed to private employers looking for ease and efficiency."
Northwestern Mutual Life Insurance Co. currently has a Best's Financial Strength Rating of A++ (Superior).
Prudential Insurance Company of America currently has a Best's Financial Strength Rating of A+ (Superior).
Standard Insurance Co. currently has a Best's Financial Strength Rating of A (Excellent).
(By Al Slavin, senior associate editor, BestWeek)
Senin, 04 Juli 2011
Like it or not, in the event you or somebody you know is pulled over for a traffic violation or involved in an accident whilst driving uninsured in the US these days, the punishment is loss of driving privileges for up to a year’s time. Now automobile insurance does make ideal sense but ever because the law requiring it was put into place, it has been mandatory for all drivers.
Get into an accident whilst you’re not covered and in that split second your life can turn out to be a nightmare. To begin with without an insurance carrier you are “on your own” and this means that even if you’re not at fault, you’ll be left to fight your own legal battles. On the other hand, if you’re insured, it’s your carrier’s job to hire an attorney and investigator to clear your name.
The fact is though, that it’s extremely simple to go without paying your insurance premiums, and this is for a number of typical reasons. Perhaps you’ve encountered recent financial issues, and have to cut something from your budget. Or maybe you’ve never even been in an accident and it’s been years because you received a traffic violation. Either way, driving whilst uninsured is just like playing Russian roulette.
One of probably the most typical questions that individuals ask before they begin browsing on-line for insurance quotes is “what are the mitigating factors that will drive their costs up”? Still an additional typical question is “what can they do to actually keep their insurance premiums down”? The easy answer here is that two of the large things that they take a look at, is your prior driving record, and also the type and value of vehicle you drive.
How old you are also factors in heavily simply because if you’re young and particularly in your teens you’re merely much more likely to get into traffic accidents. Then one much more factor that you are able to change is where you live. Now in the event you live, say out in the country, in a sparsely populated area, you will be paying less than in the event you live in a crowded metropolitan area that sees a great deal of accidents.
Now if all of the above risk factors apply to you then you will be looking at higher than usual quotes, and that’s a fact. Even so, in spite of all those risk factors you will find things that you are able to do to help you drive your costs down. Going with a high deductible which is the fee that you pay whenever you file a claim is one of them, as is going with a carrier that offers discounts for things like completing driving courses.
Want to find out more about New York Car Insurance or California Car Insurance, then stop by Gregg Samson’s site where you can find out all about cheap car insurance.
Get into an accident whilst you’re not covered and in that split second your life can turn out to be a nightmare. To begin with without an insurance carrier you are “on your own” and this means that even if you’re not at fault, you’ll be left to fight your own legal battles. On the other hand, if you’re insured, it’s your carrier’s job to hire an attorney and investigator to clear your name.
The fact is though, that it’s extremely simple to go without paying your insurance premiums, and this is for a number of typical reasons. Perhaps you’ve encountered recent financial issues, and have to cut something from your budget. Or maybe you’ve never even been in an accident and it’s been years because you received a traffic violation. Either way, driving whilst uninsured is just like playing Russian roulette.
One of probably the most typical questions that individuals ask before they begin browsing on-line for insurance quotes is “what are the mitigating factors that will drive their costs up”? Still an additional typical question is “what can they do to actually keep their insurance premiums down”? The easy answer here is that two of the large things that they take a look at, is your prior driving record, and also the type and value of vehicle you drive.
How old you are also factors in heavily simply because if you’re young and particularly in your teens you’re merely much more likely to get into traffic accidents. Then one much more factor that you are able to change is where you live. Now in the event you live, say out in the country, in a sparsely populated area, you will be paying less than in the event you live in a crowded metropolitan area that sees a great deal of accidents.
Now if all of the above risk factors apply to you then you will be looking at higher than usual quotes, and that’s a fact. Even so, in spite of all those risk factors you will find things that you are able to do to help you drive your costs down. Going with a high deductible which is the fee that you pay whenever you file a claim is one of them, as is going with a carrier that offers discounts for things like completing driving courses.
Want to find out more about New York Car Insurance or California Car Insurance, then stop by Gregg Samson’s site where you can find out all about cheap car insurance.
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