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.
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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."
New exclusive medicaid planning product
Sales Lead Zeppelin
Get 15 Free Leads
Learn how to make a DOUBLE DI Sale
Estate Planning Failures of the Rich and Famous II
Featured Offers
Tap retirement assets early w/ NO tax penalties - free guide
Help clients tap retirement plan assets early WITHOUT incurring IRS penalties with this [free] 3-Page Download!
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.
When 6% Beats 10%
Get a free Income Rider Comparison Tool right now and save yourself hours comparing options.
Featured Offers
> Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
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> Set It and Forget It? Forget It! Retirement Takes Work, 'Re-Set' Survey Finds
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> Vordel and Oracle Raise the Bar for SOA Deployments
> With Food Contaminations Occurring More Frequently, Petplan Pet Insurance Urges Vigilance About What Goes into “Fido’s” Bowl
> Class Status Granted in Autism Therapy Suit Against Blue Cross Blue Shield of Michigan
> MDRT Survey Reveals 'Honesty' Most Important Trait for Advisors
> Health Insurance Exchanges Give Purchasing Power to Consumers and Creates a Nearly $200 Billion Market for Insurers, Says PwC
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More Popular Articles
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, 03 Juli 2011
An alternative version of Gmail could be expected as the new avatar will be without the 'Conversations' features, according to reports from Business Insider.The step has been taken in lieu of the 'confusion' factor as Gmail administrators state that they have been receiving complaints from users who find the feature confusing.
This feature aids in integrating all e-mails with same subject lines into one folder that makes the user to follow an easier conversation.
Many of the users found this feature a complete wastage of effort as on many occasions they have failed to read important messages because of this.
This serious accusation has supposedly been felt by Google and thus they finally have decided to introduce an alternative version in two months time.
The recent appointment of Head of Gmail, Vic Gundotra suggests that Google's prior attitude towards Gmail complaints as 'tone deafness' will soon change.
South Korean electronics giant, Samsung might be planning to upgrade its Galaxy S II smartphone with a new 1.4GHz dual-core processor this September. The handset was launched with a 1.2GHz dual-core processor after it was upgraded from 1GHz dual-core CPU before release. The handset was revealed with the 1GHz dual-core processor at Mobile World Congress.
The handset features a 4.3-inch Super AMOLED display and Google’s Android operating system. The new ultra-thin smartphone with the powerful processor might be released at IFA along with the latest version of Google’s Android Gingerbread OS, version 2.3.4.
The new device will retain its 8-megapixel camera with 1080p Full HD video recording capabilities, 1GB of RAM and the thin form factor.
Meanwhile, the company has reduced the price of Galaxy SII smartphone by £70 on the day when rumors about the new version in September emerged. The handset is already the best selling handset and is priced at about £429.49 in the UK.
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