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Federal Deposit Insurance Corporation: Temporary Liquidity Guarantee Program; Final Rule
Risk management is the process whereby the insurer's management takes action to assess and control the impact of past and potential future events that could be detrimental to the insurer. These events can impact both the asset and liability sides of the insurer's balance sheet, and the insurer’s cash flow. Investment risk management addresses investment related events that would cause the insurer’s investment performance to weaken or otherwise adversely affect its financial position. Various investment risks tend to focus on different parts of the investment portfolio. Market risk impacts capital investments, including stocks and real estate, as well as...
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Federal Deposit Insurance Corporation
The Mexican legal system is a mixture of U.S. constitutional theory within a civil law system. Mexico’s legal framework concerning real property includes the Federal Constitution, Federal Civil Code, state civil codes, municipal laws and ordinances. Additionally, the Foreign Investment Law and Foreign Investment Law Regulations regulate foreign investment. In Mexico, real property is classified as either public, private or communal, the nature of which will affect the property’s use and potential alienation. While land in Mexico can be owned in a manner akin to fee-simple in the U.S., in Mexico, all rights to minerals, oil and gas are held...
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Introducing Unemployment Insurance to Developing Countries
It was during the Depression that hospitals band- ed together to offer prepaid coverage to citizens. Prepaid hospital coverage was a way for hospitals to avoid the financial failure that befell the banking industry. The approach worked so well that doctors followed suit a few years later and Blue Cross Blue Shield organizations were born. Little did anyone know that the seeds for runaway costs eighty years later had been planted. Prepaid, employer-provided insurance quickly dominated the health care landscape. Subsequent action by the federal government in the 1950s to pro- vide a tax deduction for health insurance premiums helped solidify the approach. To set the system in concrete, in the 1960s the federal...
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AIDS and Health Insurance: An OTA Survey
While the resulting American health care model proved a clever way to ensure that the money would roll in from patients, employers, and government, it contained a flaw that is proving fatal. The flaw is that health care consumers have been removed from par- ticipating in decisions regarding their care. Our approach to health insurance ignores the important role consumers play in controlling costs and enhanc- ing quality. Dr. Gorman found that people who pay for their own care cut utilization by 10% to 30% with no discernable effect on health. Saving even 10% of Wisconsin’s 2002-2003 health care spending would have saved $260 million. Fortunately a movement has begun to put con- sumers...
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The Illusion of Coverage: How Health Insurance Fails People When They Get Sick
Locked into an eighty-year-old model that prescribes central planning for every aspect of the U.S. health system, America’s system of delivering health care has lost sight of the important role that consumers play in controlling health system costs and quality. Real world experiments suggest that people who pay for their own care cut utiliza- tion by 10% to 30% with no discernable effect on health. Saving even 10% of Wisconsin’s 2002-2003 health care spending would have saved $260 million. But how did this happen? How did the Wisconsin health care consumer become a passive cog in a very expen- sive machine? Interestingly, the answer has...
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TURNING TO FAIRNESS
Hospitals, hit hard by the Great Depression, rushed to embrace plans for prepaid health care as a way to survive. In 1939 the American Hospital Association began allowing plans that met its standards to use the Blue Cross name and logo. State legislatures agreed not to treat Blue Cross plans as insurance, based on the rationale that they were owned by hospitals. This permitted Blue Cross plans to operate as non-profit corporations, escaping the 2% to 3% premiums generally charged private insurance companies, and exempted them from insurance company reserve requirements. Worried that the hospitals would expand the Blue Cross concept into physician services, physicians...
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Employment Insurance Regular Benefits
By 1945 Blue Cross had captured 59% of the health insurance market. The idea of prepaid health insurance was solidified on the American landscape in 1954, when the Internal Revenue Code codified the deductibility of health insurance payments. The employer deduction significantly reduced the cost of health insurance for consumers eligi- ble for an employer-provided group plan. The federal government cast the Blue Cross Blue Shield approach in regulatory concrete in 1965 when Congress passed the Medicare and Medicaid programs. Medicare copied the Blue Cross Blue Shield pay-as-you-go approach to health insurance and applied it to almost all Americans over 65. Ironically, at the time, relatively...
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Adverse Selection and Private Health Insurance Coverage in India
Unable to impassively watch as health care spending spiraled upward, federal health care planners imposed an armada of regulations on the manner in which health care was provided to Medicare and Medicaid patients. The reg- ulatory binge in U.S. health care since the 1970s has produced nearly 50 kinds of federal and state health services’ regulations, which by 2002 was costing roughly $340 billion, about 20% of total health spending of $1,560 billion. More promising recent reforms emphasize a return to consumer-directed health spending in which consumers who spend less on their health benefit directly. Health Savings Accounts made their debut in 2002. Early...
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Multidimensional screening in a monopolistic insurance market: proofs
For the last 100 years, a health care regulatory project enthusiastically endorsed by generations of health policy experts has been encrusting U.S. health care with layer upon layer of increasingly intrusive regulation. Though each regulation may be innocuous in its own right, taken together they have had the unfortunate effect of divorcing patients from spending on their health, creating explosive growth in Wisconsin’s Medicaid budget, and making Wisconsin’s market for hospital services one of the least competitive in the United States. In hindsight, the regulatory program had had three major achievements. It has excluded consumers from health care decisions, consistently moving the power to make decisions...
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Reaching universal coverage via social health insurance: key design features in the transition period
With its focus on cost and third party payment, the regulatory program has also managed to shift the public debate. The historical focus on caring for an individual patient has been subsumed in discussions of pricing, cost con- trol, and the merits of using a variety of delivery systems for expanding the third party payments system to an ever- increasing fraction of the population, legal or not. The collateral damage has been high. People have lost sight of the important role that involved consumers spending their own money play in controlling system costs and quality. They also have scant appreciation for the fact that the...
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Key Issues in Analyzing Major Health Insurance Proposals
Those alarmed at current health care costs and nostalgic for those of times gone by generally fail to appreciate that policy makers in the 1920s considered health care too costly and were concerned that the majority of American households lacked access to it. As late as 1910, “the cost of health care treatment was considered a minor problem compared to the loss of wages due to sickness for most workers.” 1 In the early 1900s, patients either lived or died. Care was largely limited to pre- venting disease by keeping clean, recommending good diets, providing good nursing, performing basic surgery, and praying for a rapid recovery. Although Semmelweis had...
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Climate Change and Insurance: An Agenda for Action in the United States
For most of the 1800s, hospitals had been a place where the chronically ill and indigent received charitable care because they had no family capable of shouldering the burden. Those who could afford it received care at home. But as the importance of asepsis began to be appreciated, surgical and acute care patients were more likely to be treated in hospitals designed to facilitate antiseptic conditions. Hospitals began charging for the use of their facilities. During the transition, medical bills began absorbing significant amounts of family income. Hospital costs rose from 7.6% of total family medical bills in 1918, to 13% in 1929. 6 According to the...
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THE REVENUE INSURANCE BOONDOGGLE: A TAXPAYER-PAID WINDFALL FOR INDUSTRY
Nine out of ten non-elderly Americans with private health insurance receive it through their employer. 2 People generally understand how job-based coverage works, because it is the most common form of coverage. Employer coverage is subsidized, and nearly all employers pay at least half of the premium. On average, employers pay 83 percent of the cost of single coverage and 73 percent of the cost of family coverage. 3 Therefore, employees have a strong incentive to sign up for employer coverage, regardless of their health or financial status. When nearly everybody in a firm signs up, premiums reflect...
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Pension Insurance Data Book 2009
under the multiemployer insurance program, PBgC generally provides financial assistance to an insolvent plan in the form of a loan or loans, although it occasionally provides lump-sum settlements in lieu of future financial assistance. loans are usually made quarterly but sometimes monthly in an amount which, when combined with the plan’s other income, covers both the plan’s reasonable administrative expenses and its statutorily guaranteed benefits payments. if it recovers financially, the plan is obligated to repay this financial assistance in accordance with the terms and conditions specified by PBgC. insolvent multiemployer plans seldom recover, and repayment of...
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Travel Insurance: Product Disclosure Statement and Policy Wording
Before 1999, PBgC did not make lump-sum payments to insolvent multiemployer plans or those expected to become insolvent in the future. it now does so in select cases to close out a plan or to facilitate a merger with another, financially stronger multiemployer plan. in a closeout, the plan either purchases annuities from the private insurance market to satisfy its obligations or pays participants lump sums in lieu of annuities. PBgC generally makes a lump-sum payment to allow a closeout when administrative expenses would otherwise absorb an unacceptably high proportion of future financial assistance. PBgC provides...
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Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings
PBgC’s financial assistance is not automatic. a plan must follow certain procedures to obtain financial assistance. First, it must notify PBgC and the plan’s participants that it is insolvent. Second, it must inform participants of their statutorily guaranteed benefit levels. next, it must apply for financial assistance with the PBgC. PBgC must then verify the insolvency and determine the level of financial assistance it will provide. This level depends on the amount of contributions and withdrawal liability payments the plan is receiving, if any. PBgC also reviews the plan’s administrative costs to ensure...
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Individual Health Insurance 2009: A Comprehensive Survey of Premiums, Availability, and Benefits
PBgC reviews the plan assets and plan funding for those plans that received financial assistance in the past but are neither currently receiving financial assistance nor repay- ing past financial assistance. if the review shows that the value of a terminated plan’s assets exceeds the present value of the plan’s liabilities (not including the amount owed PBgC) or that the value of an ongoing plan’s assets plus anticipated plan income exceeds its anticipated liabilities by more than 20 percent for each of the next three years, then PBgC may seek repayment of all or part of the financial assistance previously...
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THE HISTORY OF HEALTH CARE COSTS AND HEALTH INSURANCE
Every opinion poll shows Wisconsin citizens are worried about the cost of health care. It is affecting the security of every family and the bottom line of every business. We have come to expect soaring health care costs each year and we feel almost help- less to do anything about it. How did it get this way? That is the question we asked Linda Gorman, Ph.D. to research for us. As the Director of the Health Care Policy Center for the Independence Institute, Dr. Gorman is well qualified to answer the question. Her report points out critical flaws in the American health care system that date back to the...
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How Private HealtH Coverage works: a Primer 2008 UPdate
Fraud fighters from all parts of the United States met at the National Insurance Fraud Forum in Washington, D.C., June 5-7, 2000 to set a fraud-fighting agenda for the next five years. Their accomplishments included identifying key fraud fighting goals in dealing with legislation and regulation at the state and federal levels and proposing a list of specific developments on which to focus. Proposed new statutes and regulations frequently threaten the industry’s fraud fight- ing programs and the ability of fraud fighters to access information necessary to pur- sue insurance fraud offenders. A fundamental shift is occurring in government’s approach to management and oversight...
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Your Platinum Card worldwide annual travel insurance benefits.
Then came 1999 — and a new federal government preoccupation with privacy. The general approach has been to create new federal limitations, not to replace state lim- itations, but to set a nationwide floor of privacy protection. Several states are now try- ing to outdo each other in cutting off access to information about their citizens. On the federal privacy front, there were three noteworthy developments in 1999. First, Congress considered, but did not pass, extremely broad and extremely stringent new limitations on the use of personally identifiable information related to health care. Several of the bills introduced in Congress by Sen. Ted Kennedy (D-MA) and others...
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Private Health Insurance in Australia A Case Study
The fact that entrepreneurs may insulate workers’ earnings from shocks in the prod- uct market has long been recognised as an important determinant of the dynamics of wages. The rationale for such an insurance ultimately rests on the concept of implicit labour contracts originated by Azariadis (1975), Baily (1974) and Gordon (1974). A central empirical implication is that contract wages may entail implicit payments of insurance premiums by workers in favourable states of nature and the receipt of indemnities in unfavourable states....
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Consumer’s Guide to Medicare Supplement Insurance
While much of this recent literature has focused on how the amount of insurance varies across different worker and employer groups, the role of collective bargaining has received somewhat less attention. 2 The scant evidence on collective bargaining is particularly surprising as the role of trade unions as an insurance device has long been emphasised by researchers. The general argument here is that union may mitigate the enforcement problems that arise within risk-sharing agreements between workers and their employers (e.g., Horn and Svensson 1986, Malcolmson 1983). Clearly, examining the trade unions’ role in providing wage insurance is crucial to an understanding of how labour market institutions affect wage dynamics....
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Universal Health Insurance in France: How Sustainable?
The data we use to address these questions are taken from a large-scale matched worker-firm data set for Germany, the IAB Linked Employer-Employee data set (LIAB). This data set links the IAB-Establishment Panel with individual data for the entire population of workers from the Employment Statistics Register. Due to its administrative nature, one of the major advantages of this data set is that it offers very reliable information on individual daily wages inclusive of supplemental pay as long as such pay is subject to social security contributions. Moreover, the data are especially well suited for our purposes as they offer longitudinal information on value added, collective bargaining coverage...
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Private Health Insurance in France
A second channel through which collectively bargained wages might promote wage insurance relates to the level of wage bargaining. If wages are determined at sectoral or national levels, this should open up less possibilities for local wage adjustments as compared with firm-level wage bargaining. Taken together, the overall view that emerges from these considerations is that collective bargaining may act as a substitute for legal contractual enforcement and may therefore serve as a device to promote implicit contractual arrangements when legal enforcement is otherwise unavailable....
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If disaster strikes will you be covered?
In Germany, works councils constitute the second important pillar of the in- dustrial relations system and provide workers with the opportunity of employee representation at the establishment level. 5 The participation rights are laid down under the German Works Constitution Act (Betriebsverfassungsgesetz) and include consultation, co-determination and information rights, which generally increase in scope the larger the establishment becomes. For example, Section 106 of the Works Constitution Act obliges plants with more than 100 employees to set up a so-called economic committee in order to provide works councils with all relevant information about their business conditions. According to Section 100, employers with more than 1,000 employees are more formally obliged to...
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Questions and Answers About Health Insurance
When comparing industry-level with firm-level contracts, it is worth emphasising that the latter are concluded by industry-specific unions. I.e., firm-level contracts in Germany merely involve a different level of bargaining, but do not reflect a fun- damentally different union structure. Thus, with respect to the trade union’s role in removing information asymmetries, there is a-priori no reason to expect any differ- ential effects under firm and industry-level contracts, as the collection of the relevant firm information ought to be equally easy to deal with under either contract type. The distinctive feature that is relevant here apparently relates to the level of wage determination. To the extent that industry-level...
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From Risk to Opportunity Insurer Responses to Climate Change 2008
Clearly, a straightforward implication of wages being determined by sectoral conditions would be that industry-level contracts offer little scope for adjustments of individual wages to firm-specific demand shocks, even if the latter are of permanent nature. However, as demonstrated in Section 2.2, industry-level contracts do not necessarily provide an obstacle to the adjustment of wages to local conditions, as recent decentralisation tendencies in Germany have introduced the option of making such wage adjustments. Given that full insurance is likely to induce substantial job loss if demand disturbances have a more permanent character, a natural expectation is that this potential should at least have been exploited to allow for...
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GCC INSURANCE BAROMETER: An Annual Market Survey Conducted On Behalf Of The Qatar Financial Centre Authority
Because larger firms are much more likely to be covered by collective bargaining contracts and works councils, a closely related issue concerns the independent role of firm size in providing wage insurance. As firm size is typically viewed as a good proxy for capital market access (e.g., Gertler and Gilchrist 1994), insurance contracts should be particularly apparent for individuals working at larger employers. In our empirical analysis, we will therefore explicitly attempt to sort firm size from industrial relations explanations using evidence on differential effects of collective bargaining across size classes. When addressing this issue, two conflicting hypotheses can be tested. First, it might be conceivable that due...
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Auto insurance: New Jersey Department Of Banking And Insurance
To construct the linked employer-employee data set, we first select establish- ments from the establishment panel data. From the available waves, we use the years 1995 to 2005. Since information on a number of variables, such as investment expenditures and sales are gathered retrospectively for the preceding year, we lose information on the last wave. Moreover, we restrict our sample to western Ger- man establishments from the mining and manufacturing sector with at least two employees. From the establishment level data we gain information on a number of establishment characteristics, such as establishment size, collective bargaining cov- erage and the existence of a works council. ...
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Nowhere To Turn: How The Individual Health Insurance Market Fails Women
Among unbanked households, slightly more than half have never had a bank account. Relatively high propor- tions of Hispanic (14.7 percent) and foreign-born non- citizen households (18.9 percent) have never had an account. The most common reasons why households report they do not have bank accounts are that they feel they do not have enough money for an account, or they do not need or want one. Households that have previously had an account are less likely to report that they do not need or want an account relative to those that have never had one. Certain segments of the unbanked population...
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