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The Baucus Individual Health Insurance Mandate: Taxing Low-Income and Moderate-Income Workers
Another broad-based farm organization, the National Farmers Union (NFU), contends that crop insurance remains inadequate for those with multi-year disasters, and that crop quality loss discounts applied in insurance contracts do not reflect realities of the marketplace. The organization also wants insurance companies to offer coverage in all areas and not “cherry pick” regions that are most profitable, a concern that USDA attempted to address in the Standard Reinsurance Agreement signed in 2010. Finally, the organization requests a revised auditing procedure that could avoid duplicative reviews of records. Currently, RMA requires an automatic review if a farmer receives an indemnity...
8/30/2018 1:44:37 AM +00:00
Federal Crop Insurance: Background and Issues
For the broader farm community, given that many farmers and ranchers who do not benefit from commodity programs use crop insurance as their primary or perhaps only federal risk management tool, policymakers may consider how effective federal crop insurance has been for producers of specialty crops and livestock. Across the federal government, controlling or reducing program costs continues to be an issue. Over the next 10 years, federal spending on crop insurance is projected to outpace spending on traditional commodity programs by about one-third, which might capture the attention of budget cutters looking for potential sources of savings. ...
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The Children’s Health Insurance Program Reauthorization Act of 2009
The question of time sequencing of benefits is about whether benefits should be paid at a fixed rate over the spell of unemployment or decline (or increase) over the spell. This issue appeared in the literature on optimal UI in the late 1970s and has attracted new attention in recent research. 1 Issues regarding monitoring and sanctions concern how much resources should be spent on checking search behavior and how sanctions, such as benefit cuts, should be implemented if prescribed search requirements are not met. These questions have been discussed in policy circles but only rarely been the subject of research. 2 ...
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Genetics and Life Insurance : A Comparative Analysis
In recent years, the Court invalidated two con- gressional statutes that attempted to regulate non- economic activities. In United States v. Lopez (1995), it struck down the Gun-Free School Zones Act, which attempted to reach the activity of possessing a gun within a thousand feet of a school. In United States v. Morrison (2000), it invalidated part of the Violence Against Women Act, which regulated gen- der-motivated violence. Because the Court found the regulated activity in each case to be non- economic, it was outside the reach of Congress’s Commerce power, regardless of its effect on inter- state commerce. To uphold the insurance purchase mandate, the Supreme Court would have to concede...
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The 7 Things Your Health Insurance Customers Are Not Telling You
A mandate requiring all individuals to pur- chase health insurance would be an unprece- dented form of federal action. The government has never required people to buy any good or service as a condition of lawful residence in the United States. An individual mandate would have two features that, in combination, would make it unique. First, it would impose a duty on individuals as members of society. Second, it would require people to purchase a specific service that would be heavily regu- lated by the federal government. 1 This statement from a 1994 Congressional Budget Office Memorandum remains true today. Yet, all of the leading House and Senate health-care reform bills being debated in...
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Financial Services Authority
As part of our latest programme we completed new and follow-up visits to 150 firms that together sell over 1.6m PPI policies a year with a premium value of over £750m. These firms, large and small, represented a wide range of sectors including banks, building societies, friendly societies, mortgage brokers, credit/loan brokers, retailers and motor dealers. We looked at PPI sold alongside unsecured personal loans, revolving credit (credit cards and instalment finance), prime mortgages, other insurance policies and secured loans. We considered sales of both regular and single- premium PPI policies on an advised and a non-advised basis. Together with our earlier PPI work, over the past...
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Models and Measures for Correlation in Cyber-Insurance
In just over a third of the firms visited we found there were inadequate systems and controls in place around the sales process. Inadequate systems and controls of this sort indicate that the firm and the senior management have not given appropriate priority to compliance with regulatory obligations that were designed to provide positive outcomes for consumers. Just under two thirds of firms visited could not demonstrate they had taken sufficient steps to ensure their sales processes meet the required standards. This was particularly the case for those selling single-premium PPI alongside unsecured personal loans. We found differences in the quality of the systems and...
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Department of Health and Human Services
Around one third of our visits were to firms for whom financial services is not their main line of business and sell PPI as a tertiary product. Of these nearly a half had not properly engaged with their regulatory responsibilities and had in general failed to meet the standards of TCF and ICOB. Motor retailers have shown some of the biggest improvements since our earlier work, for instance, they have been proactive in changing their sales processes to better align them with TCF objectives. Our latest work has confirmed our earlier findings that sales of regular premium prime mortgage PPI, on an advised basis, are most likely...
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A guide to disability insurance
Our expectations of firms operating in this market have been published on several occasions and the questions used in the mystery shopping relate to ICOB and TCF requirements for a PPI sale. Our standard for each issue is therefore 100% compliance and is illustrated in the following diagram by the solid blue line around the outside of the chart. Findings against each question have been plotted on the diagram, the solid line joins up the average result of all the shops (as a percentage). For example, in 92% of shops the shoppers answered ‘yes’ to the question ‘Did the salesperson say that PPI was optional?’...
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COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
The result for the best performing firm on each issue is highlighted by the outer dashed line. The chart illustrates that in the best performing firm in all of the shops on that firm, shoppers said ‘yes’ to the question ‘Did the salesperson say that PPI was optional?’. The inner dashed line indicates results for the worst performing firm for each issue. For example, when considering the question ‘Was the customer told whether the shop was made on an advised or non-advised basis?’ in the worst-performing firm, no shoppers were told the basis on which the sale was made. ...
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Assessing the insurance role of microsavings
The mystery shopping identifies potentially significant failings in the PPI sales processes of some firms. Several of the firms shopped did not comply with the specific regulatory requirements in ICOB or treating their customers fairly when undertaking these transactions. The mystery shopping results highlight standards of behaviour that fall below our expectations and raise questions about firms’ systems and controls. They may also indicate failures in the quality of staff training and competence. For example, several shoppers were unclear whether they were being sold a single or regular premium policy or whether the sale was on an advised or non-advised basis as they were given incorrect information by...
8/30/2018 1:44:37 AM +00:00
Mandatory Health Insurance: Lessons from Massachusetts
As we reported in May 2007 , the TCF “implementation” deadline tested whether firms were implementing necessary changes in a substantial part of their business. Firms were expected to have allocated appropriate resources and responsibilities, developed plans and processes, and created capability to meet the TCF principle. We would expect a firm’s implementation plan to identify and tackle any gaps in their ability to ensure customers are treated fairly, including the designing and selling of PPI. We have set firms a deadline of December 2008 to complete their work on TCF and to demonstrate they are consistently treating their customers fairly in all aspects of their business, including...
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Toward Health Status Insurance
Based on our visits and mystery shopping, we think that consumers are more likely to get poor outcomes in the PPI markets which have these features. The purchase of PPI is usually a secondary focus for customers; their primary purpose is to get another financial service or product such as a secured or unsecured loan. PPI is also a product that is generally sold to consumers, rather than one they actively choose to buy. In these circumstances, the sale of PPI policies together with the loan/credit can lead to unfair outcomes for consumers by blurring the separate elements of the sale and constraining firms from offering potentially...
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Law on insurance
Our visit and mystery-shopping results indicate that there is a higher risk of customers being treated unfairly where firms sell single-premium PPI policies 16 . One of the key TCF consumer outcomes is that products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly. While single-premium PPI can be a useful product for some, it is not necessarily appropriate for all consumers. Despite this, it appears that many firms assume that nearly all customers have a potential PPI ‘need’ and, in most cases, those customers will be sold a single-premium product. This is often because firms...
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Health Insurance Coverage Trends, 1959–2007: Estimates from the National Health Interview Survey
Following an FSA visit, this firm proactively took steps to improve its sales process and to source a PPI product that would better suit the needs of its customers. In the past, it had only offered its customers single-premium PPI policies that were provided by the lenders and were therefore specifically linked to the underlying credit product. The firm decided that single-premium PPI was not the best PPI product for its customer base. It subsequently approached an insurance provider to source a regular-premium product that it could offer its customers and replace the lender's own PPI product. Regular-premium PPI is now the only PPI product this...
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The Sale of Payment Protection Insurance
We will also consider using a range of other enforcement penalties, where appropriate, including the variation or cancellation of a firm’s permission to sell PPI and the suspension of its sales forces. In September 2007 we fined a firm and its CEO for inadequate systems and controls when recommending re-mortgages and PPI to customers. 19 This is the first time we have fined both a retail firm and its chief executive. We have also worked with firms 20 to change the way they sell PPI over the internet. Some firms were offering personal loans on their websites where PPI was automatically included, using techniques such as a ‘pre-ticked’ box. Firms have agreed to...
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Why the Personal Mandate to Buy Health Insurance Is Unprecedented and Unconstitutional
As well as our work with firms we are also working to improve consumers’ understanding of PPI to strengthen their role in this market and help them shop around when buying it. Earlier this year we ran a campaign to encourage consumers to access and use insurance information, including information on PPI, on our Moneymadeclear website22 . We continue to receive around 1,000 visits to our PPI web pages each month. We are extending our suite of online comparative tables to include PPI to help customers compare products and shop around. We expect to publish these tables in March 2008. 23 We welcomed the consumer-facing PPI guide the industry...
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Employer-Sponsored, Personal, And Portable Health Insurance
This increased level of risk among young men is not confined to driving. The WHO (1999) and (2002) report that men are also more likely to die from falls, drowning, poisoning and a range of other events. Only in the case of deaths in fires are women slightly more over-represented than men. The report also notes that injury and fatality rates are higher among men for every type of road injury victim in several developing countries. In Kampala, Uganda, for example, males outnumbered females by between 2 and 7 to 1 among injured vehicle drivers, passengers and pedestrians. In the...
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Social Insurance With Indirect Democracy
Theoretical modeling of unemployment insurance (UI) has typically focused on the benefit level or the replacement rate, i.e., the fraction of earnings replaced by unemployment benefits. Of course, the design of an optimal UI system raises many other issues. For example, should there be a time limit on benefit receipt? To what extent should benefit recipients be induced to follow prescribed search requirements? Is there a case for a work requirement in exchange for benefits? The present paper contributes to the welfare analysis of UI by analyzing three different means of improving the efficiency of UI. The first instrument...
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Sự khác nhau giữa INCOTERMS 2010 và INCOTERMS 2000
Incoterms viết tắt từ 3 chữ International Commercial Terms, dịch ra tiếng Việt nghĩa là những điều kiện thương mại quốc tế còn gọi là những điều kiện cơ sở giao hàng. Incoterms ra đời năm 1936 nhằm giúp cho các nhà kinh doanh thương mại và những bên có liên quan trên toàn cầu thuận lợi hơn khi đàm phán, ký kết và tổ chức các công việc có liên quan đến hoạt động thương mại quốc tế, từ đó thúc đẩy thương mại trên toàn cầu phát triển. Kể từ khi ra đời đến nay, Incoterms đã trãi qua 7 lần sửa đổi...
8/30/2018 1:44:31 AM +00:00
SUMMARY OF THE HIPAA PRIVACY RULE
For all its unique and novel aspects, social media is simply another method by which individuals and entities interact and communicate. In the insurance context, these individuals and entities include insurance companies, their employees, appointed producers, consumers, potential consumers and regulators. Thus, this document is intended to both educate these various groups and provide guidance to regulators, insurance companies and producers for addressing various social media concerns. If insurance companies, producers and regulators are to meet the challenges of this evolving technology, it is important that insurance entities have confidence that their investments...
8/30/2018 1:44:26 AM +00:00
CALIFORNIA’S PROGRAMS FOR THE UNEMPLOYED
People use social media for a number of reasons: communicating, collaborating, seeking expert advice, sharing multimedia, presenting opinions, sharing reviews and for entertainment. Many claim that social media brings a new sense of community by allowing people to connect with others who are similar to themselves. While this might involve reconnecting with long lost friends from childhood or former coworkers, it is also used to meet new friends who have similar interests. An increasing number of people are using social media in their buying decisions. Social media helps them filter the large amount of information available...
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English Marine Insurance Act 1906 - An Act to codify the Law relating to Marine Insurance [21st December 1906]
Insurance companies are using social media to increase visibility, enhance familiarity, develop relationships and build trust. Perhaps, presently, the primary advantage of using social media is to generate exposure. Another key use of social media by the insurance industry is to provide customer service in order to build and maintain relationships with consumers (see Appendix D for examples). The insurance industry has built its foundation on networking and building a good reputation. Because of this, the potential value of social media to insurance companies and producers is...
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Motorcycle Insurance made simple
The Affordable Care Act provides States with significant flexibility in the design and operation of their Exchange to best meet the unique needs of their citizens and their marketplace. States can choose to operate as a State-based Exchange, or the Secretary of the Department of Health & Human Services (HHS) will establish and operate a Federally-facilitated Exchange in any State that does not elect to operate a State-based Exchange. In a Federally-facilitated Exchange, the State may pursue a State Partnership Exchange, where a State may administer and operate Exchange activities associated with plan management and/or consumer assistance. ...
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Deluxe Package - Singgle Trip
While the above-described uses (and potential uses) of social media by insurance companies are important to note, it must be pointed out there is another side of the proverbial coin to social media in insurance. A not-insignificant number of insurance companies — concerned about the novelty of the medium, the lack of explicit regulatory and legal guidance, and very real practical and technical issues — have either banned the use of social media outright or taken an approach of benign disregard relative to the use of social media in connection with their...
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Long-Term Disability Income Insurance
Producers are also avid users of social media. Historically, producers have networked within a defined geographic territory. Because people generally only buy from producers they trust, developing trust has generally meant face-to-face interaction. However, as people grow more accustomed to trusting relationships developed online, producers who excel at developing such relationships will likely pursue licenses and sales opportunities outside traditional geographic areas. Social media provides producers with an opportunity to change dramatically how they build relationships and market their products. The use of social media allows producers to provide a 24/7 “kitchen table” where customers...
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The Use of Social Media in Insurance
One company is training its producers on the use of social media because it believes the producer level is where it will be most useful (@Allstate, 2010). Another company’s director of social media said his goal is to give producers support in figuring out what they should say — and make sure they do not do something they should not. He said many producers previously got to the point of setting up a presence on a social media site, but then lacked the knowledge and confidence to use it successfully. As previously noted, some producers have made use...
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Health Insurance Coverage: Early Release of Estimates From the National Health Interview Survey, January–March 2011
Because the insurance industry employs both captive and independent producers in its various models of product distribution, understanding the insurer-producer relationship is critical when determining the insurer’s responsibility for its appointed producers’ social media communications. As such, if the content of an appointed producer’s social media communication can be attributed to a specific carrier, regulators will also attribute the communication to the carrier. If the content of an appointed producer’s communication cannot be attributed to a specific carrier or supervising agency, the producer is solely responsible for ...
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IN THE SUPREME COURT OF CALIFORNIA - Filed 8/9/12
There is a strong relationship between health insurance coverage and access to medical services. Health insurance makes a substantial difference in the amount and kind of health care people are able to afford, as well as where they obtain care. Research has consistently shown that the lack of insurance ultimately compromises persons’ health because they are less likely to receive preventive care, are more likely to be hospitalized for avoidable health problems, and are more likely to be diagnosed in the late stages of disease. Having insurance improves health overall and could reduce mortality rates for the...
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Survey of People Who Purchase Their Own Insurance
Medicaid and the S-CHIP provide coverage to certain low-income populations that meet eligibility requirements. The programs play a particularly important role for children, aiming to cover nearly all low-income uninsured children. The role of Medicaid for adults is far more limited however, covering only some low-income parents and disabled individuals, leaving most childless adults ineligible, regardless of how poor they are. Recent growth in Medicaid and S-CHIP enrollment of children has filled in the sizable gap created by decreased employer-sponsored insurance since 2000. The share of children who are uninsured actually decreased between 2000 and 2004,...
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