PBR- New Approach to Life Insurance Reserving
The National Association of Insurance Commissioners (NAIC) announced that they have adopted a new recommendation of reserving life insurance policies. Beginning January 1, 2017, the new principle-based reserving (PBR) standard will be activated over a three-year period. The implementation of PBR will end a 150 year practice of reserving through the use of formulas. Rating… Read More
How Will Brexit Affect US Insurance Industry?
The result of the recent referendum, in which Great Britain voted to leave the European Union could have some impact on the P&C insurance industry, although the effects may not be evident for several years. The European Union (EU) was founded in 1957 and established first as the European Economic Community. Today, the EU is… Read More
Gun Advice for your Clients
The gun debate continues. Proponents of the Second Amendment say their right to bear arms is one of the most fundamental of all of our civil liberties. Opponents argue that gun control, including limiting access to guns, is a public safety necessity. Last year, about 1,500 children were killed by guns, with over 10,000 kids… Read More
Healthcare Premium Notices Arrive as Election
Your clients can expect to see their health care insurance premium renewal notices just in time for the home stretch of the presidential election. Carriers are reporting rate hike requests in the double digits, although the final increases remain to be seen. However, many believe that this will be the year that the increases will… Read More
What’s New This Week?
GOP “A Better Way” Obamacare Replacement Plan House Republicans released their version of the healthcare plan to replace the 2010 Affordable Care Act. The plan, known as The Better Way, includes the use of Health Savings Accounts (HSA), and the sale of insurance across state lines. Key components of the plan include the gradual increase… Read More
What’s New?
Obama Bathroom Mandate It is not enough to offer a transgender student access to clean and safe restrooms, locker rooms, and showers. The U.S Department of Justice ruled that would be discriminatory against a student who “identifies” with a sex other than their biological gender. To ensure inclusivity, the mandate ruled that transgender students must… Read More
Veterans Care OUTSIDE the VA?
New legislation may allow for veterans to obtain health care outside of the Department of Veterans Affairs. The “Caring for our Heroes in the 21st Century Act” would make the VA more like private sector hospital networks by introducing a “Veterans Accountable Care Organization” that would control its facilities. Funding from the VA would be… Read More
2017 HSA Inflation Adjustments for Health Savings Accounts (HSA)
2017 HSA Inflation Adjustments for Health Savings Accounts (HSA) The Internal Revenue Services released the 2017 HSA inflation adjustments as follows: Individual (self-only) contributions are limited to $3,400, with annual deductibles of no less than $1300. Maximum annual out-of-pocket expenses – $6,550. Individual (with family) contributions are limited to $6,750, with annual deductibles of… Read More
Tops News this Week!
Anthem & Cigna In-fighting may delay the Anthem-Cigna merger as regulators continue to review the mergers for approval. In an April letter to the Anthem board, Cigna voiced concern that a pending Anthem lawsuit against a drug manufacturer could threaten regulatory approval of the merger. Anthem argued that Cigna was made aware of the suit… Read More
Clinton Healthcare Plan More Benefits, More Costs
Avalere Health, a DC based healthcare consulting firm, says that Hillary Clinton’s medical plan would offer more benefits than current marketplace policies but would also cost more. The analysis suggested that 13 million people over age 50 could be covered by the plan, although many of them are currently covered through the exchange or through… Read More