A prominent private U.S. health policy group on Thursday proposed creating a major new public health program and government-operated insurance exchange as part of a plan to expand coverage and rein in health care costs. The Commonwealth Fund, a leading private health policy research group, unveiled a comprehensive plan for changing a U.S. health care system that is the ... [full story]
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Five of the UK's largest banks have agreed to stop selling payment protection insurance (PPI) where customers buy it with a single payment. The banks are the Alliance & Leicester, Barclays, the Co-Operative Bank, Lloyds Banking Group, and RBS Natwest. The so-called "single premium" PPI has been singled out for criticism by regulators and consumer groups. Both ... [full story]
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Issuances of certificates of deposit (CDs) fell today as mutual fund houses — the major investors in such papers — avoided fresh buying and preferred to hold cash, dealers said. Today, Punjab National Bank placed Rs 1,000 crore of one-year CDs at 7.60 per cent. According to dealers, some mutual funds were holding cash since a long time and ... [full story]
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The City watchdog has imposed 49 fines in 2008, up from 23 last year. Fines are understood to have reached £22.6m, which is the second highest amount on record. The £17m fine imposed on Shell in 2004 has distorted the figures somewhat, taking the total to £24.8m. The fines include the mis-selling of payment protection insurance, which are understood ... [full story]
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With the help of this site, you can compare, shop and buy insurance coverage from some of the best health insurance carriers. The licensed insurance agents will assist you in finding a plan that will suit your needs and your budget. The different types of insurance are term life insurance, medical insurance, dental insurance, short term insurance, limited benefit plans ... [full story]
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The news of Obama’s pick for education secretary has reignited the debate over the reauthorization of No Child Left Behind. Once again, we’re fixated on achievement, accountability, tests, data--everything but connecting education to history and progressive policy. The failure comes in part from forgetting that public secondary education began as a grassroots movement and that upward mobility is the ... [full story]
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Homeowners in Durham and Raleigh will see their insurance rates increase by as much as 5 percent under terms of a settlement between the state and insurance companies. Outside those cities, rates in Durham, Wake and Orange counties are set to go up by as much as 2 percent. Outgoing Insurance Commissioner Jim Long announced the settlement Thursday. ... [full story]
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The Federal Deposit Insurance Corp. will raise the amount it charges banks for deposit insurance by 7 cents for every $100 in deposits. The increase, to be charged annually, will take effect Jan. 1. Banks now pay between 5 and 43 basis points for FDIC insurance, depending on the strength of the bank. Under the new rules, ... [full story]
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Shares of HCC Insurance Holdings Inc. rose Friday after an analyst added the specialty insurer to his top pick list, saying the company's book value is well protected. Citi Investment Research analyst Joshua Shanker said that with a clean balance sheet and a balanced and profitable underwriting portfolio, the company's book value _ or total assets less liabilities _ ... [full story]
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BL Research Bureau The continuous downturn in equity markets and severe correction since October seems to have finally hit the collections mopped up by insurance companies. At the start of this year, the industry’s new premium collections were growing at an impressive 118 per cent. This growth rate was down to 11.4 per cent in October. A continuous slide ... [full story]
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A major cause of the controversy surrounding payment protection insurance was removed yesterday when the Competition Commission said it wanted to ban sales of the policies when people take out loans and credit cards. Banks should have to wait for 14 days before approaching borrowers to sell payment protection insurance (PPI), shielding them from instant pressure and allowing them ... [full story]
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The competition watchdog today called for a ban on the sale of controversial payment protection insurance alongside credit agreements. The Competition Commission wants firms to have to wait 14 days after a customer has taken out a loan or credit card with them before they can contact them about buying PPI. It said the delay would enable people ... [full story]
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To provide insurance cover to the people in the lower socio-economic strata, the private sector general insurer ICICI Lombard plans to expand the coverage of ‘Swayam Shakti Suraksha’ insurance scheme in Orissa. The company is implementing the scheme in association with SKS micro finance in four districts of the state at present and has chalked out plans to expand ... [full story]
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It may be a little harsh on policyholders who do not pay their premium on time but a uniform definition of lapse of insurance policy by Insurance Regulatory & Development Authority (Irda) is likely to ensure that more covers stay in force. A committee headed by Irda’s member actuary R Kannan has suggested a grace period of 15 ... [full story]
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Two private insurance carriers and a school group are advising their members not to use Shasta Regional Medical Center unless it's an emergency. Concerns about how Prime Healthcare Services Inc. will work with policyholders prompted the warning. Prime took over SRMC on Nov. 1 and immediately canceled existing insurance contracts. Anthem Blue Cross and Blue Shield, which between ... [full story]
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Insurance costs have risen for merchant ships to transit the piracy-prone Gulf of Aden, but not hugely, and still represent only a fraction of the overall cost of the asset and cargo, marine hull insurers said on Monday. They said extra transport costs feeding through to consumers on the high street would only represent a tiny part of the ... [full story]
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Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) plans to sell at least $2 billion of new debt that will be guaranteed by the Federal Deposit Insurance Corp, with pricing expected Tuesday, according to a market source familiar with the sale. The debt will mature no later than June 30, 2012, the source said. Goldman Sachs is the sole ... [full story]
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In a bid to expand its product portfolio, country’s largest bank State Bank of India (SBI) today signed an agreement with Insurance Australia Group (IAG) to set up a 74:26 joint venture for general insurance business. The JV will approach the Insurance Regulatory & Development Authority (Irda) once it receives other approvals, including the one from the Reserve Bank ... [full story]
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U.S. bank regulators may exclude the shortest-term loans from a $1.4 trillion debt-insurance program, helping the Federal Reserve avoid further unpredictable swings in the country's main interest rate. Federal Deposit Insurance Corp. staffers are likely to recommend excluding loans that mature in 30 days or less, which would encompass overnight interbank loans at the rate targeted by the Fed, ... [full story]
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Electric Insurance Company has appointed Southwest Insurance Brokers as an independent agent for the marketing of its personal lines insurance products to the greater Phoenix, Arizona market. Southwest Insurance Brokers is an Arizona limited liability company with two members - Sankovich & Lewis Insurance and Southwestern Capital Insurance. Michael Mucher, vice president of sales and marketing at Electric ... [full story]
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Selling loan insurance alongside credit should be banned, the Competition Commission said last week — in a move that was broadly welcomed by consumer groups but could see the cost of borrowing soar. The commission wants to tackle the “point-of-sale advantage” by banning providers from selling controversial payment protection insurance (PPI) to customers within 14 days of selling them ... [full story]
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It's the time of year when many employers across the country hold open enrollment periods for their employees to select health insurance coverage. The Ohio Department of Insurance provides these tips to help employees make the best choice of the options available for them and their family. What is Open Enrollment? Open enrollment refers to the period of ... [full story]
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Billionaire Warren Buffett's Berkshire Hathaway Inc. posted a fourth straight profit drop, the longest streak of quarterly declines in at least 13 years, on falling returns at insurance businesses and investment losses. Third-quarter net income decreased 77 percent to $1.06 billion, or $682 a share, from $4.55 billion, or $2,942, a year earlier, the Omaha, Nebraska-based company said today ... [full story]
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After many years of debate, the government has decided to increase the foreign direct investment (FDI) limit in insurance firms from 26% to 49%. The government will now introduce a bill in Parliament to effect this change. The government, however, conceded that the bill may not be passed by the current Parliament for want of time. Finance minister P ... [full story]
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The governor has scratched the idea of a business loan pool, but state banks have committed to lending a total of $100 million to the state's small and mid-size employers as part of a program to help them ride out tougher economic times. Under the program announced Friday, the state will take a bigger role in backing $40 million ... [full story]
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Software exporter HCL Technologies Ltd has pipped larger rivals, TCS and Wipro, to clinch a large CIS (core insurance solution) implementation deal from the public sector National Insurance Company Ltd (NICL). Sources said HCL and TCS were short-listed in the price bids. However, HCL was awarded the contract in view of its lower bid price, sources said. NICL ... [full story]
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China Pacific Insurance recorded a nearly 33-percent decline year-on-year in profits in the first three quarters, according to the quarterly report the company released on Monday. The Shanghai-based insurer incurred losses of 1.636 billion yuan (239.5 million U.S. dollars) in the third quarter, with loss per share at 0.21 yuan. The company garnered a net profit ... [full story]
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Bank of Beijing Co. said Tuesday that it is in talks to buy Beijing Capital Group Co.'s 50% stake in an insurance joint venture with ING Groep NV as part of its plans to break into other business areas. Bank of Beijing, China's largest city commercial bank by assets, said it has yet to finalize details of the deal ... [full story]
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Workforce Safety and Insurance has been the centerpiece of legal discussions for the past two years for many things, including the controversy surrounding former director Sandy Blunt. Both candidates for Insurance Commissioner say if elected, they`d like the department to have regulatory authority of WSI. Adam Hamm says he`d do that by using the department`s expertise through financial examinations and ... [full story]
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A new survey ranks Texas Mutual Insurance Co. among the top 10 insurance carriers in the country when it comes to ease of doing business. Texas Mutual Insurance was 10th on this year’s list from Deep Customer Connections Inc. The annual ranking asks insurance agents and brokers to rate more than 250 firms based on 11 factors such as ... [full story]
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Macquarie Group Ltd., Australia's biggest securities firm, and Citadel Investment Group LLC received a license to insure municipal and infrastructure debt in New York, seeking to fill a void left after the largest bond insurers lost their top credit ratings. Municipal and Infrastructure Assurance Corp., or MIAC, will guarantee only municipal bonds, according to a statement posted today on ... [full story]
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The Vienna Insurance Group, an insurance group, has announced a new information technology (IT) services agreement with IBM for the next six years. In recent years, Vienna Insurance Group has grown beyond Austrian borders and has become an international insurance group in Central and Eastern Europe (CEE). To consolidate their powerful IT growth and create resources for further growth, ... [full story]
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