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The New York Insurance Exchange could be leading toward restructuring as a federal marketplace, if it is able to win wider support from other state regulators. Eric Dinallo, Superintendent of the New York Insurance Exchange is examining the possibility of what can be seen as a Lloyds of London type shift. The New York Insurance Exchange was founded in 1980 and was hit by market changes in the late 1980s causing the doors to close.
The laws permitting the exchange are still on the state's books. The Exchange would allow underwriters to form syndicates to reinsure and insure unusual or very large exposures, just as Lloyds of London does throughout 30 countries.
The New York Insurance Exchange, which ran for seven years, created a central marketplace for insurance. U.S. insurers are regulated by each of the states they do business in, but there is impetus from the industry, which has gained some support on Capitol Hill, to create a federal insurance regulator.
Many issues have yet to be ironed out and the revival is not without resistance.
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A survey by pay experts at salary.com evaluated 69 cities with more than 250,000 people and ranked the Big Apple last. Plano came in first among American cities in which to build personal wealth. According to the survey, New York City is the worst place.
Although the top five cities in the survey identified the best five cities for business, it indicated that there is a price to pay for the company and the best five for business ranked in the worst for wealth building. Plano, Texas came in first among American cities in which to build personal wealth, following came Aurora, CO, Omaha, NE, Minneapolis, MN and Albuquerque NM.
Primary concerns in the survey were focused on salaries, cost of living and employment opportunities. Secondary factors were diversity of the local economy, education and the social environment. Another consideration was commute time from the suburbs.
Although New York is known for diversity and highly-educated residents, it could not rate as profitable due to the overinflated environment.
Following last-ranked New York
Categories: Affluent Lifestyle News Share Article
Dog attacks and dog bites are in the news everywhere. The rules in insurance and in case law are now well documented and precedented and follow the “one free bite rule.” This means that a dog’s owner is not liable for their dog’s first bite. A dog owner will be found liable for his dog’s viciousness only if the owner had prior “notice” of the dog’s vicious propensity.
If the dog has had no history then the dog owner will not liable for the attack even if the injuries are disfiguring and serious. The owner would be liable, however if the dog attacked people prior in another attack issue only after the “notice.”
If the plaintiff cannot show prior attacks by notice, then the owner will not be liable since the dog has no violent history. The reasoning is that there would be no way that the owner would have any idea or belief that the dog would be violent.
The courts have ruled that it is not possible to judge a dog liable by breed. Even the appellate courts
Categories: Court News Share Article
Following are the key elements of our settlement proposal:
-- We have offered immediate reinstatement of the seven individuals the Department originally asked us to reinstate.
-- We offered to proactively reach out to all others whose coverage rescission were under review by the Department, and offered, at our expense, expedited independent third party reviews using the standard of review which the Department proposed. We have agreed to accept, as final, the decision of the third party reviewer. In any case where it is determined the individual's rights may have been violated, Anthem would pay all out of pocket expenses and offer coverage on a prospective basis.
-- We have been in discussions with the Department regarding a fine and have expressed willingness to settle on terms comparable to all other industry agreements.
-- In addition, Anthem offered to contribute sufficient funds to the state's high risk pool, to eliminate in its entirety the waiting list for coverage so that those in need will have access to health care thereby helping to address
Categories: Court News Share Article
The law, which was spurred by the trade association Insurance Agents & Brokers, prohibits mortgage lenders from requiring borrowers to insure their property in excess of the value of structures on the land. Previously in Pennsylvania, lenders often required insurance on the full loan value. However, in the event of a loss, a homeowners' insurance policy would only restore the value of the structures.
For example, a homeowner with a $150,000 home on a $50,000 piece of land was often required to obtain a $200,000 homeowners' insurance policy. Yet, if the home burned to the ground, the homeowner would be paid for his loss - $150,000.
"This is a huge victory for consumers," said Tom McElhaney, chairman of IA&B. "Homeowners are no longer forced to pay premiums on unnecessary coverage for which they will never be compensated."
Pennsylvania homeowners are encouraged to check their homeowners' insurance policies and determine if they are paying for coverage on the full property value or on the value of structure(s) on the land. If they have questions or need to adjust their policy, they should contact their insurance agent.
"Prior to passage of this
Categories: Court News Share Article
The US health care system is missing something necessary to level the playing field between the rising costs of medical care, medical research and the cost to treat all persons in emergency situations. Canada has it and Walmart has it, the United States does not. What is it?
It is buying power!
Health care is becoming one of the most burdensome personal issues for Americans, including coverage for experimental treatments and drugs and long-term care coverage. The problem with the independent system is the lack of power in regards to buying with universal access to control costs in public interest. Even though we value our independent choices and the merge to a government based health care system is certainly inferior and undesirable, it would be in the public interest to create some type of system that would allow negotiating and buying power as seen in a company such as Walmart. Private-public mergers and cooperation could create massive buying power to battle negotiating, rising medical costs, well-health care, coverage for minors and experimental treatments.
For example, the Washington Post reports that six hospitals in New Jersey have closed in the past eighteen months and nine others are operating at a
Categories: Court News Share Article
There has been much scrutiny in the banking and legal arena to “know your client.” It is important for everyone in every industry to know his or her client. Recently, it has become even more important to “know you lawyer.”
Current news about changes in the economy have stressed most all businesses and individuals in some way. Many professions have boards who monitor professional standards and codes of ethics. These boards are developed from within the profession and govern things like certifications and standards. These boards often set the standards in court as a guide for prosecutors and litigators.
When it comes to law, lawyers are bound the American Bar Association’s Model Rules of Professional Standards. However, the standards are likely to vary within the practice field causing proliferations of the rules for differing practice areas. Recently lawyers have sought to regulate the bar making them the advocates, the advisors and the gatekeepers as well. One lawyer is not determining how another lawyer should act ethically and morally.
Fragmentations within the American Bar tend to be handled by the federal courts leaving state regulations shattered and placing strain on attorneys and their practice fields. For example the codes in the past have left
Categories: Asset Protection News Share Article
The Pittsburgh Steelers are a $2500 family venture, capitalized in 1933, now valued at close to one billion dollars. That is quite a family asset.
You may be surprised to hear that the Pittsburgh Steelers NFL franchise is for sale in the name of Asset Protection. The Rooney family has owned the Pittsburgh Steelers for 76 years. That is a good long-standing business now valued at around a billion dollars. Why are the Rooneys selling and why is it for Asset Protection.
Team chairman Dan Rooney, the oldest son of late team founder Art Rooney, wants to remain in the football business, but some of his four brothers want to get out of the NFL to focus their business interests on their racetracks and other ventures. Dan Rooney, and his son, Steelers president Art Rooney II, are working out a financing plan to buy Dan's brothers' shares in the team, according to the statement.
The other Rooney brothers - Art Jr., Timothy, Patrick and John - each have an ownership interest in the Steelers. Another related family, the McGinleys, also owns a minority interest in the team. The Steelers already have
Categories: Asset Protection News Share Article
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