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Entries in Policyholders (2)

Tuesday
Jul052011

NY AG Probing Life Insurance Payouts, Issues Subpoenas

Hemera Technologies/Thinkstock(NEW YORK) -- Some big life insurance firms are reportedly under investigation regarding payments on their policies.

Citing people familiar with the matter, the Wall Street Journal reports that New York Attorney General Eric Schneiderman has handed down subpoenas to at least nine leading insurance companies in an effort to find out whether they have done what they should to make sure policies of deceased customers are paid to beneficiaries.

New York's insurance department is also sending letters to more than 160 companies, urging them to run their lists of policyholders through a government database to find out if death benefits are overdue, according to the Journal.

This latest probe follows public hearings in California and Florida regarding the claims-payment issue.

Copyright 2011 ABC News Radio

Thursday
Jan062011

Blue Shield Policyholders May Face Rate Hikes Up to 59 Percent

Photo Courtesy - Getty Images(LOS ANGELES) -- Thousands of Blue Shield individual policyholders could see their insurance rates increase by as much as 59 percent on March 1, The Los Angeles Times reported Wednesday.

The California-based health insurer attributes the hikes to rising healthcare costs and expenses stemming from newly enforced healthcare laws.

If implemented, a total of 193,000 policyholders would have their rates increased by an average of 30 to 35 percent.  Out of that total, about one-in-four customers would be faced with cumulative increases of more than 50 percent throughout a five month time period.

Blue Shield policyholders, including Michael Fraser of San Diego, were notified of the successive rate hikes.  After reviewing the notice, Fraser learned that his monthly bill would go up from $271 to $431, an increase of 59 percent.

California insurance commissioner Dave Jones' office is reviewing the proposed increases.

Copyright 2011 ABC News Radio







ABC News Radio