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Stockholder Sues To Stop WellCare Sale To Centene

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TAMPA— A WellCare Health Plans stockholder has gone to court to try to stop the $15.3 billion sale of WellCare to Centene. Seabaugh contends that WellCare executives rushed the sale through, undervalued WellCare’s stock and did not build any protections into the deal to prevent WellCare shareholders if there’s a drop in the price of the Centene shares they…

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Sammons Financial Group will lay off an unspecified number of employees during the first quarter of 2019. The company cited efficiencies and automation as reasons behind the layoffs, which follow last month’s announcement of layoffs by Nationwide.

A.M. Best recently met with the Ohio National management team to discuss a series of recent events, including the insurer being sued several times for a decision to end trail commissions on certain annuities. A.M. Best is sticking with its strong ratings for now.

More regulation, changing compensation and the erosion of public trust are the top reasons many brokers/registered reps say they are considering striking out on their own via the independent channel. Nearly half of respondents to a new survey say they expect the brokerage channel to deteriorate.

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The U.S. Attorney for the District of Maryland, Robert K. Hur, issued the following news release:. The guilty plea was announced by United States Attorney for the District of Maryland Robert K. Hur; Acting Special Agent in Charge Jennifer L. Moore of the Federal Bureau of Investigation, Baltimore Field Office; and Special Agent in Charge Robert W. Manchak of the Federal…

The total statewide savings impact for customers will be approximately $95.9 million. We are very pleased to be able to offer this rate decrease, “said Dan Krause, State Farm Senior Vice-President. The rate decrease is effective May 15 for new business and July 1 for renewals.

Kimbel, 66, and other seniors with similar experiences who contacted the Free Press say they’d like to see lawmakers address the issue as they work on bills aimed at lowering Michigan’s highest-in-the-nation auto insurance premiums. Insurance industry officials say that Kimbel’s experience may be more extreme than most, but that many Michigan motorists…

Maine legislative committees will hold Thursday hearings on several Democratic proposals aimed at ensuring universal health care coverage through a variety of different methods– from single-payer systems to public options. Universal coverage is something that Maine– one of at least 19 states considering single-payer bills this year– has discussed more…

May 01– May 1– Travis County prosecutors will not make plea offers to the three men charged in the slaying of Austin jeweler Ted Shaughnessy last year. After reviewing evidence against Shaughnessy’s son, Nicolas, and two other men charged in the case, District Attorney Margaret Moore said her office will not negotiate with the lawyers representing the…

Kove Capital works with a large network of private and institutional letters– simplifying the process of obtaining funds while ensuring a lesser number of requirements are involved. Businesses are a crucial part of our economy, but they face significant challenges in terms of managing cash-flow, finding funding, paying employees, and of course, covering…

WASHINGTON- The financial condition of the government’s bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026, according to a report Monday by the government’s overseers of Medicare and Social Security. Social Security would become insolvent in 2035, one year later than…

April 22– Apr. 22– FRANKFORT– Kentucky’s public employees are living longer after they retire, which is good news generally, but it also will add hundreds of millions of dollars to the already staggering pension costs faced by state and local governments, regional universities, health departments and other public agencies enrolled in Kentucky Retirement…

The New Jersey Bureau of Securities’ proposal would hold all brokers to a fiduciary duty, a much tougher standard than the existing suitability requirement. Meanwhile, the Securities and Exchange Commission is still tinkering with its rule, expected to be released in September.

The Standard announced that Joel Mee has been promoted to the new position of senior director, Retirement Plans Sales. Shelly Cheng has been hired to fill Joel’ s recent position as a retirement plan consultant serving advisors in Southern California, the Inland Empire, Arizona and Las Vegas, Nevada. Joel Mee, Senior Director of Retirement Plans Sales, The…

(FALLS CHURCH, Va., April 11, 2019) – The National Association of Insurance and Financial Advisors (NAIFA) and the National Association…
Should Americans be worrying about debt and taxes?

More than half of Americans say they’ d earn a“ C” or lower when it comes to financial literacy, according to a new survey conducted by Harris Poll on behalf of Prudential Financial, Inc.. “Our industry needs to drive home the importance of financial education, and lead the way in providing it, to help clear a path toward financial wellness,” said Caroline Feeney, head of…

MarketScout’s results from in person surveys and mathematical computations have been compiled for the first quarter of 2019. The composite…

Nationwide Mutual Insurance issued the following news release:. Nationwide reported $47 billion in total sales, up nearly $500 million from 2017, in its 2018 annual report, released today. The company posted $26.9 billion in operating revenue and $1.3 billion in net operating income- more than doubling its NOI from 2017.

April 05– Apr. 5– A former Springfield financial adviser who was found guilty of stealing more than $150,000 from a 99- year-old Jerome woman was sentenced to 7 1/ 2 years in prison Thursday in Sangamon County Circuit Court by Associate Judge Rudolph Braud. Vaughn Henry, 67, who founded Henry and Associates in 1977, faced up to 15 years in prison on counts of theft…

In 2018, State Farm paid $123 million dollars for 3,280 dog bite and injury claims. State Farm is a member of the National Dog Bite Prevention Week (R) Coalition. The insurer joins the American Veterinary Medical Association, Insurance Information Institute, and American Humane to draw attention to dog bites and ways to reduce injuries to people and pets.

Six months after Hurricane Michael’s historic landfall on the Florida Panhandle, federal funds totaling nearly $1.4 billion have been approved for recovery in Florida and Georgia. President Trump designated a combined 107 counties under separate major disaster declarations in Florida, Georgia and North Carolina, making federal funds available to aid…

–For most families, caring for mom or dad as they age is not a family effort. According to new data from Northwestern Mutual’s latest C.A.R.E. “Families are fundamentally changing in ways that impact how they’re able to care for aging parents,” says Dave Simbro, senior vice president, risk products, Northwestern Mutual.

COLORADO SPRINGS, Colo. and PROVIDENCE, R.I., April 3, 2019/ PRNewswire/– A new national survey by Junior Achievement USA and Citizens Bank shows that more than 30 percent of teens do not believe they will be financially independent of their parents by the age of 30.. The survey of 1,000 US teens ages 13-18, who are not currently enrolled in college was conducted by…

Republican lawmakers aren’t pursuing a replacement for the health care law known as “Obamacare” until after the 2020 elections. Who gets credit for that political maneuvering depends on who you ask. Senate Majority Leader Mitch McConnell told reporters Tuesday that he made it clear to President Donald Trump that the Senate isn’t going to draw up a new health care law with Democrats controlling the House. Trump says the delay is his idea.

April 02– Apr. 2– Though the ruinous consequences of high health care costs don’t follow party lines, Republicans tend to believe they’re getting more for their money than Democrats and independents do, according to the results of a new nationwide survey released today by San Diego’s West Health. Meanwhile, Democrats are coming forward with their own health…

The Woodlands Insurance Company is proud to announce the launch of the first-ever Texas Homeowners Policy that will include flood insurance to all qualifying households. With a tiered offering of Twico Prime, Twico Prime Plus, and Twico Prime 360, homeowners can choose between a baseline of $5,000 built-in flood coverage or up to full replacement coverage…

SageSure will develop the homeowners insurance products, deliver them to the market and service the policies with their in-house team, while claims will be handled by IMF. Best A- rated carrier, IMF also has a longstanding tradition of claims excellence, which we believe will serve Texas homeowners well. ” “SageSure’s actuarial and underwriting expertise paired…

April 02– Ameriprise Financial has agreed to sell its auto and home insurance business to a subsidiary of Wisconsin- based American Family Insurance Mutual Holding Company for $1.05 billion. Minneapolis- based Ameriprise provides asset management, advisory services and insurance products to is customers including insurance products through its…

President Donald Trump is suggesting he will defer until after 2020 his push for a Republican health care plan to replace the Affordable Care Act. Trump tweeted late Monday that Congress will vote on a GOP plan after the elections, “when Republicans hold the Senate & win back the House.” Republicans were cool after Trump surprised them last week with an unexpected pivot to the issue and claims the GOP will be the party of health care.
Republicans say they are working on a plan to replace the Affordable Care Act.

White House counselor Kellyanne Conway maintained that Republicans are “working on a plan” for replacing the Affordable Care Act, days after President Donald Trump surprised members on both sides of the aisle when he declared that the Republican Party “will soon be known as the party of health care.”

–A review of police data by Erie Insurance shows that Saturdays in September are the biggest days for fatal car crashes involving daydreaming while driving, and Tuesdays in February are lowest. Erie Insurance consulted with the Insurance Institute for Highway Safety to analyze the data, which is maintained by the National Highway Traffic Safety…

New York State Comptroller Thomas P. DiNapoli issued the following news release:. Securities industry profits in 2018 were 11 percent higher than the previous year, but the average bonus paid to industry employees in New York City declined by almost 17 percent to $153,700, according to an estimate released today by New York State Comptroller Thomas P. DiNapoli.

The U.S. Attorney for the District of Massachusetts, Andrew E. Lelling, issued the following news release:. Kimberly Kitts, 51, was sentenced by U.S. District Court Judge Denise J. Casper to 87 months in prison and three years of supervised release. United States Attorney Andrew E. Lelling and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of…

–Milliman, Inc., a premier global consulting and actuarial firm, announces the results of a first-of-its-kind, industry-wide study that examines insurers’ experience with combination products– those that couple life or annuity policies with Long-Term Care or Chronic Illness riders. The study, which includes data from 11 insurers focused primarily on…

March 21– Mar. 21– The Great Lakes Basin has warmed more over the last 30 years than the rest of the contiguous United States– and could warm dramatically more by the end of the 21st Century, a new, first-of-its-kind study of how climate change has impacted the Great Lakes region finds. –Areas within the Great Lakes Basin could see an increase of 17 to 40 extremely warm…

–MoneyLion, America’s most powerful financial membership designed to help the hardest-working Americans save, borrow and invest, today launched the industry’s first health tracker for finances, the Financial Heartbeat. Similar to smartwatches and fitness wearables, the MoneyLion Financial Heartbeat simplifies the tracking and understanding of one’s…
A deal is said to be close to completion between BRAMCO and LifeMark.

With approvals from government regulators in China and Canada still outstanding, Genworth Financial has again delayed the closing of its planned acquisition by a China- based investment company. Genworth and China Oceanwide Holdings Group announced the latest extension of their merger agreement late Thursday.

Maryland policymakers should collaborate with the SEC in its effort to develop appropriate, cohesive, and workable standard of conduct rules, but should not create additional regulatory layers until the SEC completes its national standard, industry representatives testified Wednesday.

As a presidential candidate, Donald Trump promised not to cut Social Security, Medicare, or Medicaid. In the White House, Trump went back on his promise not to cut Medicaid. Now he’s being criticized for steep Medicare payment cuts to hospitals in his new budget. The head of a major hospital association says in a blog that the impact on care for seniors would be “devastating.” The White House says it’s not cutting Medicare but making better use of taxpayers’ dollars.
The U.S. Capitol.

The bank engaged in an “egregious pattern of consumer abuses,” U.S. Rep. Maxine Waters said at the outset of a hearing she is chairing regarding the fourth-largest U.S. bank. Tim Sloan’s appearance before the House Committee on Financial Services marks the second time he has testified on Capitol Hill over problems at the bank.

LOS ANGELES, March 6, 2019/ PRNewswire/– Few workers in physically demanding jobs or “physical workers” feel they are on track to meet their estimated retirement income needs, according to a global research report released today. The Unique Retirement Challenges of Workers in Physically Demanding Jobs is based on a survey of physical workers in 15 countries…

Feb. 25– How much does healthcare cost a small business and their employees? A typical employee’ s individual policy ran almost $7,000 annually in 2018 and the average family premium exceeded $19,000 according to a year-end report from the Kaiser Foundation, a non-profit organization focusing on national health issues. These costs represent an increase of up…