An insurance agent who held himself out as a financial adviser and stole $1.9 million from nine clients, using it for vacations to Florida and Hawaii among other things, pleaded guilty to mail fraud and a related charge in federal court Wednesday. In pleading guilty, Horsey admitted to conducting the scheme from 2012 until this June, using his business, the Heroes…
INN Daily Newsletter Hot Off The Wires
Dec. 15– State Farm collected $350 million in premiums from Washingtonians over a decade by betting against earthquakes in the state. But the regulator, negotiating on the public’s behalf, was at a disadvantage: Insurers in Washington don’t have to offer earthquake insurance if they dislike the terms, and State Farm is the state’s largest licensed provider of…
FEMA has approved nearly $8 million in aid so far, while the National Flood Insurance Program has paid policy holders $30 million. FEMA says more than 97 percent of home inspections have been completed. The agency is closing its offices this week in Portsmouth and Suffolk.
Newtown Sq, PA—- 12/13/2016– One of the more difficult aspects of Medicare coverage relates to the donut hole, also referred to as the gap. The Medicare donut hole has been one of those perplexing concepts since it earned its nickname. “The actual name of the donut hole in Medicare Part D plans is a coverage gap,” explained Clelland Green, RHU, CEO Benepath Inc. “And it is one…
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has issued guidance to remind…
As a result, Life Partners has emerged from bankruptcy as a reorganized enterprise designed to maximize recovery for investors.. “This is a momentous day for the investors in Life Partners as it means they will now begin recovering a substantial amount of their original principal investments,” said Moran, a highly regarded expert in the life insurance industry…
HOUSTON – American International Group, Inc. (NYSE: AIG), a leader in the term life insurance market, announced today that it…
A new report finds that third-quarter annuity sales totaled $51.3 billion, an 8.2 percent decline. What does it mean for the future of the industry?
WINDSOR, Conn, Dec. 12, 2016—A new LIMRA Secure Retirement study finds 73 percent of U.S. employees across all age groups…
–According to NerdWallet’s Annual American Household Credit Card Debt Study, U.S. consumers now owe $12.35 trillion in total debt, and the average household with a credit balance owes $16,061 on its cards alone. “Cost of living continues to outpace wage increases, contributing to increasing debt levels,” says Sean McQuay, NerdWallet’s credit and banking expert.
–Iowa is the best state for drivers, according to a new Bankrate.com report. Ohio, Maine, Wisconsin and Vermont complete the top five states for drivers. New Mexico, Nevada, Louisiana and Wyoming round out the bottom five states.
A new paper from a University of Illinois tax expert says the Affordable Care Act’s ” Cadillac tax” has the potential to alter the landscape of the U.S. health insurance market and lead to the widespread adoption of a policy championed by former President George W. Bush- namely, health saving accounts. Even if President’s Obama’s signature health care law is…
Only 38 models were awarded the Insurance Institute for Highway Safety’s designation of Top Safety Pick+, down from 48 on the initial list for the 2016 model year. Toyota led all automakers with nine winners. Honda Motor Co. was second with five.
Dec. 12– A Jackson County Circuit Court jury on Friday awarded $20 million in punitive damages in a case that alleged retaliation, age and sex discrimination against an American Family Insurance sales manager. The plaintiff, Deborah A. Miller of Blue Springs, brought the case against the company and John Bosman, a former Missouri state director of the company who…
Orlando, Florida– United States Attorney A. Lee Bentley, III announces that Irwin Charles Ager has pleaded guilty to conspiracy to commit mail fraud and wire fraud. Ager has agreed to pay more than $10.3 million in restitution to his victims. According to court documents, Ager and his conspirators defrauded over 200 victims out of more than $10.3 million through…
Universal American Corp., a publicly traded health care benefits company in White Plains that specializes in Medicare Advantage plans, will be acquired by WellCare Health Plans, Inc. of Tampa in an all-cash deal with an equity value of about $600 million, the companies recently announced. The share price represents a 34 percent premium to Universal…
DALLAS- Wesley Michael Woodyard, 65, most recently of Dallas, appeared in federal court this afternoon and pleaded guilty, before U.S. District Judge Sidney A. Fitzwater, to one count of wire fraud stemming from his scheme to defraud Ace European Insurance Company of more than $4.6 million from approximately 2002 through 2013. U.S. Attorney John Parker of the…
He was also ordered to pay $1.8 million to the insurance companies he defrauded, and another $200,000 to the city, according to the office of Philadelphia District Attorney Seth Williams. He also was ordered to pay restitution of $200,000 to Philadelphia and $250,000 to Erie Insurance. Robert Otterson, a former city employee who pleaded guilty to conspiracy…
Dec. 10– As health insurance costs climb, some consumers are turning to alternative products for coverage that can impose strict Christian-based moral expectations and are unregulated in many states including Missouri and Illinois. After five years of being uninsured, hairstylist Melissa Peirick signed up for coverage with Christian Healthcare…
