Scenarios similar to this are the basis of a new ad campaign launched by Farmers Insurance ®, one of the nation's largest insurer groups. “The amazingly unlikely events we'll be featuring in our new campaign are based on real claims experienced by our customers,” said Mike Linton, chief marketing officer for Farmers Insurance. As he leads into each spot, Prof. Burke,…
Newswires
PEMBROKE, Bermuda—- AXIS Capital Holdings Limited today announced that it will redeem 28,430 of its 7.50% Series B Preferred Shares, par value $0.0125 per share and liquidation preference $100.00 per share, constituting all of its outstanding Preferred Shares, representing $2,843,000 in aggregate liquidation preference of Preferred Shares, on January 27,…
UPMC Health Plan has also reduced some of its broker commissions, while UnitedHealthcare notified its sale force that it will end broker commissions starting Jan. 1 in the 34 states where the company sells insurance on the government exchange. Lower broker commissions discourage sales of health plans that cost the carrier money, said Tom Tomczyk, principal at…
Delta Dental of California announced today that enrollment in the TRICARE Retiree Dental Program surpassed 1.5 million lives this month. In December 2012, the Department of Defense awarded the TRDP contract to Delta Dental, continuing the company's prior 15 years of service to Uniformed Services retirees and their family members. “Through our…
–In the latest Healthcare Business Strategy report, Mark Farrah Associates, www.markfarrah.com, summarizes key findings found within the Health and Human Services 2014 Medical Loss Ratio report. In addition, MFA assessed the Individual, Small Group and Large Group Comprehensive market segment's Adjusted Premiums, MLR Rebates and Weighted Average MLR for…
Nearly 40 million U.S. households have no retirement accounts at all, including many millennials. The typical working family has just $2,500 in retirement savings. Households approaching retirement have just $14,500.
Notice of Finding Regarding Foreign Social Insurance or Pension System–Australia.
Citation: “80 FR 80875”
Document Number: “Docket No. SSA-2015-0069”
Page Number: “80875”
“Notices”
Finding: Section 202(t)(1) of the Social Security Act (42 U.S.C. 402(t)(1)) prohibits payment of monthly benefits to any individual who is not a United States citizen or national for any month after he or she has been outside the United States for 6 consecutive months. This prohibition does not apply to such an individual where one of the exceptions described in section 202(t)(2) through 202(t)(5) of the Social Security Act (42 U.S.C. 402(t)(2) through 402(t)(5)) affects his or her case.
Section 202(t)(2) of the Social Security Act provides that, subject to certain residency requirements of Section 202(t)(11), the prohibition against payment shall not apply to any individual who is a citizen of a country which the Commissioner of Social Security finds has in effect a social insurance or pension system which is of general application in such country and which:
(a) Pays periodic benefits, or the actuarial equivalent thereof, on account of old age, retirement, or death; and
(b) permits individuals who are United States citizens but not citizens of that country and who qualify for such benefits to receive those benefits, or the actuarial equivalent thereof, while outside the foreign country regardless of the duration of the absence.
The Commissioner of Social Security has delegated the authority to make such a finding to the Associate Commissioner of the Office of International Programs. Under that authority, the Associate Commissioner of the Office of International Programs has approved a finding that Australia, beginning September 27, 2001, has a social insurance system of general application which:
(a) Pays periodic benefits, or the actuarial equivalent thereof, on account of old age, retirement, or death; and
(b) permits United States citizens who are not citizens of Australia to receive such benefits, or their actuarial equivalent, at the full rate without qualification or restriction while outside Australia.
Accordingly, it is hereby determined and found that Australia has in effect, beginning September 27, 2001, a social insurance system which meets the requirements of section 202(t)(2) of the Social Security Act (42 U.S.C. 402(t)(2).
In 1968, we determined that Australia's national pensions system did not meet the requirements of 202(t)(2)(A) of the Social Security Act (Act). However, under the provisions of section 202(t)(4) of the Act, citizens of Australia were afforded the limited exceptions to the alien nonpayment provision under section 202(t)(1) if the worker had 10 years of U.S. residence or 40 quarters of U.S. coverage. We published notice of our determination in the Federal Register December 20, 1968 (33 FR 19054).
In 1992, Australia enacted a new national coverage scheme system called the Superannuation Guarantee (SG). The SG is a contribution system of mandatory individual accounts intended to supplement Australia's national residence based pension system as a second tier. The SG provides benefits at retirement age based on the accumulated value of invested contributions in the worker's account. Upon review, the SG was found to meet all of the requirements of the section 202(t)(2) provision. This review required a new determination under section 202(t)(2) for Australian citizens.
Final rule.
CFR Part: “12 CFR Part 745”
RIN Number: “RIN 3133-AE49”
Citation: “80 FR 80635”
Page Number: “80635”
“Rules and Regulations”
SUMMARY: The NCUA Board (Board) is amending its share insurance regulations to implement statutory amendments to the Federal Credit Union Act (FCU Act or the Act) resulting from the recent enactment of the Credit Union Share Insurance Fund Parity Act (Insurance Parity Act). The statutory amendments require NCUA to provide enhanced, pass-through share insurance for interest on lawyers trust accounts (IOLTA) and other similar escrow accounts. As its name implies, the Insurance Parity Act ensures that NCUA and the Federal Deposit Insurance Corporation (FDIC) insure IOLTAs and other similar escrow accounts in an equivalent manner.
The National Association of Professional Women honors Safina Sadruddin as a 2015-2016 inductee into its VIP Woman of the Year Circle. As Owner of AI United Insurance, which specializes in an exceptional selection of quality insurance services, Ms. Sadruddin is responsible for the operations of six insurance brokerage locations throughout Austin.
While the Affordable Care Act is insuring more people than ever before, many are realizing the co-pays and deductibles are a costly hit to their family budgets.
Japanese insurers are maintaining their balance sheet strength despite the challenging market conditions in Japan, according to a new A.M. Best special report. The Best’ s Special Report, titled,“ Japanese Insurers’ Balance Sheet Strength Improves With a Focus on Risk Exposure,” states that A.M. Best- rated Japanese insurance companies’ levels of risk-adjusted…
Dec. 28– Elmer J. Rhody, a leader in the Maryland insurance industry who worked on the University of Baltimore business school faculty, died of kidney failure in Randallstown earlier this month, his son said. Mr. Rhody, whose death came just 13 days before Christmas, his 91st birthday, was born in Baltimore and began his six-decade career at Louis Gordon and Co….
Dec. 28– Mike Nadeau is president and CEO of Bedard Pharmacy& Medical Supplies. A third-generation pharmacist, he's grown the family-owned business which he purchased from his father, and it now has two pharmacy locations and up to 63 employees. As soon as I got my driver's license, I moved up and began delivering to our customers in the Lewiston- Auburn area.
Dec. 27– NAPPANEE– When an EF-3 tornado tore through Nappanee in 2007, the community came together and cleaned up the town within 10 months. “I was just the cheerleader,” he says about his help in cleaning up Nappanee. Bobbi Wilson, who was involved in Nappanee's politics even before Thompson was elected 20 years ago, offered a different perspective.
The city of Spokane broke a four-decade string of ousting mayors before they could serve a second term, but Mayor David Condon's re-election victory glow soon faded under the black clouds of controversy billowing from the Police Department. In the other Washington, months of partisan wrangling wrapped up with some bipartisan legislation.
Thom “Martin's Medford mansion burned down. Earlier this year, Martin and his mortgage holder were awarded about $1.6 million by Jackson County Circuit Court Judge Tim Gerking in a judgment against Martin's insurance company, Oregon Mutual Insurance Company. Martin said he had 921 guests confirmed for a “surprise” birthday party for himself on Saturday, July…
Dec. 26– Bank Forward recently honored several employees for their length of service. “Congratulations to our team of professionals who have reached milestone anniversaries for years of service with our organization,” said Tom Watson, Bank Forward president. The following employees are based at Bank Forward or Insure Forward, 400 2nd Ave. SW, Jamestown, except…
Dec. 26– Three years ago, Marion Hatter moved into St. Paul's Senior Community in Belleville with her husband, Isham, from their farm near town. “We had to get off the farm,” the 86- year-old Hatter said. She also didn't want to stay with her two grown sons, both of whom live in the Belleville- area.
MONTPELIER, Vt.— Northwestern Vermont's rural Franklin County had 11 pediatricians at the start of 2015 and will end the year with seven, a fact some doctors are blaming on low payments from Medicaid. “But the cuts to Medicaid this year have made it impossible to continue practicing.” Low Medicaid rates are a chronic complaint from health care providers, but they're…
