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Insurance Law & Risk Management

For visitors looking for insurance coverage laws, litigation, risk management, or compliance issues, the National Law Review has up-to-date content on insurance and reinsurance-related matters.

Insurance Coverage in a Variety of Situations

Coverage includes different types of insurance policies companies require when doing business with clients, or professionals in the medical/legal field require, to protect themselves (licenses) against lawsuits. Malpractice insurance for legal and medical professionals, professional liability insurance for a store-owner, environmental liability, business interruption insurance coverage for companies, and commercial general liability (CGL) insurance, for large corporations, are among the different cases and stories visitors to the National Law Review will find, when visiting the site. Additionally, following major catastrophic events, such as flooding, hurricanes, or other loss of income, which causes a business to shut its doors, property loss, and business interruption insurance coverage is available to businesses. Cyber insurance is another major area of insurance law today, given cyber-attacks, fraud, data breaches, and security issues online. The National Law Review covers the basics as it relates to these, and other forms of insurance, requirements for businesses, and how it will protect them from lawsuits in their niche industry.  We also report on coverage/lack of coverage as it relates to insurance agreements involved in construction defects. This can be a major issue, especially in dealing with government contracts, and we provide detailed information about procedures, risks, and what companies should do, in the event they don’t have a policy (lapse), when working on certain contracts.

Insurance Litigation

Visitors to NLR can also read about insurance disputes as they relate to bad-faith claims, extra-contractual liability, or fiduciary arrangements between companies/clients. Insurance fraud, toxic torts, class actions, and other premium situations are frequently covered online. Additionally, insurance litigation at the district court and state court level is analyzed by

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INSURANCE

Washington Insurance Commissioner Will Not Seek Reelection

OLYMPIA, Wash. (AP) — Longtime Washington state Insurance Commissioner Mike Kreidler said Monday he would not seek reelection.

Kreidler’s announcement comes about a year after Gov. Jay Inslee and bipartisan legislative leaders called for his resignation over accusations from former employees that he used racist slurs and was demeaning or rude toward staff members, The Seattle Times kreidler-will-not-seek-reelection/”reported.

“Serving alongside you as Insurance Commissioner for Washington state has been, and continues to be, the greatest honor of my life,” Kreidler, 79, said in an email to the staff Monday. “I’ve always said it was the best job I’ve ever had, and I still feel that way today.”

Kreidler, a Democrat, was elected in 2000 and previously served one term in Congress.

Last year, a half-dozen potential and former employees washington-a49a2d526ffb8590461edafc44eb84ab”disclosed instances from 2017 to 2022 when Kreidler was demeaning or rude, was overly focused on race, and used derogatory terms for transgender people and people of Mexican, Chinese, Italian or Spanish descent, as well as asking some employees of color for unusual favors.

Political Cartoons

Inslee had said the events demonstrated Kreidler is “unable to fulfill his leadership responsibility” and should resign.

“Commissioner Kreidler assured his employees and the public he would work to improve his relationship with staff, but instead he terminated an employee who spoke out about these issues,” Inslee said at the time.

Republican and Democratic leaders in the state Legislature made similar calls.

Kreidler, however, chose to remain in office.

“I take full responsibility for my past behavior and recognize the impact it has had on those around me and the people I serve,” he said last year. “I have pledged to do better and stand by that commitment.”

The insurance commissioner is the top state regulator of Washington’s insurance industry,

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INSURANCE

Star Health and Allied Insurance Company stocks: Buy Star Health and Allied Insurance Company, target price Rs 650: ICICI Direct

ICICI Direct has buy call on Star Health and Allied Insurance Company with a target price of Rs 650. The current market price of Star Health and Allied Insurance Company is Rs 586.55.

Star Health and Allied Insurance Company, incorporated in the year 2005, is a Large Cap company (having a market cap of Rs 34124.10 Crore) operating in Financial Services sector.

Star Health and Allied Insurance Company key Products/Revenue Segments include Premiums Earned, Interest & Dividend and Income From Sale Of Share & Securities for the year ending 31-Mar-2022.

Financials

For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 3074.37 Crore, up 2.39 % from last quarter Total Income of Rs 3002.62 Crore and up 13.40 % from last year same quarter Total Income of Rs 2711.01 Crore. Company has reported net profit after tax of Rs 210.47 Crore in latest quarter.

The company’s top management includes Mr.Venkatasamy Jagannathan, Mr.Utpal Hemendra Sheth, Mr.Deepak Ramineedi, Mr.Berjis Minoo Desai, Mr.Rajeev Krishnamuralilal Agarwal, Mr.Rajni Sekhri Sibal, PadmashriKaarthikeyan Devarayapuram Ramasamy, Ms.Anisha Motwani, Mr.Rohit Bhasin, Mr.Anand Shankar Roy, Dr.Subbarayan Prakash, Mr.Sumir Chadha. Company has V Sankar Aiyar & Co. as its auditors. As on 31-03-2023, the company has a total of 58 Crore shares outstanding.

Investment Rationale
Market leader in retail health insurance segment (~33% market share) with potential for sustained business growth and, thus, earnings trajectory.

Promoter/FII Holdings
Promoters held 58.28 per cent stake in the company as of 31-Mar-2023, while FIIs owned 35.24 per cent, DIIs 1.44 per cent.

(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and … Read the rest

INSURANCE

When private health insurance is no assurance at all

May I sound a note of caution to the growing numbers considering private health insurance?

My mother, who is 93, has held her policy with a major UK provider for 60 years. At her age the premium is astronomical — even more than her utility bills — but she retains this luxury so she has the reassurance of having care if she needs it — and she did.

Four months ago she fractured her thighbone in a fall. Paramedics attended swiftly and the subsequent operation and NHS hospital care was superb.

On about the seventh day post-op the hospital was anxious to send her home, so great was the wintertime pressure on beds. She was still unable to stand, so had the idea to transfer to the private ward of the hospital for a few days of rehabilitation.

But her insurance refused to cover this, as she had failed to advise them, as laid down in the small print, that if she was admitted as an emergency on the NHS, she would let them know within five days.

Is it fair that a frail lady, in the throes of a catastrophe, should be expected to gather her wits and contact her insurer?

It makes me wonder if saving a small sum each month, rather than handing over money for an insurance policy tied up in small print, may be a safer option should you ever want to go down the private healthcare route.

© Solo dmg media

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INSURANCE

Importance of health insurance in today’s uncertain times


KARACHI:

Our health is undoubtedly our greatest asset! However, at times access to the things that contribute to a better quality of life can be challenging for most of us. Moreover, access to even basic healthcare is an issue for particular segments of society.

Pakistan is a developing nation economically but its population is growing at an average annual rate of 1.9% which is almost double the average global population growth rate.

On top of that, over 7% of the population is over the age of 60, which gives rise to an increasing need for medical care for age-related health issues. Also, given that the average woman in the country gives birth to nearly 3.6 children, there is also a significant demand for healthcare services related to pregnancy and childbirth.

Pakistan’s diverse demographic profile offers immense potential for insurance products due to the significant size of its Gen Z segment, comprising 60-65% of its populace, where the majority of individuals are under the age of 30.

This younger lot focuses on maintaining a healthy and secure lifestyle. As such, this segment requires wider access to modern infrastructure like fitness centres to sustain this lifestyle till they get to 60.

Similarly, they need awareness for accepting life insurance products as integral parts of their lives so that when the time comes, they have a support system that eases their worries.

Since a significant chunk of Pakistan’s population is young, therefore it is essential to understand how health insurance works and why it has become a crucial aspect from the early stages of life.

Insurance generally works on the principle of risk sharing, where individuals pay premiums to a service provider in return for providing them financial coverage in case of medical emergencies including hospitalisation, surgical, and outpatient coverage, alleviating the burden

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INSURANCE

Health insurance quotes – NerdWallet

About this tool

This tool provides an easy way to compare health insurance quotes for individual health plans. Individual health insurance plans are policies you buy on your own, rather than through work. This tool shows plans that are offered through state and federal health insurance marketplaces. If you qualify for tax subsidies to lower your monthly payments, you must buy one of these plans to receive a subsidy.

What to look for in a health insurance plan

There’s more to comparing health insurance quotes than looking at premiums. Deductibles, copays and coinsurance might all be different, so you’ll want to take a close look at those out-of-pocket costs while you compare.

Look at the plan’s deductible — how much you must pay out of pocket before the plan starts to pay a portion of the costs. This will appear next to the premium of any plan you look at. If someone on the plan goes to the emergency room or needs a lot of health care services, you’ll likely have to pay that amount toward care in the next year. For an emergency room visit or expensive treatment, you could be charged the deductible all at once, so there is a risk if you choose a plan with a high deductible.

Pay special attention to prescription coverage if someone in your family depends on a prescription medication. If that drug is an expensive one, you may have to pay full cost for it until the deductible is met, and a coinsurance percentage after that. Ask yourself: Would it be a better deal to pay a higher monthly premium in exchange for a flat copay each time you need to refill at the pharmacy?

Check the plan’s provider network to make sure there are doctors and hospitals near you who

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LAW

Morgan & Morgan tells its lawyers to offer insurance carriers no courtesies

Insurance companies may be celebrating a change in Florida law intended to limit aggressive litigation. But the state’s largest personal injury law firm will give carriers no quarter.

A Morgan & Morgan the company-wide memo suggests the firm’s only adjustment in legal strategy will be to push defendants harder.

“As we enter this new era, I want to make it unequivocally clear that we will not be giving an inch to carriers ever again,” wrote Matt Morganthe firm’s morgan/”managing partnerand Reuven Moskowitzthe firm’s Chief Operating Officer. “Not one inch.”

The memo says lawyers are not authorized to grant extensions to attorneys representing insurers.

“They can figure it out or file a motion,” the executives wrote. “Under no circumstances will we be agreeing to any continuity, discovery extensions, or request to extend (the) deadline to answer complaints.”

Describing “red line rules” for the new legal environment, Morgan and Moskowitz said it would be a “serious internal offense if we find any courtesies being extended to the insurance industry.”

That posture goes across the board, including for any litigation that predates the March and the Legislative Session.

The Legislature approved a massive tort package (HB 837) that became the first bill passed in Session to be signed by Gov. Ron DeSantis.

The bill eliminates the requirement that policyholders cover attorneys’ fees for any party prevailing in a lawsuit against an insurance company.

While lawmakers stressed that Florida statute still allows avenues for plaintiffs to recover court costs, trial lawyers stressed that it’s less likely in cases where parties settle, the outcome of a vast majority of lawsuits against carriers.

It’s clear from the memo that lawyers take the change personally.

“We may want to help the human being defense attorney because we know them

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INSURANCE

Compare health insurance | No personal details required

What is private health insurance?

Private health insurance helps with the cost of healthcare not covered by Medicare. Not all policies are created equal, so it’s important to compare health insurance and find the best health cover for you. There are two main types of cover: hospital and extras.

How much does private health insurance cost?

The cost of private health insurance varies, but we crunched the numbers from 30+ Australian funds to see what you’ll have to pay for hospital and extras cover per month, depending on the level of cover you choose.

Tiers Average Treatments included
Basic $86
Bronze $100
  • 18 categories including joint reconstructions and ENT
Silver $150
  • 26 categories including dental and podiatric surgeries
gold $193
  • 38 categories including joint replacements and pregnancy
Extra cover Average Included benefits
Cores $32
  • At least General Dental and Ambulance Cover
Medium $67
  • At least Major Dental, Optical and Physio
Comprehensive $116
  • Treatments like Orthodontics and Hearing aids

Prices quoted are based on a single 30 year-old in Sydney, earning less than $90,000 with a $750 hospital excess from June 2022. Extras categories used the same methodology as the 2022 Finder Health Insurance awards.

Find out how much you could claim back

If you earn under $140,000 (single) or $280,000 (couples), you’re entitled to a rebate on your private health insurance policy.

Pop in a few of your details, including how much you’ve paid or expect to pay in premiums from 1 April 2022 to 31 March 2023. Find out how much you can get back.

Public vs private health insurance comparison

Not sure if private health insurance is worth it? Here are some key differences between the public and private healthcare systems in Australia:

public system Private health insurance
Doctor A public hospital will allocate a doctor for you.
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LAW

Changes to personal injury law rules mean firms must be strategic: innovation forum webinar panel

Increasing use of in-house counsel by insurance firms

In the past, personal injury lawyers and insurance defense lawyers (often external) would look at how much it costs to settle claims and compare it with the costs of going to trial, said Sutton, who used to practice insurance defense law before switching sides. However, the trend he has noticed since at least 2015 has been for insurance companies to rely more on in-house counsel to deal with claims, “and that has really changed the dynamics.”

Insurance companies have also started adopting a more standardized approach to how they would deal with files, “and some of them have decided to really play hard,” Sutton told the forum webinars, saying many are taking cases to trial with in-house lawyers. One reason is the use of paid counsel; the other is a desire to take stronger stands “in uncertain cases they feel they are defensible.” In some cases, they may choose to resolve faster. Others want to see “how long can you keep you and your client going.”

Yoni Silberman, a partner with Bogoroch and Associates in Toronto, added that she feels that in the past, there was more room to negotiate in mediation or pre-trial sessions. “You’d feel as if you were . . . debating issues of law with counsel,” she said, and the opportunity to persuade.

Moving more cases in-house “has really empowered the insurance adjusters,” she said, “because they are relying on a strategy,” making them more willing to take a rigid stand. Often, it’s the insurance claims representative making the final decisions, she said, begging the question, “Why did you come here with a lawyer in the first place? . . if you are not going to hear from people who are spending their time in

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INSURANCE

DNI awarded Health Insurance Company of the Year by Business Tabloid

Dubai, UAE: Dubai National Insurance (DNI), one of the leading Insurance Companies in Dubai, has been awarded ‘Health Insurance Company of the Year’ by Business Tabloid. The Annual Business Tabloid Awards recognizes and honors companies that strive to establish the finest organizational culture in their domestic and international economies. Business Tabloid is committed to identifying the most impactful businesses in critical industries, including insurance, banking, finance, technology, real estate, utility and energy leadership, transport, and logistics. A panel of industry experts selected the winners from a pool of highly qualified nominees.

Mr. Abdulla Al Nuaimi, Chief Executive Officer of Dubai National Insurance (DNI), said, “It was an honor to win the ‘Health Insurance Company of the Year’ Award by Business Tabloid. Our sincere gratitude goes to the hard-working organizers and the judges who facilitated a rigorous vetting process to ensure nominees are screened based on their merit in their efforts to foster and encourage businesses supporting the social and economic development of the UAE.”

He added: “At DNI, we have a long and reputable history of providing unique and bespoke health insurance solutions for individuals, SMEs and large corporate accounts coupled with innovation and technology. Our passion for our customers is underpinned by our earnest commitment to cultivating the well-being of our employees, all of whom are committed to designing the best healthcare solutions that cater to our client’s requirements and budgets while providing maximum benefits. This accolade and the growing recognition the company has received is a testament to our commitment to business growth and excellence.”

DNI is backed by the world’s top reinsurers, including Swiss Re, SCOR and Munich Re. Overall, DNI has grown by more than 25%, and the company remains optimistic about completing the year at a higher growth rate as we continue to cultivate strategic

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