Archive for November, 2010

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California Insurance Commissioner Files Lawsuit to Prevent Iranian Investments

November 10th, 2010 by Iris | Comments Off | Filed in insurance news, insurance specialists, world events

The Insurance Journal reported early this morning that Steve Poizner, California Insurance Commissioner, has stated that he is filing a lawsuit challenging last month’s decision from the California Office of Administrative Law (OAL) that his efforts to prevent insurance companies from investing in Iran constituted an “underground regulation.”

Poizner’s lawsut contests the OA’s analysis of this issue and also seeks to clarify his authority to address the issue at all. Attorney General Jerry Brown is representing the commissioner in the suit.

In a statement to the press, Poizner said, “I intend to ensure that any insurance company licensed in California is not doing business, in any way, with the Iranian regime. Insurance premium dollars that Californians pay should not end up supporting a regime that has shown time and time again its disregard for the concerns of the global community. The consensus is clear, as seen in the sanctions that the United Nations, the European Union, the U.S. government, and the California Legislature have imposed over the past two years — responsible businesses should not be doing business with Iran. Since companies doing business with Iran face financial risk, I have the authority to protect insurer portfolios from investments in those companies.”

The commissioner launched an initiative to identify Iran-related investments in insurers’ portfolios In June 2009, asking that the 1,300 insurance companies licensed in California identify all investments in companies doing business with the Iranian defense, energy and nuclear sectors. Fifty companies with ongoing business activities in Iran were identified by the Department of Insurance, and in the spring of this year, the commissioner requested a moratorium, beseeching insurance companies not to make any new investments in companies on the CDI list. More than 1,000 of them agreed to this.

Despite this, the Association of California Insurance Companies, the Association of California Life and Health Insurance Companies, the Personal Insurance Federation of California and the American Insurance Association grouped together to express their concerns with the law, and to file a petition with the OAL, because they believed the state insurance commissioner’s anti-Iranian investment rules constituted an “underground” regulation.

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Island Insurance Adds New Discounts

November 9th, 2010 by Iris | Comments Off | Filed in auto insurance, homeowners insurance, insurance news

Hawaii’s largest locally owned and managed property and casualty insurance company, Island Insurance Co. Ltd., has announced the expansion of it’s existing multi-policy discount to include an additional discount on homeowners insurance.

Under the new plan, customers who have both their personal auto and homeowners policies with Island Insurance will be eligible for an additional discount of 7% on their homeowners coverage, in addition to the $50-per-vehicle discount on auto policies that was already in place. The new discount is also open to clients with condo or renters policies, and there is no limit to the number of personal automobiles one may have.

According to John Schapperle, president and COO of Island Insurance, “The expansion to include an additional homeowners discount is our way of thanking our customers for their loyalty in having both policies with Island.”

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In Brief: USAA Clients Targeted by Internet Scammers

November 8th, 2010 by Iris | Comments Off | Filed in insurance facts, insurance fraud

While internet scams abound, the latest involves USAA, an insurance and banking company that caters to military personnel.

The company is currently investigating an email scam that attempts to gathering personal information from its customers.

The scheme in question is directed at a wide range of people, some of whom may be USAA clients, said a spokesperson for the San Antonio, TX-based insurer. Like other “phishing” scams it asks victims to visit a fake website designed to mimic USAA’s own website.

In a notice on the real USAA website, the company reminds customers that it never asks for personal information, including account information, by email. If you receive an email message from a site purporting to be USAA, and don’t believe it’s real, you can forward it to Abuse@USAA.com.

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Friday Filmstrips: Life Insurance 101

November 5th, 2010 by Iris | Comments Off | Filed in friday filmstrips, life insurance

For many of us, life insurance is something we know we should have, but we’re not quite sure why. This week’s Friday Filmstrip explains it. Enjoy.

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Insurance Brief: Lloyd’s to Open Russian Office

November 4th, 2010 by Iris | Comments Off | Filed in business insurance, fire insurance, insurance facts, insurance news

Lloyd’s, the high-end insurance company known for covering things like the hands of concert pianists, announced recently that it has plans to open an office in Russia sometime in 2011.

According to the bulletin it released, the corporate office at has determined that, “…a dedicated country manager will enable Lloyd’s to better understand and explore opportunities in the Russian market; however the office will not be a base for underwriting.”

Expanding upon this, Jose Ribeiro, Director of International Markets for Lloyd’s added, “Now is the right time to develop a small presence in Moscow. The new Russia country manager will be well placed to make informed decisions on behalf of the Lloyd’s market as well as promoting and explaining it to local insurers and brokers.”

Subject to regulatory approvals, the Lloyd’s Russia office is expected to open around the middle of next year.

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Oklahoma Has New Insurance Commissioner

November 3rd, 2010 by Iris | Comments Off | Filed in insurance news, insurance specialists

Among several gubernatorial and congressional races that were decided in Tuesday’s election, there were also a few Insurance Commissioner positions up for grabs.

One such race was in Oklahoma, where insurance agent John Doak defeated incumbent Commissioner Kim Holland with approximately 54.5 percent of the vote.

Doak, a Republican who campaigned against the federal health insurance reforms which extend insurance coverage to millions more Americans than any plan his party had offered last year, cited his 20-year history as an agent and executive in the insurance industry as part of his campaign for this position.

The incumbent Holland, a Democrate, was appointed to her post by Governor Brad Henry in 2005, and won a full term the following year. She, too, was an insurance agent before becoming commissioner.

In part of the Republican sweep of the midwest, Oklahoma will also have a new governor next year. Mary Fallen will be the first women in Oklahoma’s history to serve in the governor’s office. Currently, she is a United States Representative from Edmond.

Her opponent, Jari Askins, a Democrat, currently serves as Oklahoma’s lieutenant governor.

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Flu Shot FAQ

November 2nd, 2010 by Iris | Comments Off | Filed in advice and how-tos, health insurance, insurance facts

It’s November, which means red cups at Starbucks, holiday decorations everywhere, and lots of people coming down with the flu. The first two things can be avoided if they don’t suit you, but the flu is pretty much a given…or is it? Newer, better flu shots are available. If you’re considering one, here’s what you need to know:

How Much do Flu Shots Cost?

  • If you have insurance, check to see if shots are covered, if they are (Blue Cross Blue Shield and CIGNA are among those providers who cover them), they’re usually part of your wellness or preventive care benefits.
  • If insurance covers your flu shot, you may be able to skip the usual co-pay by going to a local pharmacy. If you go to your regular physician, the usual co-pay will apply.
  • No insurance? No problem! The typical price range for the flu shot is between $5 and $30, but varies by location.
  • Drugstores often offer discounts of $5 (or more) for flu shots.
  • Some employers provide free or discounted flu shots to their employees.

What Comes With the Flu Shot?
Flu shots are usually injected into your upper arm. They contain inactive virus for the three strains of influenza expected to be most common in the year the shot is given. The U.S. Centers for Disease Control and Prevention publish a FAQ about flu shots.

If you’re over the age of 65, have a chronic illness (including both types of diabetes) or any kind of immunosuppression, you may want to consider a pneumonia vaccination as well. These are covered by health insurance if you fall into any high-risk category, and otherwise range in price from $10 to $40. Anecdotal evidence points to the pneumonia vaccine as also helping people avoid bronchitis, but this is not proven data.

Flu Shot Shopping Tips

  • You can get a flu shot from your doctor or local health clinic, as well as from many drugstores, supermarket pharmacies, and even some community organizations.
  • Don’t like needles? If you’re healthy, not pregnant, and between the ages of five and 49, there is a nasal flu vaccination.
  • While vaccinations are available to anyone who wants to reduce the likelihood of getting the flu, those people who are at risk for flu-related complications, and anyone who cares for or lives with them are strongly recommended to get the flu shot.
  • If you are allergic to eggs, have had an allergic reaction to a flu shot in the past, are ill, or have a history of Guillain-Barre syndrome, consult your doctor before getting your flu shot.
  • Side effects of the shot may include soreness or redness at the injection site, a low-grade fever, aches and pains, and (rarely) allergic reactions.

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