Life insurance in your state news

The largest life insurance provider in America, New York Life, has announced uninterrupted strong sales of mutual funds, income annuities and life insurance during the second quarter of 2013.

The re-election of President Obama as the President of the United States has caused state officials in the state of California to speed up their implementation of healthcare reforms to the Affordable Care Act.

There are a little over 30 states who filed a lawsuit against Metlife Inc which is a leading provider of life insurance in the United States. The Pennsylvania Insurance Department is representing its state in ensuring the beneficiaries of their policy holders get what is rightfully due to them.

Wisconsin’s request that health insurance providers spend 80 cents of every dollar towards medical care premiums has been rejected by the Obama administration. One of the provisions of the financial reforms recommended by Governor Walker administration in Wisconsin requested that the change be phased over the next three years for all health insurance policies issued to families and individuals. The proposal also requested that the providers spend at least 71 percent towards medical claims in the year 2011 and 74 percent in 2012.

The request to increase the rates for health insurance policies by New York insurance providers has instigated the New York State Department of Financial Services to launch a detailed probe to verify the credibility of the information provided by the insurance providers and HMOs (health maintenance organizations).

Miami congresswoman US Representative Ileana Ros-Lehtinen has urged PGA to drop German insurer Allianz, because they have refused to pay life insurance claims to the survivors of the Holocaust. The German insurer is sponsoring a professional golf tournament in Boca Raton.

Massachusetts Mutual Life Insurance Company has been given a debt rating (aa-) by A.M. Best Co., to the $400 million, 30-year surplus notes, which was issued by MassMutual, Springfield, MA. However, the present financial strength, debt & credit ratings of the issuer and its affiliates have remained unchanged. MassMutual would be utilizing the proceeds from the offering, for other general purposes, and will thereby strengthen the statutory capital position.

San Diego Life Insurance’s leading provider, Grant, Hinkle and Jacobs, has introduced the latest online rating system for the benefit of its customers. This company, which has a great market reputation in the San Diego region, has implemented a new feature that allows customers to rate the various offerings on the policies. This second generation company specializes in offering business life insurance, insurance life San Diego, Philanthropic Planning and Succession Planning.

According to regulators a life-settlement firm based out of Texas along with three senior executives underestimated the estimates for life expectancy which literally duped the shareholders. According to US Securities and Exchange Commission or SEC, Life Partner Holdings along with Brian Pardo CEO and Chairman, Scott Peden, general counsel and David Martin, chief financial officer failed to disclose a considerable risk to the business of Life Partners. There are allegations that the estimates of the company on life expectancy were based on the estimates of a Nev. Based doctor. Interestingly, Reno, the doctor neither had prior experience or training to provide estimates for life expectancy.

It is often said that life insurance policies are sold and not bought. However a recent study has shown that there are many more Americans who prefer to purchase life insurance policy by way of direct buying techniques. About 64 percent of the consumers still like to purchase life insurance from financial of insurance professionals; the number has decreased since 1996, when 80 percent people chose to buy the policies face-to-face. Nowadays over 26 percent of the adult consumers like to buy life insurance products directly through mail, phone or the Internet.