A former New York, N.Y., insurance producer pleaded guilty to defrauding three life insurance companies of about $33 million, one year after he was sent to prison for three years for a similar life insurance scheme.
In the latest case, Pape Michael Seck, 41, pleaded guilty in Hudson County, N.Y., superior court to second-degree insurance fraud and two counts of second-degree theft by deception, according to Attorney General Paula T. Dow.
Between Nov. 12, 2006, and June 4, 2008, Seck knowingly used fraudulent pedigree, financial and medical documentation to fraudulently acquire seven life insurance policy applications.
Under the name Mansour Seck, he applied for three $3 million ING/ReliaStar Life Insurance Co./Security Life of Denver Insurance Co.
Full Article…
We are now in the final stages of our report on the opportunities and challenges facing the Life & Pensions industry resulting from the UK’s Retail Distribution Review (RDR – see my June blog entry ) and will publish shortly. In total, we have conducted 22 interviews from across both the industry and technology partners supporting the implementation of RDR and surveyed 5 of the top product providers to understand their level of readiness.
What is interesting to me is the seemingly low levels of confidence that some firms have in their own post-RDR business strategy and operating model. Clearly, there is still a lot of uncertainty over what the winning strategies post-RDR might look like and what this could mean for the end consumer. What is clear, however, is that the industry is taking it seriously and that there could ultimately be more than one winning strategy as the market segments further.
Even with all of the good preparatory activity underway across the industry, there is still a feeling of nervousness in the air. It reminds me of taking my exams. You’ve done your homework, you’ve focused on revising the things that you think are important (and probably aligned to what you know best in the hope that it will come up as a question), you have a clear plan in place for sitting the exam…but you haven’t yet sat the exam. Adding to the anxiety, in the case of RDR, the examining body hasn’t yet released all of the chapters in the core reference text from which to revise. Hopefully, the guidance on commission for legacy products and the time-table for cash rebates will be released by the FSA soon.
As we approach the final two months of 2011 and you work through your 2012 budgets and detailed implementation plans, why not join us together with the FSA, Focus Solutions, Altus and AT8 for an additional revision session on the 15th November 2011 at the Barber Surgeon’s Hall?
Follow this link to register Count-down to RDR – Are you ready?
Along with the hot wheels, cool trim, leather interior and killer sound system, your sports car came with another line item add-on that wasn’t part of the MSRP: sports car automobile insurance. Insuring your shiny fast ride can add thousands of dollars to cost of ownership over the life of the car…unless you’re a savvy shopper. Here’s what you need to know to help you find cheap sports car insurance (or at least reasonably priced). For starters, different insurance companies have different definitions of what is and isn’t a sports car. This is typically based on a VIN (vehicle identification number) system published by the Insurance Services Office or the company’s own ranking system. Either syst
Full Article…
Along with the hot wheels, cool trim, leather interior and killer sound system, your sports car came with another line item add-on that wasn’t part of the MSRP: sports car automobile insurance. Insuring your shiny fast ride can add thousands of dollars to cost of ownership over the life of the car…unless you’re a savvy shopper. Here’s what you need to know to help you find cheap sports car insurance (or at least reasonably priced). For starters, different insurance companies have different definitions of what is and isn’t a sports car. This is typically based on a VIN (vehicle identification number) system published by the Insurance Services Office or the company’s own ranking system. Either syst
Full Article…
Every week, Kaiser Health News reporter Shefali S. Kulkarni compiles a selection of recently released health policy studies and briefs.
Archives of Internal Medicine: Primary Care Utilization And Colorectal Cancer Outcomes Among Medicare Beneficiaries — This study examined Medicare data on beneficiaries diagnosed with colorectal cancer between 1995 and 2005 who ranged from 67 to 85 years old. The authors found, “Medicare beneficiaries with (colon cancer) had better outcomes if they had more primary care utilization before diagnosis. Even within this universally insured population, 28% of Medicare beneficiaries with (colon cancer) had no or only 1 contact with (primary care physicians) in the 3 to 27 months before the diagnosis. T
Full Article…
Two weeks after the Institutes of Medicine (IOM) issued its report on preventive care for women, the Department of Health and Human Services (HHS) has issued guidelines to implement the panel’s recommendations. In addition to providing free domestic violence and breastfeeding support services, the new regulation would mandate health insurance companies cover FDA-approved birth control methods free of charge.
The IOM recommendations were met with controversy by conservative groups which objected to the possibility tax dollars and health insurance premiums could be used to pay for birth control methods some find objectionable.
Full Article…