Due to a retirement, our agency -- Washington state's insurance regulator -- is seeking a senior financial examiner to work in our Seattle office. The person would supervise at least 6 financial examiners.
From the job announcement:
"As a senior financial examiner, this position plans, conducts and supervises the field and/or in-office financial examinations" of major insurance companies. "Performs advanced reviews of examination work papers, reinsurance, investments, automated systems, management assessment, training needs and coordination, etc., and is responsible for timely submission of draft reports for supervisory review."
The salary range is $5,266 to $6,908 per month, depending on qualifications, experience, etc.
For a list of required qualifications and an application form, see the link above.
Jumat, 16 Juli 2010
Insurance news: credit scoring, bank reform and redlining, big Medicare bust
The Insurance Journal airs the industry's response to our recent consumer alert warning consumers to watch their credit use.
A story on the Dodd-Frank Wall Street Reform and Consumer Protection Act in the Huffington Post focuses on the new federal insurance office and its duty to tackle potential redlining:
"Buried in the over 2,000 page Dodd-Frank bill is a subsection entitled "Federal Insurance Office." It is charged with several duties including the responsibility "to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance..." And the office is empowered to "receive and collect data and information on and from the insurance industry and insurers" and to "analyze and disseminate data and information."
And according to AP, "Federal authorities said Friday they are conducting the largest Medicare fraud bust ever in five different states and arrested dozens of suspects accused in scams totaling $251 million."
A story on the Dodd-Frank Wall Street Reform and Consumer Protection Act in the Huffington Post focuses on the new federal insurance office and its duty to tackle potential redlining:
"Buried in the over 2,000 page Dodd-Frank bill is a subsection entitled "Federal Insurance Office." It is charged with several duties including the responsibility "to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance..." And the office is empowered to "receive and collect data and information on and from the insurance industry and insurers" and to "analyze and disseminate data and information."
And according to AP, "Federal authorities said Friday they are conducting the largest Medicare fraud bust ever in five different states and arrested dozens of suspects accused in scams totaling $251 million."
Rabu, 14 Juli 2010
1 in 4 consumers now have poor credit scores: likely to pay more for insurance
As the economy continues to flounder, credit scores are plummeting. According to a leading producer of credit scores, FICO inc., more than 43 million people now have a credit score of 599 or below.
Today, most insurance companies use your credit information and other factors to create what they call an “insurance credit score.” The lower your score, the more you could pay for auto and homeowners insurance.
The lesson: be very careful how you use your credit. The following actions could cause your credit score to go down and your insurance rates to go up:
• Consolidating credit cards, lowering your credit card limits, or canceling your cards.
• Buying large ticket item with 12-months deferred interest.
• Using or opening a store card to get a 10 percent discount on a purchase.
• Opening a new credit card to get frequent flyer miles.
Kreidler pushed for a ban on insurance credit scoring last year, but the legislation was unsuccessful. He still supports a ban, but short of that, believes people should educate themselves on the industry's growing reliance on credit scores.
Today, most insurance companies use your credit information and other factors to create what they call an “insurance credit score.” The lower your score, the more you could pay for auto and homeowners insurance.
The lesson: be very careful how you use your credit. The following actions could cause your credit score to go down and your insurance rates to go up:
• Consolidating credit cards, lowering your credit card limits, or canceling your cards.
• Buying large ticket item with 12-months deferred interest.
• Using or opening a store card to get a 10 percent discount on a purchase.
• Opening a new credit card to get frequent flyer miles.
Kreidler pushed for a ban on insurance credit scoring last year, but the legislation was unsuccessful. He still supports a ban, but short of that, believes people should educate themselves on the industry's growing reliance on credit scores.
Rabu, 07 Juli 2010
WA state will soon launch federal high-risk pool
Washington state has reached an agreement with the state’s high risk pool—the Washington State Health Insurance Pool (WSHIP)—to run the temporary federally- funded Pre-existing Condition Insurance Plan. Applications will be available in early August, with coverage beginning Sept. 1.
The new plan, created by the Affordable Care Act, is designed to provide temporary health insurance to people who have been uninsured for at least six months and who have a pre-existing health condition. WSHIP has contracted directly with the U.S. Department of Health and Human Services and will run the program alongside the state’s current high risk pool.
To qualify for the new plan, individuals must:
The new plan, created by the Affordable Care Act, is designed to provide temporary health insurance to people who have been uninsured for at least six months and who have a pre-existing health condition. WSHIP has contracted directly with the U.S. Department of Health and Human Services and will run the program alongside the state’s current high risk pool.
To qualify for the new plan, individuals must:
- Be a citizen or national of the United States or a legal resident of the United States
- Have been uninsured for at least six months before applying
- Have a pre-existing condition
Washington state joins 29 other states that are using federal funds to run their own program. The Pre-existing Condition Insurance Plan ends in 2014, when full health reform takes effect and people cannot be denied health insurance because of a pre-existing condition.
Coalition Against Insurance Fraud says fake health plans are on the rise
In other insurance news, Insurance Journal is reporting this morning that:
Fraud Bureaus Report Sharp Rise in Fake Health Plans.
The story includes a lot of interesting details, such as the fact that in Illinois, a telemarketer managed to sell an elderly woman "coverage against `death panels.'"
Fraud Bureaus Report Sharp Rise in Fake Health Plans.
The story includes a lot of interesting details, such as the fact that in Illinois, a telemarketer managed to sell an elderly woman "coverage against `death panels.'"
The Hollywood Reporter weighs in on the insurability of Lindsay Lohan
It's not often that the worlds of Hollywood and insurance regulation collide, but we're provided with a perfect opportunity today, in a post on the Hollywood Reporter's legal blog.
"IS LINDSAY LOHAN NOW UNINSURABLE?"
reporter Matthew Belloni asks, citing Lohan's erratic recent behavior.
The general sentiment seems to be that films may have to pay more now for coverage if they use her as a star -- which could be a deal-breaker -- but also notes that plenty of other Hollywood stars have gotten their careers back on the rails.
"IS LINDSAY LOHAN NOW UNINSURABLE?"
reporter Matthew Belloni asks, citing Lohan's erratic recent behavior.
The general sentiment seems to be that films may have to pay more now for coverage if they use her as a star -- which could be a deal-breaker -- but also notes that plenty of other Hollywood stars have gotten their careers back on the rails.
Kamis, 01 Juli 2010
Note to WA agents and brokers
In October, our office will launch a new search feature on our website. The new tool will help consumers look for an agent or broker in their area.
Here's the critical part: The results will provide consumers with your contact information, specifically your business address and phone number. And as things stand now, a lot of agents and brokers only use their residential addresses -- which we will NOT list in this new tool -- as their primary point of contact with us. They simply leave the business address field blank. But that means that the new search tool won't list them when a consumer searches for an agent or broker by city.
To learn more, see this page. To log in to your online account and update your licensing business address record to be sure that consumers can find you, just click here.
Questions? We're at 360-725-7144 or licinfo@oic.wa.gov.
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