Jason Anderson, a Seattle lawyer and longtime author of the Washington State Insurance Law Blog, has put up a post re: a recent Washington State Supreme Court ruling that "actual cash value" of insured property includes sales tax, even if the policyholder hasn't yet purchased replacement property.
The case involves a woman named Laura Holden, who had rental insurance when a fire struck the home she was renting. She had coverage with Farmers, including an extra endorsement for replacement cost coverage. The insurer didn't want to pay sales tax until after Holden had purchased replacement items; she said she couldn't afford to pay first and then wait for reimbursement. Click here for Anderson's blog post summarizing the case and the court's ruling, which reversed a lower court's decision.
While we're at it, we might as well mention that there's at least one other longtime regional insurance law blog, the Northwest Insurance Law Blog, written by lawyers in Seattle and Portland. Both summarize recent rulings in insurance law. (And our usual disclaimer applies: mentioning an entity on this blog ≠ endorsement. But you knew that.)
Selasa, 14 September 2010
Small business fair coming up in Renton
More than 30 federal, state and local government agencies -- including us -- and business and trade associations are hosting a Washington Small Business Fair in Renton on Sept. 25.
Here's the slogan, which sums it up nicely: "One day, one place - learn what you need to run a small business."
Our folks will be there with specifics on business insurance, and can answer questions about a wide variety of other insurance topics as well.
The event is free, parking is free, and no advance registration is required. It's from 8 a.m. to 3:30 p.m. at Renton Technical College, 3000 NE 4th Street, in Renton. The fair offers dozens of seminars, covering things like how to start a startup, legal and tax issues, marketing and PR, government contracts, etc.
Here's the event's website, and here's its Facebook page.
Here's the slogan, which sums it up nicely: "One day, one place - learn what you need to run a small business."
Our folks will be there with specifics on business insurance, and can answer questions about a wide variety of other insurance topics as well.
The event is free, parking is free, and no advance registration is required. It's from 8 a.m. to 3:30 p.m. at Renton Technical College, 3000 NE 4th Street, in Renton. The fair offers dozens of seminars, covering things like how to start a startup, legal and tax issues, marketing and PR, government contracts, etc.
Here's the event's website, and here's its Facebook page.
Senin, 13 September 2010
Survey finds that few Americans are familiar with upcoming health care reform changes
Many Americans are confused about the details and timing of health care reforms, according to a new survey released today by the National Association of Insurance Commissioners.
Only 14 percent of 1,000 representative American adults surveyed by phone could identify Sept. 23 as the start date for major reform provisions. They were given a choice of four dates.
Interestingly, 72 percent knew that many plans will no longer be able to exclude children with pre-existing conditions. Nearly as many -- 70 percent -- knew that parents will generally be able to keep their adult children on the parent's health plan until age 26. (There are exceptions, such as grandfathered plans.)
There are, however, some significant misperceptions out there, judging by the survey results. Half of the respondents thought tht employers with less than 50 workers will have to offer coverage to employees under the new law. In reality, those small companies will NOT be required to do so.
For a timeline of what happens when in health care reform, click here.
Only 14 percent of 1,000 representative American adults surveyed by phone could identify Sept. 23 as the start date for major reform provisions. They were given a choice of four dates.
Interestingly, 72 percent knew that many plans will no longer be able to exclude children with pre-existing conditions. Nearly as many -- 70 percent -- knew that parents will generally be able to keep their adult children on the parent's health plan until age 26. (There are exceptions, such as grandfathered plans.)
There are, however, some significant misperceptions out there, judging by the survey results. Half of the respondents thought tht employers with less than 50 workers will have to offer coverage to employees under the new law. In reality, those small companies will NOT be required to do so.
For a timeline of what happens when in health care reform, click here.
Rabu, 08 September 2010
Companies and individuals in West Indies, Miami, Georgia and Anguilla ordered to stop selling unauthorized doctors' insurance in WA
A long list of companies and individuals in the West Indies, Miami, Georgia and Anguilla have been ordered to stop selling unauthorized insurance in Washington state.
Doctors and Surgeons Benefit Association, based in Charlestown, the West Indies, and several related entities and individuals were named in a cease and desist order issued by Washington State Insurance Commissioner Mike Kreidler. (Click on the order link above for the full list.)
State investigators found that the company sold medical professional liability insurance to at least one Washington resident from 2004 to 2007, despite not having an insurance agent license nor insurance company certificate in the state.
Doctors and Surgeons Benefit Association, based in Charlestown, the West Indies, and several related entities and individuals were named in a cease and desist order issued by Washington State Insurance Commissioner Mike Kreidler. (Click on the order link above for the full list.)
State investigators found that the company sold medical professional liability insurance to at least one Washington resident from 2004 to 2007, despite not having an insurance agent license nor insurance company certificate in the state.
Cease and desist order issued re: auto glass shop rebates
The owners of two auto glass shops have been ordered to stop offering rebates -- $20 gas cards, $25 restaurant gift certificates, and apparently up to $100 in cash -- to customers.
M.S. Glass Outlet LLC, of Lynnwood, Wash. and M.S. Glass Outlet LLC, of Portland, Ore., and owners Mehdi and Mehran Saghafi, both of Beaverton, Ore. have been issued a cease and desist order from Washington State Insurance Commissioner Mike Kreidler.
Employees for the companies twice offered Washington state insurance investigators rebates or dinner certificates on windshield replacement work. The amount depended on the customer's insurance deductible; cash customers got no rebate or certificate.
In Washington, however, state law prohibits service providers from waiving, rebating or paying a claimant's property or casualty insurance deductible. Why? Well, it's partly a level-playing-field issue, intended to help ensure fair competition. There's also the problem of those costs likely getting passed onto other customers who don't benefit.
Here's a copy of the order.
M.S. Glass Outlet LLC, of Lynnwood, Wash. and M.S. Glass Outlet LLC, of Portland, Ore., and owners Mehdi and Mehran Saghafi, both of Beaverton, Ore. have been issued a cease and desist order from Washington State Insurance Commissioner Mike Kreidler.
Employees for the companies twice offered Washington state insurance investigators rebates or dinner certificates on windshield replacement work. The amount depended on the customer's insurance deductible; cash customers got no rebate or certificate.
In Washington, however, state law prohibits service providers from waiving, rebating or paying a claimant's property or casualty insurance deductible. Why? Well, it's partly a level-playing-field issue, intended to help ensure fair competition. There's also the problem of those costs likely getting passed onto other customers who don't benefit.
Here's a copy of the order.
Jumat, 03 September 2010
New tool helps you compare health care facilities
Have you seen everything on the new federal Healthcare.gov site? There's quite a bit, true. But we thought one tool was particularly useful. It allows you to enter your zip code and compare up to three hospitals, nursing homes and dialysis facilities in your area. For hospitals, you can compare ratings based on general performance, how it treats medical conditions and its surgical procedures.
For nursing homes, you get an overall rating as well as ratings on health inspections, nursing home staffing, quality measures, which programs participate, # of certified beds and the type of ownership.
Pretty cool. Check it out here.
For nursing homes, you get an overall rating as well as ratings on health inspections, nursing home staffing, quality measures, which programs participate, # of certified beds and the type of ownership.
Pretty cool. Check it out here.
Kamis, 02 September 2010
Life insurance "checkbooks" -- otherwise known as Retained Asset Accounts
Picture this: You're the beneficiary on a life insurance policy of, say, your spouse. The person dies. But instead of a check for the life insurance, you get what looks like a checkbook.
The money is there anytime you want it, the company tells you. Simply write a check. In the meantime, the money will stay in an interest-bearing account.
Life insurers say that the practice allows people faced with a devastating emotional loss to take their time and make the right decisions about what to do with the money. They often offer different types of payouts, from a single lump sum to payments over the course of your lifetime, etc.
But they also tend to make money on this arrangement, by keeping some of the interest. This system, known as "retained asset accounts," has been much in the news lately.
Here at the Washington State Insurance Commissioner's Office, we've received virtually no complaints about RAAs -- and we checked back over several years -- but do feel that it's important that consumers know what these accounts are and how they work. In particular, they should know that they can cash out the entire balance immediately if they're ready to. Here's a page we built that describes how the accounts work, the types of payout options that insurers generally offer. Take a look.
The money is there anytime you want it, the company tells you. Simply write a check. In the meantime, the money will stay in an interest-bearing account.
Life insurers say that the practice allows people faced with a devastating emotional loss to take their time and make the right decisions about what to do with the money. They often offer different types of payouts, from a single lump sum to payments over the course of your lifetime, etc.
But they also tend to make money on this arrangement, by keeping some of the interest. This system, known as "retained asset accounts," has been much in the news lately.
Here at the Washington State Insurance Commissioner's Office, we've received virtually no complaints about RAAs -- and we checked back over several years -- but do feel that it's important that consumers know what these accounts are and how they work. In particular, they should know that they can cash out the entire balance immediately if they're ready to. Here's a page we built that describes how the accounts work, the types of payout options that insurers generally offer. Take a look.
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