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Former health insurance CFO gets jail time

Former health insurance CFO gets jail time

The former chief financial officer of a Washington state health insurance company that serves people on Medicare has been sentenced to a year in prison for embezzling $632,000. Federal prosecutors said Zachary Augustus Smulski took the money from Federal Way, Wash.-based Soundpath Health in an effort to […]

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N.J. brothers get jail for auto insurance crash scam

N.J. brothers get jail for auto insurance crash scam

Two New Jersey brothers were sentenced to more than six years in prison for operating a multi-level insurance fraud ring. Anhuar Bandy, 54, and his brother Karim Bandy, 55, of Colts Neck, N.J., were sentenced to six-and-a-half-years for masterminding the scheme, according to a statement from Attorney […]

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Workers’ comp insurer drops Hawaii marijuana dispensary clients

Workers’ comp insurer drops Hawaii marijuana dispensary clients

Hawaii’s largest workers’ compensation insurer has dropped seven medical marijuana dispensary clients over concerns about criminal liability. Hawaii Employers’ Mutual Insurance Co. (HEMIC) canceled policies for the seven dispensaries, which were scheduled to open soon, because marijuana is considered illegal by the federal government, according to a […]

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Employers want to help workers save for retirement: Survey

Employers want to help workers save for retirement: Survey

Findings from a Pew Charitable Trusts national survey of small and midsize businesses suggest that many employers need to reach a point of stability—in terms of finances and number of workers—before offering retirement benefits. Analysis of the survey data finds that as businesses become older and larger, […]

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Losses of $145 billion drive auto insurance business for second year

Losses of $145 billion drive auto insurance business for second year

Private auto net incurred losses will increase by nearly 7% in 2017 to a new record of about $154 billion, reflecting elevated volume and costs of claims, according to a new S&P report. Auto losses soared by 13% in 2016 due to unfavorable claims experience for the […]

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Insurer seeks to give funds to victims of deadly 2015 Oklahoma State crash

Insurer seeks to give funds to victims of deadly 2015 Oklahoma State crash

The auto insurer for the woman who drove into a crowd during the 2015 Oklahoma State University homecoming parade, killing four and injuring 39, has asked a judge to distribute $100,000 from her policy’s liability coverage to dozens of victims. Farmers Insurance Company Inc. filed the request […]

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Burns & Wilcox moves, expands Pittsburgh office

Burns & Wilcox moves, expands Pittsburgh office

Burns & Wilcox, a wholesale insurance broker and underwriting manager, has increased its footprint in Pennsylvania with a move and expansion of its Pittsburgh office to accommodate its growing team and revenue. It made a similar move in Baltimore recently. Burns & Wilcox has relocated its Pittsburgh […]

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Hancock to get $9.58 million for 2016 work at AIG

Hancock to get $9.58 million for 2016 work at AIG

Peter Hancock, AIG’s former CEO, will receive a total compensation package of $9.58 million for last year, after the insurance giant’s shareholders approved his pay and those of other executives on Wednesday. Shareholders at the annual meeting in New York voted to award Hancock a total compensation of […]

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Aetna to leave Hartford for the Big Apple

Aetna to leave Hartford for the Big Apple

Aetna announced Thursday that it will move its corporate headquarters from what was once a traditional insurance home office hub of Hartford, Conn., to New York City. The national health insurer, which recently confirmed that it was in negations with several states about a potential move, said […]

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GOP delays vote on bill to overhaul Obamacare

GOP delays vote on bill to overhaul Obamacare

Admitting that he does not have enough Senate votes to move forward with the GOP’s newest health insurance overhaul proposal, Senate majority leader Mitch McConnell on Tuesday delayed a vote on the measure, making unclear the future of Republican attempts to revise or replace the Affordable Care […]

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