It’s Not FAIR: Carriers flee, brokers scramble, and survival means reinventing the game

[ad_1] Steven Quance, Drake Plastic’s president, established Drake Insurance in North Carolina to address coverage gaps his business faced. Despite nine IRS audits of Drake-related entities and Quance’s family – all concluding without finding irregularities – the agency disallowed the company’s 2020 captive insurance premium deduction, claiming the arrangement lacked “economic substance.” [ad_2] Source link

[ad_1] Affordable Care Act US health insurance plans are required by the Affordable Care Act to provide coverage for 10 “essential health benefits.” These include ambulatory patient services, emergency services, hospitalization, maternity and newborn care, mental health and substance use disorder services, prescription drugs, rehabilitative and habilitative services, laboratory services, preventive and wellness services, and…

[ad_1] Eligibility for a policy requires applicants to have been declined by three admitted insurers. Coverage includes essential perils such as fire and lightning, with limits of up to $750,000 for residential properties and $5 million for commercial buildings. Some additional coverages, including wind and hail, may be purchased. All policies are issued on an…

[ad_1] The senator argued that a moratorium would bring all stakeholders to the table to develop a model for addressing LTC insurance issues, which extend beyond Connecticut. The industry has faced significant challenges due to underwriting miscalculations in the 1990s and 2000s, rising medical costs, an aging population, and longer lifespans, according to state and…

[ad_1] For small restaurants, the margin for error is razor-thin. Small restaurants have always had plenty to worry about – fires in the kitchen, workplace injuries, liability claims, and the ever-present risk of a foodborne illness shutting them down overnight. Unlike large chains with corporate backing, independent restaurants don’t have the financial cushion to absorb…

[ad_1] In addition to scoring service performance, the survey asked brokers to identify their top three wholesale partners by line of insurance across 20 major coverage areas. The leading three in each category were awarded gold, silver, and bronze rankings. MGAs also competed for a “Brokers’ Pick” medal, given to the most frequently cited products….