insurance

Bank of America Document Leaks Allege Insurance Scams

A former seven-year Bank of America employee alleges in a series of leaked documents that a Bank of America subsidiary, Balboa Insurance, engaged in scams involving insurance policies known as force-placed insurance.

Fewer Americans Get Employer Health Insurance

Amid high unemployment rates and rising health-care costs, a smaller proportion of Americans -- less than 45% -- are getting health insurance from their employers, according to a recent Gallup survey.

Tax Tips for the Accidental Landlord

In today's shaky real estate market, more and more homeowners are becoming landlords, both by plan and by necessity. But whether you're renting out your old house, an investment property, or even a single room, being the landlord means tax breaks, and you should take every one you can.

Health Insurers Post Healthy Profits but Remain Cautious on 2011

The recent pushback on health care reform appears to have boosted the stock prices of health insurance companies, which have outperformed major indexes by quite a margin so far this year. That's because Americans have been cutting back on doctor visits, keeping reimbursement costs low.

Bailouts Earn $35 Billion for U.S. Taxpayers

The federal governments bailout program has earned the taxpayer nearly $35 billion in the last two years, The Associated Press said. Income from the Troubled Asset Relief Program (TARP) rose by almost 17% through November compared with the estimate in October, the AP said.

ING Prepares U.S. Insurance Business for IPO

Dutch bank ING Groep (ING) is preparing its U.S. insurance business for an IPO. ING agreed to separate its banking and insurance businesses by the end of 2013 so it could get European Commission approval for a government bailout, Bloomberg News said. The bank is now considering IPOs for both its European and U.S. insurance divisions.

AIG Raises $17.8 Billion with Hong Kong IPO

AIG (AIG) raised HK$138.3 billion ($17.8 billion) from the IPO of its main Asian unit, putting the troubled insurer on track to repay its U.S. government bailout. AIG placed 7.03 billion shares at HK$19.68 a share, Bloomberg News said. The shares sold represent a 58% stake in the unit, AIA.

TARP Investment Earned Taxpayers 8.2% in Two Years

The TARP bailout of financial firms has yielded a return of 8.2% in two years. This return, $25.2 billion on an investment of $309 billion, beats that offered by U.S. Treasuries, high-yield savings accounts and certificates of deposit, Bloomberg News reported.

Wal-Mart, Humana to Offer Low-Cost Prescription Drug Plan

Wal-Mart Stores (WMT) and Humana (HUM) are teaming up to offer a Medicare prescription drug coverage plan that they say will be the cheapest on the market. Premiums for the Humana Walmart-Preferred Rx Plan will be $14.80 a month, less than half the average premium for Medicare prescription drug plans this year, the companies said in a statement.

Regulators Probe 'Inherently Deceptive' Insurance Marketing

In three states, regulators have started or widened investigations into insurers after a judge described MetLIfe Inc%u2019s (MET) marketing of asset accounts as "inherently deceptive." On Sept. 10, U.S. District Judge Larry Hicks in Reno, Nevada said that MetLife gave customers the misimpression that its Total Control Account Money Market Option account for death benefits was protected by the Federal Deposit Insurance Corp., Bloomberg News said.

Government Close to Announcing AIG Exit Strategy

The government is close to announcing its plans to end the bailout of American International Group (AIG), returning the company to independence and recovering taxpayer funds. The Treasury is planning to begin converting its $49 billion preferred stake into common stock for sales, Bloomberg News said without naming its sources. The plan could be announced this week.

Health Care Reform Is Here, Cost Debate Rages

Changes to the U.S. health care system take effect on Thursday when provisions of the "Patients Bill of Rights" become law. But while its changes will clearly benefit many Americans, the new law's real price tag is still a subject of fierce disagreement.

AIG May Sell Japanese Units to Prudential Financial for $5 Billion

American International Group (AIG) may sell two Japanese life-insurance units to Prudential Financial Inc. (PRU) for a total of as much as $5 billion, The Wall Street Journal said. The agreement is currently "a few days away" from being ready, The Wall Street Journal said without naming its sources.