Legislation to overhaul California’s workers’ compensation medical billing system is crucial to controlling escalating medical costs and would be a big step towards reforming California’s troubled workers’ compensation system, the American Insurance Association (AIA) said. SB 228, authored by Sen. …
Investigators from the California Department of Insurance (CDI) Fraud Division and the Employment Development Department (EDD) arrested a San Francisco roofing contractor on three felony counts of workers’ compensation premium fraud and nine felony counts of payroll tax evasion. Young …
Fiserv, Inc. and Insurance Management Solutions Group, Inc. announced the signing of a definitive agreement whereby Fiserv will acquire Insurance Management Solutions Group, Inc. (IMSG). Upon shareholder approval and completion of the merger, IMSG shareholders unaffiliated with Bankers Insurance Group, …
The escalating health care crisis that has reportedly been jeopardizing patient access to quality medical care across the country is beginning to claim victims in other areas of American life as well, starting with baseball. In a game this week …
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) of Wing Lung Insurance Company Limited, Hong Kong. The outlook is stable. The rating reflects Wing Lung Insurance’s strong underwriting profitability; adequate loss reserves for the long-tail business …
In an opinion issued Tuesday, the 6th U.S. Circuit Court of Appeals agreed with eight other federal circuit courts of appeals holding that “third party payer” claims against the tobacco industry are too remote and should be dismissed. The Perry …
A former Miami clinic owner and two of his medical staff have been charged with fraudulently billing four insurance companies for treatments never provided. Investigators with the Department of Financial Services’ Division of Insurance Fraud say Juan Carlos Delgado, former …
ACE Risk Management (ARM), part of ACE USA, named William Rabl chief underwriting officer of ARM and Catherine Fabiitti senior vice president of ARM’s new unit, Industry and Specialty Products. ARM offers comprehensive Risk Management Programs and Services, which are …
Boston-based Liberty Mutual Group reported worldwide revenues of $14.5 billion for 2002, up from $13 billion in 2001, with positive cash flow from operations totaling $1.6 billion. Pre-tax income was $593 million in 2002, an increase of nearly $2.3 billion …
The Cincinnati-based Midland Co. anticipates record first-quarter results, estimating net income per diluted share will be in the range of 55 to 57 cents, including about 7 cents in realized capital losses. That would compare with 44 cents in last …