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11 Worst States for Medicare Drug Plan Menu Cuts 0

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11 Worst States for Medicare Drug Plan Menu Cuts

Start Slideshow The Medicare Advantage plan and Medicare Part D prescription drug plan annual enrollment period is set to start Oct. 15. Agents and brokers are about to find out whether the upcoming enrollment will just be a little rocky, due to government subsidy cuts, marketing rule changes and Medicare drug plan benefits design changes, or so chaotic it will affect the general elections and any conversations about insurance and financial services administration and marketing that go on in Washington. Many members of the Senate and House are already old enough to be using Medicare, and they all hear regularly about problems with the program. That means anyone who is trying to shape financial services policy or trying to shape federal financial services policy has a stake in Medicare program performance. One simple indicator is the number of Medicare drug plans willing to work with agents and brokers. The United States has about 3,102 counties, parishes and similar types of jurisdictions. CMS presents plan counts at the county level. The producer compensation spreadsheets show that the average number of county-level drug plan entries offering compensation for agents and brokers will fall 25% in 2025, to 49,992, or 16 plans per county,...

BMS Vendors Successfully Program CSIO’s Updated eDocs Codes and Descriptions 0

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BMS Vendors Successfully Program CSIO’s Updated eDocs Codes and Descriptions

Toronto, ON (Oct. 7, 2024) – CSIO is pleased to announce that all member Broker Management System (BMS) vendors – Acturis Limited, Applied Systems Canada, Logiciels Deltek Inc., Rival Insurance Technology and Vertafore Canada – have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. This accomplishment supports insurers in their efforts to program and send clearly labelled eDocs. As a result, all brokers working with these vendors will receive the updated eDocs codes and descriptions in their BMS once released into production by insurers. Furthermore, this milestone demonstrates significant progress in an industry-wide initiative aimed at developing clear and concise eDocs for brokers. CSIO’s eDocs Implementation Steering Committee, comprised of brokers, insurers and these BMS vendors, oversees consistent implementation of the updated eDocs Standards. Widespread adoption is crucial for brokers to support operational efficiencies, as they no longer need to open every eDoc to determine its contents. “By programming the updated eDocs, our vendor partners are dedicated to improving workflows and removing pain points for brokers,” said Michael Loeters, Senior Vice President – Commercial Insurance, PROLINK and CSIO Board Vice Chairman. “Their success is a testament to the industry working together to enhance broker...

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FINRA Bars Ex-Rep Ousted for Outside Business Activity

On Sept. 6, in connection with an investigation into Perryman’s potential undisclosed outside business activities, FINRA sent a request to Perryman for the production of information and documents pursuant to FINRA Rule 8210, according to FINRA’s order.  As stated during Perryman’s counsel’s phone call with FINRA on Sept. 23, “and by this agreement, Perryman acknowledges that he received FINRA’s request and will not produce the information or documents as requested,” FINRA’s order states.  By refusing to produce the information or documents requested pursuant to FINRA Rule 8210, Perryman violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in all capacities.

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How Texas Weakened Its Own Air Pollution Monitoring Team

Article 1 Comment When disaster affects the sprawling industrial complexes of Texas, the state’s environmental authority often posts pictures online of its white vans patrolling public streets, verifying the local air is safe to breathe. The Texas Commission on Environmental Quality calls this effort its mobile monitoring team, a unit of air pollution specialists based at agency headquarters in Austin. The TCEQ claims the effort is stronger than it’s ever been, but an Inside Climate News analysis of 20 years of agency records and interviews with former employees show it’s only a shadow of what it used to be. “It’s all smoke and mirrors,” said Tim Doty, a former mobile monitoring team leader who spent 28 years at the TCEQ. “They’ve convinced the [Legislature] and the general public that they’re actually doing something of value when it couldn’t be further from the truth.” Fifteen years ago, the mobile monitoring team was regularly surveilling the largest industrial complexes of Texas, documenting emissions violations and knocking on refinery doors unannounced. It used to issue reports detailing key findings, identifying polluting facilities by name and presenting evidence that sometimes led to enforcement actions or fines. Today, the team spends more time monitoring ambient...

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Stifel Must Pay Clients Over $14M in Structured Notes Case: FINRA Panel

What You Need to Know A Florida couple filed a complaint claiming damages related to complex securities. The award includes $9 million in punitive damages. Stifel called the award a windfall and said it would move to vacate it. Stifel Nicolaus must pay roughly $14.2 million in damages, interest and fees to a Florida couple and a related family business over their investments in structured notes, a Financial Industry Regulatory Authority arbitration panel ruled last week. Louis and Elizabeth DeLuca of Jupiter, Florida, and the business allege they sustained significant losses related to investments in complex securities known as structured notes, according to a complaint filed Friday in U.S. District Court in Florida seeking to confirm the FINRA decision issued a day earlier. Stifel plans to request that the award be vacated. The couple first made claims against Stifel with FINRA in May 2023, alleging breach of fiduciary duty, negligence, negligent supervision, fraud, breach of contract and violation of the Florida Securities and Investor Protection Act. They had sought $1 million to $5 million in punitive damages, plus costs, fees and other relief that the panel deemed appropriate. Stifel denied the claims, asked that FINRA award the DeLucas nothing, and sought...

Unlocking the untapped potential of insurance and the Internet of Things 0

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Unlocking the untapped potential of insurance and the Internet of Things

By Heather Turner, ReSource Pro — The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries. But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential. Today, more than 25 years since the IoT first emerged, billions of devices seamlessly connect to the internet. These span a diverse range of categories, from vehicles to property to machinery. Some within the insurance sector were quick to recognize the potential these devices held for enhancing risk management strategies. Even today, however, both personal and commercial carriers lag behind. Many are not taking advantage of the the full potential of the IoT for insurance. At ReSource Pro, we define “connected world technologies” as devices, sensors, and computing hardware that connect t othe internet, deliver real-time capabilities, and facilitate data-sharing across networks. The use of telematics in insurance Many people first think of telematics when they hear the term IoT. This is especially true for personal lines, where many auto insurers offer programs. Telematics devices can collect data on driving behaviors, such as speed, acceleration,...

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People Moves: Coalition Appoints AIG’s Simonsen as European Head of Insurance

Article 0 Comments Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, has appointed Tine Simonsen as the company’s head of Insurance for Continental Europe. As an experienced cyber underwriter and broking leader, Simonsen will anchor Coalition’s presence and expansion in the European region. Simonsen has worked as a specialist within the financial lines and cyber-insurance area for nearly 14 years, focusing on products such as cyber Insurance, D&O insurance, and professional indemnity. In her previous role at AIG, Simonsen led the Nordic financial lines team and managed the financial lines portfolio as the largest profit center for AIG in the Nordics. Before joining AIG, she worked 10 years as a specialist broker for Willis Towers Watson, where she held various positions, the latest being the cyber growth leader for Northern Europe. “Throughout her years in specialized insurance, Tine has attained valuable insights into European market strategy, making her the best person to spearhead the expansion of Coalition’s Active Insurance across Europe,” said Kyle Bryant, Coalition’s head of International. “It’s important to us to have someone centrally located with such a deep understanding of the insurance industry, and we’re thrilled that Tine has joined to help us expand...

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7 Portfolio Tips for a Falling-Rate Environment: Advisors’ Advice

3. Consider advantaged sectors. With the Fed cutting interest rates, I’m advising clients to adjust their portfolios by rebalancing into growth-oriented equities and sectors that may benefit from lower borrowing costs, such as technology and consumer discretionary. While the market often bakes in speculation about rate cuts in advance, there are still opportunities to capitalize on the positive momentum lower rates can bring. At the same time, I recommend reassessing bond holdings, as the drop in interest rates can lead to lower yields. For income-seeking clients, diversifying into high-quality, dividend-paying stocks or considering alternative income-generating investments can help. Lastly, maintaining global diversification remains crucial, as rate cuts in the U.S. can affect international markets differently, offering additional opportunities abroad. — Arielle Tucker, lead planner, Connected Financial Planning

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How Advisors Plan to Use Tech to Boost Growth: Schwab

What You Need to Know Schwab’s annual independent advisor study shows a big interest in using technology for faster growth. Data integration is a major goal for many firms, as is studying up on the potential in AI tools. Cybersecurity is another growing focus and a common area of investment this year. Independent financial advisors expect technology to remain a driving force behind their industry’s growth in the future, according to Charles Schwab’s 2024 Independent Advisor Outlook Study, with particular interest expressed in the opportunities presented by automation and artificial intelligence. When asked what they feel is the biggest driver of change in the industry, a plurality of advisors (43%) cited “technology.” The survey responses show they continue to view technology as a critical enabler of their businesses, especially when it comes to creating internal efficiencies. Even more advisors (87%) agreed that the technology they have embraced has actually allowed them to run their firms more efficiently. Advisors also feel that technology continues to play a key role in how they engage with investors, with 82% saying it is important to how they work with existing clients and 57% saying tech has become more important for attracting new clients. In...

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El-Erian Warns Fed After Jobs Data: ‘Inflation Is Not Dead’

Yields on the policy-sensitive two-year Treasury surged after the release, trading more than 18 basis points higher at 3.89%. “For markets, this is pushing back on overly aggressive expectations of rate cuts by the Fed,” said El-Erian, who’s also a Bloomberg Opinion columnist. “This will get the market closer to what’s likely.” Fed official Austan Goolsbee had a different take after the data. He said the jobs readout supported a case for lower rates in the months ahead while acknowledging that the central bank’s focus should remain on longer-term trends in inflation and the labor market. “That we got a superb number, I’m extremely happy with, but let’s not lose sight of what’s the longer thread,” Goolsbee, president of the Federal Reserve Bank of Chicago, told Bloomberg Television. “A large majority of the committee feels that conditions are going to improve on inflation, that we’re going to keep getting closer to the 2% target, that the unemployment rate is going to stabilize at full employment, and that rates are going to come down a lot over the next year, 12 to 18 months,” Goolsbee said. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or...