Allstate Insurance Company Files $4.5 Million Insurance Fraud Claim
HAUPPAUGE, N.Y., Oct. 12, 2011 /PRNewswire via COMTEX/ — Allstate Insurance Company is seeking to recover $4.5 million against five medical doctors, seven chiropractors and ten professional medical corporations along with one non professional in a scheme to allegedly bill insurance companies fraudulently for procedures, including procedures that were medically unnecessary and/or inappropriate. Since 2003, Allstate has filed 32 fraud lawsuits in New York State, seeking more than $175 million in damages.
According to the Insurance Information Institute, the state of New York is in an insurance fraud crisis and no-fault fraud is costing New Yorkers hundreds of millions of dollars year-after-year. “In essence, honest, hardworking New Yorkers are paying a “fraud tax,” said Krista Conte, spokesperson for Allstate’s New York office. “We need lawmakers to enact meaningful insurance reform that puts the citizens of New York first.” Read the rest of this entry »
2011 Sets New Record for Federal Disaster Declarations
The year 2011 will go down as a record-setting year when it comes to federal disaster declarations, industry analysts say.
With another three months left in 2011, and hurricane season continues until November 30, the number of federal disaster declarations already exceeds 2010′s record, according to the Insurance Information Institute.
“The federal government issued 86 disaster declarations as of September 30, breaking the previous annual U.S. record total of 81, which was set just last year,” said Dr. Robert Hartwig, an economist and president of the I.I.I. “The number of U.S. disaster declarations has been trending sharply upward, particularly over the past 15 years,” he said.
The average number of disaster declarations between 1953 and 2010 was 34 per year.
“We’re likely to see nearly three times that many by year-end 2011,” Hartwig said, noting that the increase in recent years was due both to growth in the actual number of catastrophes, as well as to an apparent increase in the propensity to issue federal disaster declarations.
Federal disaster declarations make federal funding available for emergency recovery efforts to support state, tribal, territorial and local communities. These funds supplement monies already allocated by private-sector insurers, other governments, and private nonprofit organizations.
The most recent declaration announced on Sept. 28 by the White House, for instance, said that a “major disaster exists” in parts of the District of Columbia because of severe damage caused by Hurricane Irene. The many disasters in 2011 have created enormous, unanticipated budgetary pressures on the federal government, compounding an already grim fiscal situation and prompting spirited Congressional debates last month about how to finance FEMA’s disaster assistance programs and whether to extend FEMA’s National Flood Insurance Program (NFIP). The FEMA funding debate nearly precipitated a federal governmental shutdown.
“U.S. auto, home and business insurers had catastrophe claims payouts totaling nearly $25 billion through the first nine months of 2011 as severe winter weather took its toll; deadly tornadoes ripped through multiple states, hitting Alabama and Missouri the hardest; wildfires destroyed hundreds of homes in Texas; and Hurricane Irene ravaged the East Coast,” said Hartwig. Read the rest of this entry »
Lords Insurance Agent Speaking On Radio – Every Saturday Evening at 10pm-10:15pm!
Our very own Loc Tran will speaking every Saturday evening from 10PM to 10:15PM on your local Vietnamese radio station here in Southern California – tune in and see what he has to say!
MIT offers 2000+ free courses for all
Want to learn with MIT students for free? Lecture videos, course notes, assignments, exams, some even offer on-line textbooks. Head over to their website and blow the dust off that notebook!
