Monthly Archives: December 2016

Nebraska insurance company going strong after 125 years



LINCOLN, Neb. (AP) – One of Nebraska’s largest insurers is going strong 125 years after it was formed by a group of 22 farmers.

Farmers Mutual of Nebraska was launched in 1891 and for the first 107 years, it wrote policies only in the state. Today the company has since branched out into South Dakota. It is the largest insurer of farms in both states, and the largest Nebraska-based property insurer.

Mark Walz, chairman, president and CEO of the longtime insurer, tells the Lincoln Journal Star (http://bit.ly/2hAm695 ) that the company has weathered some challenges, including persistently low interest rates. A set of damaging hailstorms in May also led to the payout of $48 million in claims.

Still, the company continues to grow. Walz says the number of polices are up alongside revenue. It’s also added employees.

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Information from: Lincoln Journal Star, http://www.journalstar.com

Copyright © 2016 The Washington Times, LLC.

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Disney to receive multi-million dollar insurance payout following Carrie Fisher's death



Carrie Fisher’;s death has reportedly prompted the biggest personal accident insurance claim.


The 60-year-old died today after being in hospital since suffering a heart attack on Saturday.
Source: 1 NEWS

Disney are set to receive $NZ 71 million, it has been claimed, after the legendary ‘Star Wars’; actress passed away after the company were said to have taken out insurance incase Carrie was unable to fulfil her 3-film contract.

A source told The Insurance Insider that Lloyds of London will pay out for the “contract protection cover”, with the insurance underwritten by US-based Exceptional Risk Advisors, who say there are “experts in insuring complex human capital risks for highly successful individuals”.

Before her tragic death earlier this week, Carrie had finished filming for ‘Star Wars: Episode VIII’; – which is slated for release in December 2017 – but was expected to play a big part in ‘Star Wars:

Episode IX’;, which was due to be released in 2019.

It is thought the plot will have to be seriously changed in the wake of Carrie’;s tragic passing.

Carrie died earlier this week after suffering a heart attack on a plane from London to Los Angeles.

Leaving a tribute to Carrie, Lucasfilm president Kathleen Kennedy said in a statement: “Carrie holds such special place in the hearts of everyone at Lucasfilm it is difficult to think of a world without her.

She was Princess Leia to the world but a very special friend to all of us.

“She had an indomitable spirit, incredible wit, and a loving heart.

Carrie also defined the female hero of our age over a generation ago.

Her groundbreaking role as Princess Leia served as an inspiration of power and confidence for young girls everywhere. We will miss her dearly.”

Tragically, just one day after Carrie passed away, her mother Debbie Reynolds died after suffering a suspected stroke.




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Dairy farmers in Rajasthan gets Rs 5 lakh insurance cover




Dairy farmers associated with Rajasthan cooperative dairy federation will get insurance cover worth Rs 5 lakh. (PTI)
Dairy farmers associated with Rajasthan cooperative dairy federation will get insurance cover worth Rs 5 lakh. (PTI)

Dairy farmers associated with Rajasthan cooperative dairy federation will get insurance cover worth Rs 5 lakh under a first-of-its-kind scheme announced by the State government on the eve of new year.

The scheme, announced at the initiative of Chief Minister Vasundhara Raje, is probably the first-ever personal insurance scheme for dairy farmers in the country, according to Rajasthan Cooperative Minister Ajay Singh.

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Women and SC/ST category beneficiaries will have to pay an annual premium of only Rs 20.25 while the premium for general category dairy farmers will be Rs 24.30, he said.

The State government has signed an MoU with United India Insurance company ltd for the ‘Raj Saras Suraksha Kavach Bima Yojna’ under which insurance cover of Rs 5 lakh will be provided.




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Evolution of Deposit Insurance in America – Private Deposit Insurance



This is the third in a series of articles that look at the evolution of deposit insurance in America. Last week looked at the NCUA; this article presents an overview of deposit insurance in America, with an emphasis on private deposit insurance.

The FDIC and NCUA are the primary insurers of deposit accounts, but the Depositors Insurance Fund, DIF, in Massachusetts is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation limits, at Massachusetts-chartered savings banks. It has been insuring deposits since 1934. DIF covers savings, checking, NOW accounts, certificates of deposits, money market deposit accounts and retirement deposit accounts.

DIF member banks with branches outside of Massachusetts are still protected. Depositors in a DIF member bank can rest assured that their deposits are fully insured. DIF coverage has no bearing on where a depositor lives or where a member bank branch is located.

DIF has more than $350 million in the assets, according to the paper American Share Insurance: The Sole-Surviving Private Deposit Insurer in the United States. The recession of the early 1990s, proved to be the worst financial period in the history of the Massachusetts savings bank industry. The DIF paid out more than $50 million to protect over 6,500 depositors in 19 failed member banks. However, there was good news after the bad. The DIF emerged from this tumultuous period financially stronger than before the recession began.

What safeguards are in place? The law in Massachusetts restricts what DIFs can invest in. Investments must be suitable for an institution that insures the public’s deposits. This means the DIF primarily invests in U.S. Treasury and federal agency obligations, and obligations fully guaranteed by the U.S. government. Depositors can also take comfort in the fact that DIF investments are reviewed by its Board of Directors to assure conformity with both the law and DIF investment policies. In addition, DIF receives financial reports from its member banks on a quarterly basis. Formal examinations are done regularly by the FDIC and the Massachusetts Division of Banks. The DIF meets with officials of both agencies to review and evaluate the condition of its member banks. It is examined annually by Massachusetts Division of Banks and audited by an independent auditor.

During 1955-1981, there were nearly 20 nonfederal insurers for credit unions and 11 for thrifts.

During 1955-1981, there were nearly 20 nonfederal insurers for credit unions and 11 for thrifts. The private system had its critics. More than half of nonfederal thrift deposit insurers eventually failed because they were unable to cover their commitments to insured depositors. The worst failures, according to the report on ASI, happened in Mississippi in 1976, Nebraska, 1983, and Ohio and Maryland in 1985. Legislators in other states responded by requiring thrifts to get federal deposit insurance. Still, 3 more failed in Utah, Colorado and Iowa, leaving just 4 thrift deposit insurers standing. However, on the credit union side, the story is decidedly different. Only one nonfederal deposit insurer catering to credit unions, the Rhode Island Share Deposit Indemnity Corporation, RISDIC, has ever failed. It did so in 1991.

In the early 1980s , Connecticut, New Mexico, Wisconsin, Virginia, Utah and Texas required their state-chartered credit unions to obtain federal insurance. Consequently, nonfederal deposit insurers in those states closed. It is said that heavy political pressure, including threats of state and federal legislation, led credit union deposit insurance systems in California, Florida, Georgia, Massachusetts, Tennessee, and Washington to “voluntarily” stop providing an alternative to federal insurance. No insurer of strictly credit union deposits has failed. Those that closed, did not fail. They delivered on their promise of coverage and imposed no losses on depositors.

Only one nonfederal deposit insurer catering to credit unions, the Rhode Island Share Deposit Indemnity Corporation, RISDIC, has ever failed.

It’;s important to note, that some say that laws that prevent nonfederal deposit insurers from operating across state borders expose these insurers to geographic-concentration risk. RISDIC, for example, wanted to offer deposit insurance in other states, but its state regulators wouldn’t permit it. They were impacted by their inability to diversify. Being able to operate within a single state essentially limited the number of institutions nonfederal systems insured. Look at Maryland. During the early 1980s, Maryland’s credit union deposit insurer covered only 27 institutions and North Carolina, only 25. With so few insured institutions, losses at a single organization could have a significant impact on the insurer. The most dramatic failures of nonfederal thrift deposits were precipitated by the failure of their largest insured institution (Mississippi, where the failing thrift accounted for 45 percent of insured deposits; Nebraska, 20 percent, and Ohio, 19 percent), or the second largest institution (Maryland 13 percent and RISDIC, 15 percent).

Today, only 2 private deposit insurers remain, American Share Insurance (ASI) and the private deposit insurance in Massachusetts for excess deposit insurance. More on this next week.





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Disney to reportedly receive £41 million insurance payout after death of Carrie Fisher



Disney, which owns Lucasfilm and the Star Wars franchise, took out a £41 million ($50 million) contract protection insurance policy on Carrie Fisher, according to the website Insurance Insider.

Following the actress’;s death, the company is expected to received one of the largest personal accident payouts in history.


Mark Hamill, Carrie Fisher and Harrison Ford in 1977's Star Wars

Mark Hamill, Carrie Fisher and Harrison Ford in 1977’;s Star Wars

The policy, which was held with Lloyds of London, would have been created to protect Disney from any losses if Fisher was unable to complete her agreed Star Wars filming, including 2015’;s The Force Awakens, and 2 additional movies.

While the actress had finished filming for Episode VIII, released next December, her character General Leia Organa (she’;ll “always be royalty” to millions of fans) was expected to feature in Episode IX, which has not yet begun filming.

Understandably, given that just a few days have passed since the star’;s death, there has been no indication as to whether Leia will still feature in the new trilogy’;s final film, although some people have speculated that a CGI recreation may be used.

In the prequel Rogue One: A Star Wars Story, released earlier this month, actor Peter Cushing, who died in 1994, was digitally “resurrected”, with the permission of his estate, to reprise the role of villain Grand Moff Tarkin. A young version of Leia, again created using CGI, also briefly appears in the film, which is set just before the events of 1977’;s Star Wars.

Fisher, who was 60, suffered a heart attack on a plane travelling between London and Los Angeles. She died in hospital on December 27. Her mother, Debbie Reynolds, died just one day later.




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Trump’s plan for the particular VA might use some retooling


Vietnam war veterans
Vietnam battle veterans amongst other visitors listen to Oughout. S. Leader Barack Obama at the Memorial service Day observance at Arlington National Cemetery in Wa, U. S i9000., May thirty, 2016. REUTERS/Yuri Gripas

Jesse Trump required a step nearer to transforming the particular Veterans Management this week simply by sending a good aide in order to brief reporters on a program that could permit vets entitled to care from VA services to seek treatment from a personal physician.

That will doctor or even hospital will be reimbursed will be reimbursed with the federal government in the program similar to Medicare.

The particular President-elect invested considerable time plus energy to the campaign path bad-mouthing the particular VA program for exactly what he referred to as disgraceful remedying of ailing experienced, including lengthy wait instances, poor provider, and doubtful care. Talking with the Experienced of International Wars meeting in This summer, he mentioned, “The VIRTUAL ASSISTANT scandals which have occurred are usually widespread plus inexcusable. ” He mentioned they constituted “a long lasting stain with this government. ”

On Wed, an tool outlined in order to reporters the master plan under consideration to permit vets to find care away from VA program, saying there is certainly “definitely a choice on the table to get a system exactly where potentially vets can choose possibly or, or even all personal. ”

Nevertheless , it seems as if the idea — not something which originated using the Trump management — is not quite completely baked however. Among the queries being considered by the inbound administration, the particular aide mentioned, are some quite basic types: “How can you implement a course that could obtain vets the opportunity to go to any kind of hospital which they wanted to visit? ” plus “If you had been in the VIRTUAL ASSISTANT or from the VA, just how would you arrange it? ”

The issue here is that will team Trump may well be saving scarce sources to a issue that is nicely on its way in order to being resolved.

The VETERANS ADMINISTRATION, to be sure, was obviously a national shame a few years back. In 2014 a influx of facts found managers falsifying paperwork in order to generate the impact that they had been compliant along with departmental needs regarding wait around times. Experienced died whilst waiting for treatment, and overworked doctors started leaving the device in droves.


trump veteran Conservative presidential nominee Donald Trump greets experienced Louis Dorfman, who provided Trump their Purple Center. Alex Wong/Getty Pictures

Nevertheless , that was just before President Obama tapped Military veteran plus former Proctor and Bet chairman plus CEO Robert McDonald to consider over the program in an attempt to transform it around. McDonald stepped in to the role associated with VA admin in Come july 1st 2014, plus since then, based on 2 current reports simply by outside organizations, the results were dramatic.

McDonald began simply by firing 4teen of 6teen top market leaders in the program, replacing these a combination of inner promotions, previous high-ranking army officers, plus private industry business professionals. The objective, as McDonald described this, was to alter the tradition of the company from a “rules-based” system to some “principles-based” program.

Critics from the VA frequently described the department by which employees hewed closely to some rigid approach to rules, as often as you can the detriment of individuals, because they understood that following a rules might keep their particular jobs secure.

Within a study from the VA up-to-date this 30 days, the Harvard Business Evaluation cited a really egregious instance:

The management team needed to work through vestiges of VA’s rule-based previous. For instance, in-may 2015, a worker answering the device at the Puget Sound VETERANS ADMINISTRATION in Seattle received the call from the veteran who seem to had damaged his feet, driven themself to the hospital’s entrance and required help engaging in the building.

Stymied by guidelines like do not abandon your own post , and recommend patients outside of the hospital in order to call 911 for help , the particular employee declined to go to the experienced and recommended him to hold up plus call 911.

Ultimately, the team associated with Seattle medical personnel was sent to the hospital’s parking great deal to help the particular veteran through his vehicle to the er — the distance associated with 10 foot. In a rules-based organization, workers lack the flexibleness of discernment.


People watch as U.S. Republican presidential nominee Donald Trump speaks to the Veterans of Foreign Wars conference at a campaign event in Charlotte, North Carolina, U.S., July 26, 2016.  REUTERS/Carlo Allegri Individuals watch since Donald Trump speaks towards the Veterans associated with Foreign Battles conference in a campaign occasion in Charlotte now Thomson Reuters

However , based on the investigators through Harvard Company School, a lot has changed in the VA considering that McDonald overtook.

“Although the particular transformation continues to be ongoing, they have got made substantial progress right after 2 . 5 years: Impending claims with VA have got fallen simply by more than ninety percent; VIRTUAL ASSISTANT health care right now performs much better than the personal sector upon 96 % of outpatient measures, based on RAND; through the end from the year, all of the VA private hospitals will offer same-day access to treatment, relative to not one in 2014. In a study conducted final month, 6ty 5 percent associated with veterans documented that VIRTUAL ASSISTANT effectively provides care plus services, upward from sixty-5 percent only a year back. ”

What is more, the particular improvement within care provides led to experienced signing up for VETERANS ADMINISTRATION Care in record figures — to the level, Harvard mentioned, that wait around times take the increase again, this time around due to need, not ineffectiveness.

These do not appear to be outline of an business in need of a huge shake-up but instead of one that will had currently endured the particular shake-up and it is now displaying marked enhancement. The positive modifications raise the query of whether or not the incoming management should be thinking of a major privatization push at this time in the VA’s renaissance.

In case you ask veterans’ groups today, the answer can be obvious: Number

Trump changeover team members fulfilled with a quantity of veterans organizations at the United states Legion’s head office in Wa early this particular month. After, the Legion’s executive movie director, Vera Jones, told Army. com that will none of the particular groups had been in favor of privatization.

“The United states Legion certainly opposes privatization, ” the lady said. “We strongly negotiate for a healthful VA medical care system regarding veterans. ”

Insurance Commissioner-Swearing In



ARCHDALE, N.C. (AP) — North Carolina’;s new insurance commissioner will be sworn in as soon as 2017 begins.

Republican Mike Causey says he’;ll be sworn in just after midnight Sunday at the Guil-Rand Fire Department in Archdale. State Appeals Court Judge John Tyson will swear in Causey.

The insurance commissioner also serves as the state fire marshal.

Causey defeated Democratic incumbent Wayne Goodwin in November.

Democratic Gov.-elect Roy Cooper is also taking his oath of office just after midnight on Sunday in Raleigh.




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Disney to make £41million insurance claim after Carrie Fisher's death




Disney took out a £41million insurance claim in case Carrie Fisher couldn't finish Star Wars
Disney are making a $50 million insurance claim now Carrie Fisher cannot finish the new Star Wars films (Picture: Getty/Disney)

Disney are set to receive a £41million payout following Carrie Fisher’s death after they insured her in case she didn’t finish their Star Wars trilogy.

Carrie Fisher’s autopsy ‘deferred’ after the cause of her death remains unclear

Actress Fisher died aged 60 on December 27 of as-yet-unexplained causes, and was due to play Princess Leia in 2 more Star Wars films.

She finished her scenes on the next installment Star Wars Episode 8, which is due out next December, but will now not be able to appear in the ninth movie, which she was meant to have a major role in.

leia
Princess Leia’s death is leading to the biggest ever insurance claim of its kind being made (Picture: Disney/LucasFilm)

The Insurance Insider reports that this is the market’s biggest-ever single personal accident insurance claim, and it’s due to be made to Lloyds of London.

Disney is eligible for the claim because Fisher failed to fulfill the terms of a 3-film contract.

MORE: Touching Star Wars lightsaber vigils light up across the United States to mourn Carrie Fisher

Considering Disney bought LucasFilm for £2.5billion in 2012, their insurance claim seems comparatively small but it’s still bound to upset some Fisher fans that the company are benefiting in some way from her death.

han-leia-hugging-force-awakens

The claim has been underwritten by US-based company called Exceptional Risk Advisors, known as ‘experts in insuring complex human capital risks for highly successful individuals.’

It’s thought the script for Star Wars 9 will have to be rewritten, but there is no news from Disney yet as to how the story will change.

More: Film

Bipolar Carrie struggled with drugs and alcohol addiction throughout her life after becoming Princess Leia in 1977, aged just 19.

Her Hollywood starlet mother Debbie Reynolds died aged 84 a day after her daughter.

MORE: Was Steve Martin so wrong to mention Carrie Fisher’s looks?

MORE: HBO brings forward its Carrie Fisher-Debbie Reynolds documentary Bright Lights

MORE: Star Wars fan’s photo with Carrie Fisher resurfaces as he recalls she agreed to the selfie on one condition





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New NC insurance commissioner taking oath at fire station



ARCHDALE, N.C. (AP) — North Carolina’;s new insurance commissioner will be sworn in as soon as 2017 begins.

Republican Mike Causey says he’;ll be sworn in just after midnight Sunday at the Guil-Rand Fire Department in Archdale. State Appeals Court Judge John Tyson will swear in Causey.

The insurance commissioner also serves as the state fire marshal.

Causey defeated Democratic incumbent Wayne Goodwin in November.

Democratic Gov.-elect Roy Cooper is also taking his oath of office just after midnight on Sunday in Raleigh.




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The Insurance Institute of Ireland



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