| Insurance watchdog reaches out
When the state abolished the Louisiana Insurance Rating Commission last year, it disbanded the public body where people could reach insurance regulators if they had questions or concerns. In its place, the Legislature created a new Office of Consumer Advocacy within the state Insurance Department. Clarissa Preston, the inaugural holder of that position, hopes that she will be a more effective watchdog than the rating commission ever was through a combination of public outreach and auditing trends in insurance complaints. "Since the rating commission is gone, it's going to give an extra eye on filings," said Preston, who was named deputy commissioner of consumer advocacy in late September, and who has been working since then to define the role of her new office and hire staff.
Insurer to withhold money in acquisition
Universal American Financial Corp., the Rye Brook, N.Y., health and life insurer that bought Solon's MemberHealth Inc. in September, will withhold $15 million owed to former MemberHealth owners to settle claims that the Medicare prescription drug benefit provider had problems that were not disclosed at the time the acquisition deal was signed. Former MemberHealth owners also will release 708,752 shares of Universal American stock and $17.3 million in cash held in escrow, as well as pay an additional $54.5 million in cash and stock, to the New York insurer. On March 5, Universal American disclosed that its 2008 profit is likely to rise between 4 percent and 7 percent as a result of the $630 million MemberHealth acquisition, well short of the original forecast of between 13 percent and 15 percent.
Vietnamese Postal Insurance Firm Finds Finance Partner
The Post and Telecommunication and Insurance joint Stock Co (PTI) and the Victoria Capital Management Co (VCMC) signed a memorandum of understanding on March 19 agreeing to comprehensive business cooperation in Vietnam. They will work together to set up investment funds, manage investment lists, cooperate in investment and provide insurance services for investment projects. PTI is one of five leading non-life insurance companies in Vietnam. Its main shareholders are the Vietnam Post and Telecommunications Corporation (VNPT), the Vietnam National Reinsurance Corporation (VINARE), the Bao Minh Joint Stock Corporation, the Ha Noi Construction Corporation Vinaconex, and the International Commercial Joint Stock bank. VCMC has a licence to manage investment funds and investment lists for domestic and foreign clients.
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