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That's a bad omen because our IL Co-op sent out a letter to agents this morning advising us to be on the lookout for something pertaining to our clients. Didn't think much of it until seeing your post, Ray. Oh man...
Another One Bites the Dust. . .
- Thread starter insuranceconceptscindy
- Start date
That's a bad omen because our IL Co-op sent out a letter to agents this morning advising us to be on the lookout for something pertaining to our clients. Didn't think much of it until seeing your post, Ray. Oh man...
OBAMA.............You Lied...LIBERALS.....You Lied......DISAGREE WITH ME..... You Lied and are part of the problem,
carry on
carry on
It's even scarier considering how good they looked. As far as we knew, they were the star child of co-ops with massive enrollments and solid financials (Over $70M ahead of estimates, as per their rate filing). They got $241M in second round solvency loans at the beginning of this year. We had no indication of an issue until the notice dropped that they're in such bad shape the DFS is shutting them down.
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And Hillary wants more non profit start ups? Is she unaware of what's going on in her own backyard?
Cuomo scoffs at Health Republic bailout
Cuomo scoffs at Health Republic bailout
Well, she was unaware about the attack on Benghazi and believed it was caused by an internet video, so the answer to your question is yes, she has no idea what is going on in her backyard.
She was also unaware that Bill was getting BJ's in the oval office.
She was also unaware that Bill was getting BJ's in the oval office.
"We believe the state's rate setting process needs to be fixed so this doesn't happen again."
Best way to fix it is to remove it entirely. MLR regulations effectively regulate rate setting (and, keep in mind, NY is 2% more strict than the rest of the nation for MLR: 82%/87%, not 80%/85%)
The state is given complete control to dictate rates, cause a loss, and put a company out of business.
You can't help but think this was all intentional...
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I was genuinely amazed when the MLR was imposed on health insurance companies, and they barely flinched at the rule. They acted like they were caught with their hand in the cookie jar. Are there any other industries where the government mandates what percentage of revenue must be spent on providing the end product/service?
Not that I am aware of.
But then, the govt isn't attempting to take over other segments of the economy.
As for the carriers not flinching, most were operating reasonably close to the MLR anyway. Just more govt overreach.
Perhaps the closest thing to this is regulated utilities where rates are fixed by govt decree and indirectly, profit margins. However there is no such requirement that forces the utilities to rebate if they make too much profit.
