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AIG corporation needed money because their investments in OTHER companies went south.
We are getting very far off track here. Geico is not a health insurance company and neither is AIG. Now, before anyone googles this, I'm talking about traditional health insurance, not supplemental. AIG sells critical illness, accident & cancer plans. Yes, the reason it had trouble was because of bad investments, which is why I support regulations. Again, if I start explaining what I mean, this discussion could go off in many directions.
We've also been talking about state reserves and the info is somewhat (but not completely) accurate. If that were the case, then each company wouldn't have financial ratings which rate its ability to pay. An insurance company must pay into state reserves and if an insurance company becomes unable to pay, it's up to each state to stop that company from doing business. Each state has its own Guaranty Fund to provide coverage, but this is subject to certain limits. However, to go into detail would take way too much time to discuss and is also off-topic. This thread is discussing the need for a Public Option, not about investing in financial companies. We've gone to talking about the basic need to provide care of all Americans to talking about car insurance, bailouts and buying stock.
Maybe this is what's happening in Washington. They just keep stalling with distractions hoping people will lose focus on what's really important.
Last edited by justNancy; 10-15-2009 at 01:29 PM..
I'm not trying to rake up old bones, would just like to clarify something that I just now read.
Quote:
Originally Posted by pghquest View Post
According to Kat and Hot, you could sell them any policy, that you dont need to sell them the local policy from the local company, meaning that they think that in the scheme of the country, Blue Cross from Virginia is a competitor to Blue Cross of Georgia, where I've been trying to tell them that they are partnerships, but seperate legal corporations setup so that each corporation can comply with their own state regulations independently.
No, that is not what I said at all. I said to get a license to sell insurance in Pennsylvania you either have to have a business in PA (what kind not specified in the link provided by pgh himself) or be a resident of PA. Period. pgh could not understand this and spent most of the night insulting me and my intelligence. I said nothing of the above. I was not talking about selling insurance, I was talking about getting an insurance license.
I'm not trying to rake up old bones, would just like to clarify something that I just now read.
No, that is not what I said at all. I said to get a license to sell insurance in Pennsylvania you either have to have a business in PA (what kind not specified in the link provided by pgh himself) or be a resident of PA. Period. pgh could not understand this and spent most of the night insulting me and my intelligence. I said nothing of the above. I was not talking about selling insurance, I was talking about getting an insurance license.
And you had to come back for more abuse..
Do you still want to pretend that a landscaper would be selling inusrance while cutting your grass? Maybe you can expound upon why they would be getting an insurance license if it wasnt to SELL INSURANCE
"Repealing McCarran-Ferguson is an essential first step to fiscal regeneration in this country and here are the two main reasons it probably won't happen.
Insurance companies like regulating themselves through the NAIC. These multi-national corporations get to bully or beguile a bunch of understaffed insurance departments or ignorant legislators into following their agenda whether it's setting rates, scrubbing files, or imposing tort reforms. Since they only get audited by the states in which they are domiciled, in many cases once every five years or as the budget of a particular states insurance department allows, they are effectively on the honor system.
States like the system because they get a piece of every premium. For example for 2008 New Jersey is projecting to receive $503 million in insurance premium taxes. In addition the state budget anticipates another $120 million in fees (page A-40) while the state budgets about $70 million (page A-58) to run the Division of Banking AND Insurance. This is a hidden tax that the politicians don't get blamed for as money that should be spent on regulating insurers goes into the state's general revenue.
I'd think it would be cheaper to give up those taxes than have to deal with the costs of having more people depend on Medicaid or other health-care services the state provides.
IMO, we are putting the cart before the horse in the Health reform debate.
There are many who would argue if the Federal Government even has has the Constitutional right to be involved. In order to eliminate any question, a Constitutional Amendment, authorizing the Federal Government to be involved in health care / health insurance, should be put before the Congress for their consideration. If the Congress were to pass such an amendment, then the amendment would be put before the States.
If the states were to ratify such an amendment, THEN we should begin the health reform debate.
If it is worth doing, it is worth doing it right - rather than half ass as it is now being done.
Do you still want to pretend that a landscaper would be selling inusrance while cutting your grass? Maybe you can expound upon why they would be getting an insurance license if it wasnt to SELL INSURANCE
If you are a Pennsylvania resident you do not have to own a business in PA to get an insurance license. Please note this link applies to more than just health insurance licenses. I think the point of the either/or is that the person has to have an interest in Pennsylvania, either as a business owner, or a resident. Certainly a lawyer could have a law office in Beaver Falls and live in Ohio, for example, and decide s/he wants to sell insurance.
If you are a Pennsylvania resident you do not have to own a business in PA to get an insurance license. Please note this link applies to more than just health insurance licenses. I think the point of the either/or is that the person has to have an interest in Pennsylvania, either as a business owner, or a resident. Certainly a lawyer could have a law office in Beaver Falls and live in Ohio, for example, and decide s/he wants to sell insurance.
I know.. Thanks for saying WHAT I SAID now numerous times.. Do I have to go back and quote where I said this? They need an "office" (be it at a home or a real office), in order to have a jurisdiction for the state.
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