Friday, July 16, 2010

Insurance news: credit scoring, bank reform and redlining, big Medicare bust

The Insurance Journal airs the industry's response to our recent consumer alert warning consumers to watch their credit use.

A story on the Dodd-Frank Wall Street Reform and Consumer Protection Act in the Huffington Post focuses on the new federal insurance office and its duty to tackle potential redlining:

"Buried in the over 2,000 page Dodd-Frank bill is a subsection entitled "Federal Insurance Office." It is charged with several duties including the responsibility "to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance..." And the office is empowered to "receive and collect data and information on and from the insurance industry and insurers" and to "analyze and disseminate data and information."

And according to AP, "Federal authorities said Friday they are conducting the largest Medicare fraud bust ever in five different states and arrested dozens of suspects accused in scams totaling $251 million."

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