Financial advisors would get more VA action if prospectus was briefer

Less is more, at least when it comes to consumers' interest in reading prospectus information about variable annuities (VA).  Read Story

Calif. executive fined $1.2 million, jailed for workers’ comp. violations

A California contracting company’s owner was sentenced to four years in state prison, and told to pay $350,000 in restitution to individual workers and $850,000 to the California State Compensation Insurance Fund.  Read Story

N.C. man faces 20-year sentence for alleged $2.7 million fraud scheme

A Wake Forest, N.C., man was arrested by Florida authorities for allegedly conducting a $2.7 million insurance fraud scheme in which he allegedly deceived a Highland County, Fla.-based employment services company.  Read Story

Genworth sells Medicare supplement to strengthen remaining business

A Richmond, Va.-based insurance holding company announced its agreement to sell for $290 million its Medicare supplement business and related blocks of in-force business.  Read Story

Firm’s insurance license in Pa. revoked for using unlicensed agents

A Maine-based company had its Pennsylvania license revoked in May for using unlicensed agents to sell supplemental health insurance policies in Pennsylvania.  Read Story

Md. health insurance exchange in need of three administrators

The trustees for the Maryland Health Benefit Exchange want to hire three more professionals to assist in creating the state’s health insurance exchange, mandated under the federal health reform law.  Read Story

May’s tornadoes, wind and hail hit State Auto, oh, my

A Columbus, Ohio-based insurer said it estimates second quarter earnings will include between $45 and $50 million in pre-tax catastrophe losses related to May storms.  Read Story

Consumers avoid medical costs, blame system for ‘wasteful’ spending

In a “new trend” this year, U.S. consumers reduced their medical spending because of the economy and rising health care costs, which they blame on “wasteful” spending in the health care system, a survey found.  Read Story

N.J. boat crew arrested for attempt to sink boat, collect claim

A fishing boat own and crew were recently indicted by a Camden, N.J., federal grand jury for allegedly conspiring to sink a vessel off the coast of Cape May, N.J., and collect a $400,000 insurance payment.  Read Story

Despite calls for reversal, AMA renews its support of health reform

The American Medical Association reaffirmed its support for federal health reform's individual mandate, despite debate focused on ending the doctors' group's endorsement.  Read Story