The Pennsylvania Insurance Department reported the following actions against six insurance agents. These summaries are based on information obtained from the insurance department.
A life insurance agent has lost his license after using his mother’s name and address on a client’s application for an annuity, then tious annuity application has had his insurance license revoked.
Pennsylvania’s nine largest health insurance companies are going under the microscope of state officials, who will explore the genesis behind “a pattern of controversial rate increases.”
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.