An Irvine, Calif., physician was sentenced to 30 months in federal prison for his role in a $15 million health care fraud scheme targeting senior citizens and those with mental illness.

A former Ohio insurance agent, who fled the country after his indictment on 27 felony charges, was sentenced to seven years in state prison after taking $685,000 in unauthorized loans from his clients, including his own grandmother.

The friction between investors looking for opportunities and insurance companies whose products inadvertently provide those opportunities is forcing a hard look at stranger-originated annuity transactions (STATs), according to an industry expert.

Two industry groups are praising Wisconsin Gov. Jim Doyle for signing into law tough new rules on stranger-originated life insurance (STOLI) transactions, while another organization indicates the measure will deny consumer rights.

The head of national health insurer WellPoint said she is “disappointed” that President Barack Obama, in his weekly address to the nation, cited a Reuters report alleging that the company specifically targets women with breast cancer for the practice of rescission.

More than 20% of America’s non-elderly population have a diagnosed pre-existing condition that insurers will have to cover under federal health care reform.

A bill prohibiting the misleading use of senior-specific certifications or professional designations for financial advisors linked to the sale of securities is moving forward in New Jersey.

Illinois officials will get $1.4 million in federal assistance to bolster its outreach programs targeting Medicare beneficiaries.

A financial professional from Santa Ana, Calif., was suspended by FINRA for nine months for placing elderly individuals’ money in unsuitable securities, for which he received more than $182,000 in commissions.

A trade group of insurance and financial service professionals has voiced its opposition to the growing use of stranger-originated annuity transactions (STATs).