Cruz would repeal ACA immediately
Ted Cruz says he would repeal the Affordable Care Act within days of entering the White House. The Republican presidential candidate has issued a statement following the news that UnitedHealth is pulling out of nearly all Obamacare marketplaces next year.
Cruz says: “UnitedHealth has announced it is pulling out of the Obamacare exchanges. That’s the latest in a string of Obamacare failures that have led to American families losing their doctors, having few or no insurance options, and facing skyrocketing premiums and deductibles.”
He goes onto say that the system offers health insurance that is “worse and costs more” than before ACA and that “John Kasich and Donald Trump would dig the country deeper into the Obamacare hole.”
In conclusion, Cruz states that he “will begin the process of repealing and replacing this disastrous law from the first days of my administration as President.”
Canadian regulator warns about risk-share platforms
The financial services regulator in Quebec has issued a warning about peer-to-peer risk sharing platforms. Responding to the emergence of the services which group together consumers to protect property without an insurer, the Autorité des marchés financiers (AMF) is urging caution.
The AMF says that insurance is a regulated activity and that some of the risk-sharing platforms that relate to health, travel, cars, events, homes and job loss, are similar to insurance products and may therefore require a license.
The platforms rely on pools of consumers to decide on what should be covered, the premiums and any claims. The AMF says it has yet to decide on compliance of these services but in the interim consumers should be careful.
The particular concerns of the regulator are that there may be insufficient funds to settle claims or that consumers may lose funds in the event of insolvency of the service.
Midwest insurer acquired by USI
Insurance brokerage and consultancy firm USI has acquired one of the largest independent insurance agencies in the Midwest. Brooks Insurance of Toledo, OH offers coverage for property-casualty, employee benefits, bonds/surety, homeowners, renters, automobile, watercraft and personal health.
Valhalla, NY -headquartered USI has offices covering every state with 4,400 insurance professionals and the acquisition of Brooks will expand its capabilities in northwest Ohio, southeast Michigan, and northeast Indiana.
It is understood that the Brooks staff will continue to be based in Toledo and Bowling Green, Ohio. No details of the transaction have been released.
