Big Insurance Continues Greedy Ways....

[Haut Medoc]

http://seattletimes.nwsource.com/html/localnews/2003838418_premera16m.html

Yessir, thankfully our insurance commissioner is on 'em.....
Must be a Dem.....​

 

[RubberFrog]

Re: Big Insurance Continues Greedy Ways....

That sure is something to be proud of. An appointed official is telling a private business what to do with their profits- "refund several hundred to each insured." Why should Premera stay in business at all if they are not allowed to keep their profits? Meanwhile, they're ordered not to invest in a new company.

Let's analyze this: expatriate business profits and stifle investment in new businesses. Boy, that sure is something for retards to be proud of.

 

[QC]

Re: Big Insurance Continues Greedy Ways....

Should read "Blo Ho Continues His Ludicrous Ways" . . .

 

[Haut Medoc]

Re: Big Insurance Continues Greedy Ways....

Premera & Lifewise are non profit in Wa......
I'm sure that must give them a different set of rules, taxwise.....
Lifewise in AZ is a for profit biz......
Why should Wa state enrollees that belong to a non profit bank roll a for profit in another state?......
Or am I missing something here?......
HMMMMM?......​

 

[RubberFrog]

Re: Big Insurance Continues Greedy Ways....

Yes, you are missing something.

It is common for businesses (even non-profits!) to invest in other companies as a hedge against hard times. Strength in numbers and all that... When entity A is struggling, it draws against the assets of entity B and vice versa. This gives both entities liquidity and access to cash reserves during business cycles.

 

[Haut Medoc]

Re: Big Insurance Continues Greedy Ways....

I didn't think that a non profit could invest funds collected in a non profit manner could be invested in a for profit.....
It just does not seem right......
I think our insurance commissioner agrees with me......
I will try to monitor what transpires......​

 

[RubberFrog]

Re: Big Insurance Continues Greedy Ways....

Your insurance commisioner is a communist!

 

[Haut Medoc]

Re: Big Insurance Continues Greedy Ways....

I'd say he was doing his job, trying to protect the public from greedy corporations misusing funds....​

 

[RubberFrog]

Re: Big Insurance Continues Greedy Ways....

Well, if misusing funds means avoiding prudent investments than he is doing a good job!

 

[Skiuseme]

Re: Big Insurance Continues Greedy Ways....

Now let me get this Straight you want insurance companies that are NOT-FOR-PROFIT to just keep there extra money in a little enevolpe that doesnt accrue intrest.

Sounds like bad business pratices to me.

What do you think that chruches do that are not for profit. When the take offering they dont just put it in the safe. They put it in a savings or checking account to make a little intrest.

Sounds like if the insurance company gets a slap the whole spectrum of not for profit should be slapped also. For insureing that they have enough money to make things go.

 

[Haut Medoc]

Re: Big Insurance Continues Greedy Ways....

Oh & just how are you gonna get thet "Rainy Day" money back out of a business that is losing money......
That's a little different than putting it in the bank or t bills....​

 

[BoatBuoy]

Re: Big Insurance Continues Greedy Ways....

Seems like it's like insurance raising rates on mid-west homeowners insurance to subsidize loss from costal casualties. I didn't think we were supposed to be in favor of that.

 

[tommays]

Re: Big Insurance Continues Greedy Ways....

Or us costal guys could be paying for all the torando dammage in the midwest


Or those big river floods



Or we just realize that most of the country has its own local risks from nature and that it works best if everbody shares the risk if we want to keep having insurance


Tommays

 

[QC]

Re: Big Insurance Continues Greedy Ways....

I didn't think that a non profit could invest funds collected in a non profit manner could be invested in a for profit.....

It just does not seem right......​

​

That's becasue you think profit is bad unless it is for your labor . . . Personally I think you should start charging your labor at Gov't mandated Minimum wage as that is who you think should regulate profits. Seems that Minimum wage is setting the minimum for you to live on, so it makes sense that it should be the Maximum you can charge too

 

[BoatBuoy]

Re: Big Insurance Continues Greedy Ways....

Seems that Minimum wage is setting the minimum for you to live on, so it makes sense that it should be the Maximum you can charge too

Now that statement absolutely defies logic, even if it is tongue-in-cheek.

 

[Haut Medoc]

Re: Big Insurance Continues Greedy Ways....

Thanks, BB for stating the obvious......​

 

[QC]

Re: Big Insurance Continues Greedy Ways....

I don't agree at all. It is absolutely within the logic of those who think Gov't should regulate profits. What other guage should "they" use? They've decided the minimum wage . . . it should equal the maximum profit. Otherwise you believe that some people should make more than others. . . Not very commie of you.

 

[BoatBuoy]

Re: Big Insurance Continues Greedy Ways....

Or we just realize that most of the country has its own local risks from nature and that it works best if everbody shares the risk if we want to keep having insurance


Tommays

Precisely the point I was trying to make in my not-so-clever cynical way. It just seems like the hard-heads here want it one way in one thread and another way in another, like, thread.

 

[RubberFrog]

Re: Big Insurance Continues Greedy Ways....

Not very commie of you.

That's classic!

 

[PW2]

Re: Big Insurance Continues Greedy Ways....

There are specific rules, benefits, and legal guidelines for non-profits, as opposed to "for profit"

In the case of Insurance companies, they are required to carry a certain amount of liquid assets to cover possible claims, they have rules regardinging investment vehicles they can and cannot utilize--and they are required to lower premiums if their income exceeds their cash and reserve requirements.

Not for profit businesses have many benefits and tax advantages that come with that designation, and they have requirements they must adhere to retain that designation. Now I don't specifically know what all those requirements are, but the job of the insurance commisioner is not to debate whether some company should or should not be able to do something--his job is to enforce the rules as they exist.

He sounds to me like he is doing his job! Good for him!