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Man pleads guilty to insurance scam
Fred Lee Morgan, 61, of Frametown, Braxton County, has pleaded guilty to a misdemeanor count of fraudulent schemes and has been sentenced to one year probation and ordered to pay restitution, according to West Virginia Insurance Commissioner Jane Cline and Gary Griffith, the inspector general in the Offices of the Insurance Commissioner. Morgan is a disabled employee of the West Virginia State Police, according to a prepared statement issued by Cline's office. Morgan was using his wife's insurance to pay for medications and then seeking reimbursements from his former employer who is financially responsible for his medical benefits, Cline's office said.
"Criminal activities such as these continue to increase the costs of medical insurance and if premiums are to be stabilized, we must continue to fight fraud where individuals are seeking to defraud the system," Cline said. More>>
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UAE insurance sector faces challenge
According to a report released by the Dubai Chamber of Commerce and Industry (DCCI), The UAE insurance sector is facing severe challenges that are hampering the growth potential of this sector. The investments in the UAE insurance sector has decreased by 5.6% from Dh18,273 million in 2005 to total Dh17,270 million in 2006. The decrease in this can be attributed to decrease of the sector�s investments in the stock market that experienced a decrease of 18% from Dh11,986 million in 2005 to Dh9.869 million in 2006 due to the stock market price correction.
In 2006, the premiums of the insurance sector experienced a growth of 31.2% from the 2005. Within the non-life insurance activity, premiums increased by 30% from Dh6,654 million in 2005 to Dh8,661 million in 2006. The life insurance activity experience an increased of 37% in premiums; from Dh1205 million in 2005 to Dh1651 million in 2006.�In 2006, Dubai accounted for the largest share of 48% in the UAE's total insurance premium followed by Abu Dhabi of 35%. More>>
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MHA Insurance Company Offers Financial Incentive to Physician Policyholders Who Use Electronic Medical Records
Starting Feb. 1, 2008, MHA Insurance Company will grant a premium credit of up to 5 percent for qualifying policyholders who utilize an Electronic Medical Records (EMR) system. A qualifying policyholder would include independent solo physicians and group physician practices. Currently, MHA Insurance Company provides medical professional liability insurance to more than 3,000 independent physicians in eight states throughout the greater Midwest. The coverage is placed by FinCor Solutions ( www.fincorsolutions.com ), the Lansing, Mich.-based affiliate of MHA Insurance Company. FinCor Solutions is a full-service, multi-line insurance agency offering traditional and alternative risk products and services for health care providers. Both MHA Insurance Company and FinCor Solutions are subsidiaries of FinCor Holdings, an integrated risk management corporation. More>>
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