Author: Farkas Laura

One of the nation’s largest managers of prescription drug benefits, Medco Health Solutions Inc., announced it will collaborate with the Food and Drug Administration (FDA) in a two-year program to research the role that genetics plays in the safety and effectiveness of drugs. This marks Medco’s latest step in developing “personalized medicine,” in which treatment… Continue reading Drug Benefit Manager Teams with FDA in Joint Study on Role of Genetics in Medicine

The state of Rhode Island and the town of West Warwick have each agreed to pay $10 million without admitting any wrongdoing in the aftermath of a nightclub fire that killed 100 people in 2003. “While we know this settlement will never ease the pain of those enduring enormous heartbreak, it does bring years of… Continue reading State and Town to Pay $20 Million in Settlement

New Jersey’s oldest and largest health insurer, Horizon Blue Cross Blue Shield of New Jersey (BCBSNJ), has filed an application to convert its status from a nonprofit health service corporation to a for-profit company. The insurer considered conversion originally five years ago but gave up after witnessing the difficulties its counterparts in other states were… Continue reading Horizon Blue Cross Blue Shield Files for Conversion to Turn Profit

Amid the growing specter of recession that is rising among many of the world’s leading economies, an increase in corporate bankruptcies is inevitable over the next year or so and casualties among the banking sector could represent a greater than expected portion of failing companies, say analysts. According to the Merrill Lynch Corporate Master Index,… Continue reading Bank Bond Yields May Point to Looming Corporate Bankruptcies

A lawsuit has been filed by Liberty Mutual Holding Co. and several subsidiaries against the New York State Insurance Fund (NYSIF), its commissioners and the New York State Workers Compensation Board regarding amendments made to New York’s workers compensation law. Liberty Mutual’s suit claims amendments made to the law, which will require insurers to make… Continue reading New York Sued Over Workers Comp Amendments

The deteriorating condition of commercial banks is intensifying a debate among government officials over how to respond, illustrating the likely difficulties facing regulators bracing for a wave of bank failures (see related story, “Bank Bond Yields May Point to Looming Corporate Bankruptcies”).    In private meetings, Federal Deposit Insurance Corp. officials have pushed other agencies… Continue reading Bank Regulators Resisting Push to Downgrade Confidential Rating

The U.S. Justice Department’s announcement last week that it had uncovered one of the largest identity theft schemes in U.S. history is a stark reminder for consumers to protect their financial information, according to the Insurance Information Institute (I.I.I.). “With the sophisticated computer hacking techniques being used today, consumers should carefully monitor their credit card… Continue reading Insurance, Vigilance, Key in Preventing Identity Theft

The National Highway Traffic Safety Administration (NHTSA) reported that traffic deaths in the nation were down substantially in 2007, at their lowest level in more than a decade. Last year 41,059 people were killed in highway crashes, down by more than 1,600 from 2006. It was the lowest number of highway deaths in a year… Continue reading Another Result of Higher Gas Prices? Traffic Deaths at Lowest in Years

Nippon Life Insurance, the largest private life insurance company in Japan, announced plans to raise 50 billion yen (US $455 million) from domestic institutional investors to strengthen its capital and to invest abroad. Due to Japan’s mature life market, Nippon Life has by necessity been looking outside the country for growth, forging foreign alliances and… Continue reading Japanese Insurer to Raise 50 Billion Yen

In a decision overturning rulings by a workers’ compensation commission and a compensation review board, the Connecticut Supreme Court has ruled that an employer is not responsible for the portion of a workers compensation claimant’s lung damage that is the result of smoking. In the asbestos case, the court found that apportionment of permanent partial… Continue reading Court Reduces Asbestos Claim for Smoker