Tag Archives: Consumers Choice

South Carolina Sues over Consumers Choice Failure

 

obamacare with cancel cirle over it

From the Post and Courier on 4/15/17:

“South Carolina’s chief insurance regulator filed a lawsuit in federal court Wednesday alleging the U.S. government’s decision to withhold millions of dollars from a health insurance co-op precipitated the group’s collapse in 2015 and that South Carolina taxpayers are now stuck with a multi-million-dollar bill.”

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What Does Your Home Insurance Cover?

homeowners insurance policy magnifying glass

Take a moment to see if you are adequately protected.

Provided by Reever Conover – Conover Consulting

Not all home insurance policies are alike. Coverage amounts obviously vary, and so do coverage areas. Taking ten minutes to scrutinize what your policy does (and does not) cover is a wise idea.

Homeowner policies routinely provide tornado, windstorm, & hailstorm coverage. If a tornado, windstorm, or hailstorm damages your home or yard, the insurer will commonly pay out in response to your claim, unless your residence has somehow failed to qualify for such coverage.1,2

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Active and Passive Investment Management

clock with hands on investment

What do each of these terms really mean?

Provided by Reeve Conover – Conover Consulting

Investment management can be active or passive. Sometimes, that simple, fundamental choice can make a difference in portfolio performance.

During a particular market climate, one of these two methods may be widely praised, while the other is derided and dismissed. In truth, both approaches have merit, and all investors should understand their principles.

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67,000 Consumers’ Choice insurance clients to lose coverage in December when company shuts down

Posted: Oct 22, 2015 11:33 AM EDT
Updated: Oct 22, 2015 11:33 AM EDT

COLUMBIA, S.C. (WCIV) — Nearly 67,000 customers of Consumers’ Choice Health Insurance will have to shop for new insurance at the end of the year when the company shuts down its operations in 2016.

The state Department of Insurance made the announcement on Thursday. The company and the state agency did not give specifics on what precipitated the closure, only saying a look at long-term sustainability showed problems.

“This was a difficult decision for the insurer and this agency, but this is what is in the best interests of South Carolina consumers and health care providers,” said Ray Farmer, Director of the South Carolina Department of Insurance.

Company officials said the decision was made to shut down because the company’s financial situation could continue to degrade.

“In the coming days, weeks and months, Consumers’ Choice will continue to focus all of its efforts on taking care of its members and also working with the South Carolina Department of Insurance as well as the Centers for Medicare & Medicaid Services to help ensure a smooth transition,” added Tim Ervolina, Chairman of the Board of Directors for Consumers’ Choice.

Consumers’ Choice is required to submit a run-off plan to the Department of Insurance.

“This should be an orderly run-off of the company’s business. Our expectation is that the company will honor its existing commitments to policyholders and health care providers as a part of winding down its operations. The Department has monitored the financial condition of this insurer very closely since licensure and will continue to do so until this process is complete,” Farmer said.

If you have coverage questions, you may contact CCHP at 1-800-580-8736.

The South Carolina Department of Insurance can also assist you. The Department can help consumers understand their rights and responsibilities during this process. Please call our Office of Consumer Services at 1-800-768-3467 if we may be of assistance to you.

http://www.abcnews4.com/story/30326284/67000-consumers-choice-insurance-clients-to-lose-coverage-in-december-when-company-shuts-down#.ViqEXORpVhw.mailto

Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambriudge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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