Insights from Our Integrated ERM and Claims Settlement Solutions Practices
"The past has no power over the present moment." Eckhart Tolle
Hanover Stone Partners (HSP) Announces ERM Practice
On February 20, 2014, Hanover Stone Partners announced their Enterprise Risk Management Advisory Practice. The practice is dedicated to help property casualty insurers develop and implement ERM plans that comply with all National Association of Insurance Commissioners (NAIC) and Own Risk and Solvency Assessment (ORSA) regulatory requirements, and deliver the tools and insights insurers need in order to focus on opportunities, issues and risks that matter most to the enterprise.
Medicare Changes Theshold Limits for Liability MSAs
CMS has just announced on February 18, 2014, that Non-Group Health Plan (NGHP) liability settlements below $1,000 do not need to be reported and CMS will not seek Conditional Payment reimbursement. This change will eliminate substantial reporting and administrative requirements for insurers, self-insurers, and third party administrators (TPAs).
The ACA May Adversely Affect P&C Insurers
A recently released report by the IRC suggests the Property and Casualty (P&C) insurance industry is likely to face cost shifting by hospitals, physicians and other medical providers due to the Patient Protection and Affordable Care Act (ACA). In addition to cost shifting, the IRC whitepaper entitled "The Affordable Care Act and Property/Casualty Insurance" said there may be more fraudulently submitted claims.