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Weekly news through Oct. 13


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Weekly news through Oct. 13

Risk and regulation

President Donald Trump's administration will end payments made under the Affordable Care Act that help eligible low- and moderate-income Americans cover their out-of-pocket costs for prescription drugs and doctor visits. The disclosure about the cost-sharing reduction payments came the same day that Trump signed an executive order aimed at unraveling portions of the ACA.

The U.S. House of Representatives approved a provision that cancels about two-thirds of the National Flood Insurance Program's debt as part of a disaster relief package for recent hurricanes and fires.

The head of the National Association of Insurance Commissioners took to social media to express concerns about Lemonade Insurance Co.'s compliance with state laws governing licensing of insurance agents and producers.

New York Financial Services Superintendent Maria Vullo finalized a regulation to limit the amount insurers can reimburse for healthcare services executed outside of New York state under its no-fault insurance law.

Property and casualty

Bermuda-based insurers and reinsurers could pick up at least 25% of estimated $100 billion in insured losses arising from hurricanes Harvey, Irma and Maria, a Bermudian insurance trade group said.

Several insurance companies, including American International Group Inc., AXIS Capital Holdings Ltd., Cincinnati Financial Corp., Markel Corp., Assurant Inc., and Validus Holdings Ltd., disclosed the impact of the recent catastrophes on their quarterly results.

Life and health

The Centers for Medicare and Medicaid Services lowered the Medicare Star quality ratings for Centene Corp. unit Health Net of California Inc.'s Medicare Advantage plan to 3.5 from 4.0 for the 2018 rating year. Anthem Inc., on the other hand, received improved Medicare Star ratings for its Medicare Advantage health plan affiliates.

Regulators in South Carolina and Vermont approved the pending acquisition by China Oceanwide Holdings Group Co. Ltd. of Genworth Financial Inc.'s special purpose financial captive insurance subsidiaries in those states.

Premiums for health insurance plans offered on Wisconsin's Affordable Care Act exchange will rise an average 36% in 2018.

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