July 6

Millions of consumers will see the results of one of the provisions of the Affordable Care Act in the form of a rebate check from their insurance company this summer. The Affordable Care Act established the 80/20 rule requiring health insurance companies to spend at least 80 percent of revenue from premiums on actual health care and no more than 20 percent on administration, CEO pay and profits. On June 21, theU.S. Department of Health and Human Servicesannounced that 12.8 million Americans with health insurance were due $1.1 billion in rebates under the act’s medical loss ratio rule that took effect last year. The average rebate nationally will be $151 per affected household, paid out by Aug. 1.

Virginia’s insurance commissioner is advising residents to contact their insurer as soon as possible to report any property damage from the spate of destructive storms that have hit the state. Commissioner Jacqueline Cunningham also recommends taking photographs of damaged homes, businesses or vehicles and saving receipts from any repairs. Besides coverage for property damage, insurance policies may include coverage for the removal of debris and additional living expenses. Contact information for insurance companies and agents is available on the State Corporation Commission’s Bureau of Insurance website at scc.virginia.gov

The Virginia Farm Bureau Federation is negotiating to buy at least part of the State Fair of Virginia from its new owner. Federation spokesman Greg Hicks says that his organization has been in talks with Tennessee-based Universal Fairs LLC. He says an announcement “one way or the other” will be made next week. Universal Fairs president Mark Lovell bought the 150-year-old fair’s intellectual property and the event site in Caroline County for $5.67 million at an auction on May 22. The Virginia Farm Bureau was a sponsor of the fair. Lovell told the newspaper last month that he was open to selling the property if the price is right.

July 6, 2012 |

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