12/29/2011
Members of the Evangelical Christian Publishers Association (ECPA) will be able to access a new insurance program at the start of the new year. The ECPA has partnered with Ministry Service Group, a division of Market Financial Group, to offer the all-lines insurance coverage to members.
The program extends beyond simple media liability and will offer property and liability, auto, workers’ compensation, umbrella, errors and omissions, directors and officers and international coverages. Cyber liability coverage will also be available. For complete article, please visit: http://www.insurancejournal.com/news/national/2011/12/28/228902.htm
07/28/2011
On June 28th Governor Pat Quinn signed the long awaited 2011 Illinois Workers’ Compensation Reform Act, and the it became effective July 1, 2011. Since that time, we have been able to amass additional information on key components of the Act that we would like to share.
The National Council on Compensation Insurance (NCCI) has now conducted their review of the changes to the Illinois’ Workers’ Compensation system and have determined that there will be an 8.8% decrease in the loss-cost, effective September 1, 2011.
Carriers will either have to adopt the NCCI rates or file their own rates to be approved through the Illinois Department of Insurance. NCCI is still planning a general rate revision (not filed with the IDOI at this time) to be effective January 1, 2012 in the State of Illinois.
In addition to the decrease in loss-cost, we have updated information regarding specific sections of the law change:
- The medical fee schedule has been reduced by 30% for all medical services provided on or after September 1, 2011 (regardless of the date of loss). If a fee schedule amount cannot be determined, medical payments will be made at 76% until September 1, 2011 and at 53.2% thereafter. The change in the medical fee schedule accounts for nearly 7.4% of the rate reduction taking place on September 1st. The full 30% reduction in the fee schedule does not affect the loss costs due to medical provider network contracts already in place by some employers or insurers with existing reimbursements that are less than the fee schedule.
- Carpal Tunnel Syndrome settlement payments for losses occurring on or after July 1, 2011 will now be capped at 15% of a hand (or 28.5 weeks) or up to 30% of a hand (57 weeks) only if there is “clear and convincing evidence” that an injury should exceed 15%.
- Effective September 1, 2011, wage differential claims will be paid until the later of either the injured worker reaching the age of 67 or 5 years after the date the award becomes final. This is a positive change going forward considering current wage differential claims pay lifetime benefits. This will not affect open and ongoing claims prior to September 1, 2011.
- Changes to Preferred Provider Programs (PPP) allow the employer to have some ability to direct their employees to specific approved network providers. Employees will have the ability to “opt-out”, but by doing so will limit themselves to 1 non-emergency treating physician. The Illinois Department of Insurance and the Illinois Workers’ Compensation Commission are actively working on the procedures and forms affecting this Act provision. Medical networks i.e. Concentra, Advocate, GenEx, etc. are currently readying themselves to address the procedures and forms required for PPP approval and status.
- Amendments regarding intoxication defense confirm that no compensation shall be payable if an employee’s intoxication is the proximate cause of the employee’s accidental injury, or if at the time of the injury the employee was so intoxicated the intoxication constituted a departure from employment. All testing shall be performed by an accredited or certified testing laboratory and conform to national and state regulatory-legal standards.
- Arbitrators serving at the time of the Act signing were terminated effective July 1, 2011. However, they will continue to serve until they are replaced or reappointed. The new arbitrators will serve for terms of 3 years. The first term expirations are staggered so that 12 arbitrator terms will expire on July 1, in years 2012, 2013, and 2014.
- A collective bargaining Alternative Dispute Resolution Program (ADR) is being piloted by the Operating Engineers and Steelworkers labor unions. The organizations may create an agreement of no less than 2 years with construction employers for an ADR program to resolve work-related injuries without diminishing or increasing benefits. This will likely be formulated into the next collective bargaining agreements.
With regards to this bill, we will continue to communicate changes that will affect our business.
07/08/2011
You have probably heard of Captive Insurance companies. Are you aware that more than 54% of the insurance marketplace is insured by some type of alternative insurance program? Do you ever wonder whether your business would qualify for a Captive, what is the right Captive for your business, how can you insure coverage’s the standard market will not insure, and what are the laws that protect Captive Insurance companies? If your business has a consistent cash flow, produces steady profits in excess of $750,000 a year, want to insure risks that you might not be covered for right now, and want to maximize your tax liability than you should attend our event.
Market Financial Group would like to help you learn more about the different types of Captive’s and how they can help your organization. The event is designed to educate you on Captive’s, and more importantly answer all of your questions regarding coverage’s, formation, taxation, etc. The event will be hosted by myself, Josh Rogers of Arete Wealth Management, and Ralph Minto of Minto Law Group. Ralph is a Certified Tax Attorney and Captive Manager from Pittsburgh Pennsylvania. If you cannot attend we do encourage you to invite your CPA to learn more about these tax efficient entities.
Where: Wildfire Steakhouse
1250 East Higgins Road
Schaumburg, IL 60173
(847) 995-0100
When: Thursday July 14th
1pm to 4pm
Appetizers and Cocktails to follow
If you have any questions regarding the event before the 14th please do not hesitate to contact me. Please know the venue seating is limited to 30 guests. RSVP to Mei Kin Chew at mchew@marketfinancialgrp.com. We are delighted to host this unique event, and hope you can join us. Have a great week!
03/11/2011
On February 14, 2011, Market Financial Group was named one of the three finalists to receive the Automation Excellence Award. Our competitors include Bank of America's insurance business unit and Peel & Holland Financial Group. According to NetVU, "The three finalists and subsequent winner exemplify excellence in agency automation implementation" and are the "...best of the best". We are very proud and thankful for the nomination and look forward to attending the Conference in April, where the award will be finalized. Once again, we would like to thank you, our most valued customer, for your unwavering support that made all our hardwork worthwhile.
For the complete article published on NetVu's official website, please go to http://www.netvu.org/services/newsletter-articles/Now-2-14-11/#autoexec.
03/11/2011
Market Financial Group (MFG) is proud to announce the launching of our new division, Market Financial Group - Wealth Management LLC. MFG-Wealth Management has partnered with Arete Wealth Management Group, an established financial services company as our broker dealer. This division will be headed by Ed Ducett and Josh Rogers who have years of experience helping individuals and businesses achieve financial goals through some of the most volatile market conditions. Their impeccable track record in financial planning, wealth and asset management have contributed to significant financial success for many. You could be the next!
Please feel free to contact Ed Ducett at 815-450-3300 or via e-mail at educett@marketfinancialgrp.com if you are interested in setting up an appointment to discuss your retirement, investment, or wealth protection needs. The future of your financial success can start today. Take action now!
