Tag Archives: insured

FTC Reaches Settlement with Crypto Company Voyager Digital; Charges Former Executive with Falsely Claiming Consumers’ Deposits Were Insured by FDIC – Federal Trade Commission News

  1. FTC Reaches Settlement with Crypto Company Voyager Digital; Charges Former Executive with Falsely Claiming Consumers’ Deposits Were Insured by FDIC Federal Trade Commission News
  2. CFTC and FTC file lawsuits against former Voyager Digital CEO for fraud, making false claims Cointelegraph
  3. Voyager Digital co-founder sued by US regulators for fraud Reuters
  4. Voyager Ex-CEO Charged by U.S. Regulators With Fraud, Making False Claims CoinDesk
  5. FTC sues bankrupt crypto company Voyager’s CEO over false FDIC insurance claims TechCrunch
  6. View Full Coverage on Google News

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Hurricane Ian uninsured, insured damages estimated between $41-70B

An analysis of final estimated uninsured and insured damages in impacted states following Hurricane Ian reveals total flood and wind related losses are between $41 billion and $70 billion. 

The analytics and data provider CoreLogic said that that estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.

Flood loss from private insurance and the National Flood Insurance Program (NFIP) for residential and commercial properties is estimated to be between $8 billion and $18 billion. 

That total includes both re-evaluated storm surge and new estimates for inland flooding.

BATTLING FIRES FROM WATER-DAMAGED EVS ‘TIES UP RESOURCES’ IN HURRICANE IAN RECOVERY, FLORIDA FIRE DEPT SAYS

A sign is stuck in a pile of home furnishings that reads “please don’t take anything insurance must document you loot I shoot” on Oct. 7, 2022 in Fort Myers, Florida.  (Joe Raedle/Getty Images / Getty Images)

In addition, uninsured flood loss for Florida, South Carolina and other states is estimated to be between $10 billion and $17 billion.

Wind losses are estimated to be $23 billion to $35 billion.

BATTLING FIRES FROM WATER-DAMAGED EVS ‘TIES UP RESOURCES’ I NHURRICANE IAN RECOVERY, FLORIDA FIRE DEPT SAYS

CoreLogic used the U.S. Inland Flood Model and the CoreLogic North Atlantic Hurricane Model to reach these conclusions.

Renardo Josino rests in his vehicle on Oct. 7, 2022 in Fort Myers, Florida. Mr. Josino said he was in the area hoping to help people recover from the storm and with no hotel rooms available he is using his van.  (Joe Raedle/Getty Images / Getty Images)

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Insured loss represents the amount insurers will pay to cover damages. 

A destroyed house following Hurricane Ian in Fort Myers Beach, Florida, US, on Tuesday, Oct. 4, 2022.  (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

Flood is a separate coverage and not mandatory outside designated Special Flood Hazard Areas (SFHAs).  

The inland flood analysis is based on the rainfall from Sept. 25 to Oct. 4.

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According to CoreLogic, more than 66,000 pending mortgage applications worth nearly $22.5 billion are currently in progress in Florida and the Carolinas and are in jeopardy from Hurricane Ian damages.

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FTX’s money isn’t insured, FDIC says

The Federal Deposit Insurance Corporation (FDIC) slapped the Sam Bankman-Fried-owned cryptocurrency exchange FTX with a cease-and-desist order over “false and misleading statements” that suggest its assets are FDIC-insured. The FDIC doesn’t cover stocks or crypto, and only safeguards funds held in insured bank accounts.

In a letter to the exchange, the FDIC points to a now-deleted tweet from FTX president Brett Harrison, which states “direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” The referenced tweet also says that “stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.” The FDIC claims this falsely represents that FTX and the funds invested by users are FDIC-insured when they’re really not.

While not flagged in the FDIC’s letter, users have also pointed out another potentially misleading tweet from Harrison that says “cash associated with brokerage accounts is managed into FDIC-insured accounts” at FTX’s “partner bank.”

Harrison has since issued a response to the FDIC’s letter, explaining that FTX “really didn’t mean to mislead anyone,” and claims FTX “didn’t suggest that FTX US itself, or that crypto/non-fiat assets, benefit from FDIC insurance.” FTX CEO and founder Bankman-Fried provided further clarification as well, stating that while “FTX does not have FDIC insurance,” the banks it does business with do. Bankman-Fried adds that it may “explore potential ways that individual accounts using direct deposit… could, in the future, be used to further protect customers,” and that FTX “would be excited to work with the FDIC on that.”

As noted by the FDIC, the Federal Deposit Insurance Act (FDI Act) prohibits companies from ”implying that their products are FDIC–insured by using ‘FDIC’ in the company’s name, advertisements, or other documents.” The FDIC is giving FTX 15 days to provide confirmation that it has removed or corrected any alleged misrepresentations. In addition to FTX, the FDIC doled out cease-and-desist warnings to four other companies, including Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com.

The FDIC declined to comment beyond the contents of its letter, and FTX didn’t immediately respond to The Verge’s request for comment.

Like Robinhood, FTX has started offering both traditional stock and crypto trading options. In May, crypto billionaire Bankman-Fried disclosed a 7.6 percent stake in Robinhood, and he’s reportedly looking into purchasing the trading platform.

Even with the so-called crypto winter driving several crypto companies to bankruptcy, FTX and Bankman-Fried’s crypto trading firm Alameda Research have somehow managed to stay afloat. Bankman-Fried has extended lines of credit to numerous struggling crypto firms to help them weather the uncertain economy, and told Reuters he has “a few billion” more for future bailouts. According to documents obtained by CNBC, FTX brought in $1.02 billion in revenue in 2021 and $270 million in the first quarter of 2022.



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Less than a third of insured hepatitis C patients get timely treatment, study shows

The researchers on the study, published Tuesday by the US Centers for Disease Control and Prevention, found that among about 48,000 people who tested positive for the potentially life-threatening disease from early 2019 to late 2020, the percentage who started treatment within a year was 35% with private insurance, 28% with Medicare and 23% with Medicaid.

Hepatitis C is caused by a virus that spreads through contact with blood from an infected person, such as by using a shared needle when injecting a drug. Without treatment, it can become a lifelong infection that can increase the risk of liver disease, cancer and death.

The CDC estimates that there were over 2 million people in the US living with hepatitis C infection from 2013 to 2016, and it was listed as a cause of death for 14,242 people in 2019.

“Nearly a decade after a highly effective cure has become available, we’re still seeing very large gaps in hepatitis C treatment — tremendous missed opportunities to not only improve health and prevent cancer and save lives but even prevent ongoing transmission,” Dr. Carolyn Wester, director of the CDC’s Division of Viral Hepatitis and co-author of the new study, told CNN.

High costs and insurance restrictions

The US Food and Drug Administration approved the first of a series of new hepatitis C treatments called interferon-free direct-acting antiviral agents in December 2013.

Experts estimate that the treatment, which typically involves tablets taken by mouth over two to three months, cures over 95% of people who get it, but many have had trouble accessing it in part due to its high price.

Wester said that when the treatment became available, the cost for a two- to three-month regimen was roughly $90,000 per person. That cost has come down due to factors like increased competition from other drug manufacturers, but it’s still a barrier to access.

She added that in order to contain their own costs, insurers put restrictions on who could receive coverage for the treatment, and people who qualify for coverage may still have to pay out-of-pocket costs.

Some insurers have limited coverage to certain groups of patients such as those who have evidence of liver damage, have abstained from drug and alcohol use for over a month, or have been prescribed the treatment by a specialist physician. This is despite clinical guidelines recommending that everyone with hepatitis C be treated, with rare exceptions such as children younger than 3.
“I think there’s an unfortunate, really terrible stigma against people who inject drugs, sort of this idea that treatment is futile in a way because if they continue injecting drugs, they might just get reinfected,” said Dr. Alysse Wurcel, an assistant professor and physician at Tufts Medical Center, who was not involved in the study. “There’s lots of studies that came out that these medicines are safe and efficacious in people who inject drugs.”

The researchers on the new study found that people whose Medicaid program enacted at least one of these restrictions were 23% less likely to access treatment within a year of diagnosis compared with those whose Medicaid program did not enact a restriction.

Accessing treatment soon after diagnosis is important.

“Otherwise, people often fall out of care, or because hepatitis C can remain asymptomatic for years, people forget or are unaware of their diagnosis,” Wester said. “And what ends up happening is, they don’t get linked to the treatment that they need, and then they show up much later in the health system with advanced disease and complications that are much harder and much more costly to treat. In addition, we’ve lost years of opportunity to prevent transmission.”

The study was published in the CDC’s Morbidity and Mortality Weekly Report, which is not peer-reviewed, meaning it has not been validated by independent experts.

Years of declining treatment rates

The study had some limitations, including that the findings are not generalizable to people who do not have health insurance or who have disruptions in their coverage. It also did not include information about patients who are incarcerated.

The researchers looked at “patients who are diagnosed and have insurance coverage, so in many ways [these] are the individuals who are set up to have the best access to care and treatment,” Wester said on a media call Tuesday.

Additionally, the data was not specific enough to describe why each person did not receive treatment. Because the study period overlapped with the Covid-19 pandemic, many people may have been less likely than normal to seek and receive treatment due to disruptions to care. Still, hepatitis C treatment rates have been declining annually since 2015, the CDC said in an email.

“It is likely that COVID-19 disruptions played a role in the low treatment numbers in this analysis; however, other longer-standing barriers are also at play to prevent access to treatment. These include state Medicaid restrictions on what types of providers can prescribe treatment, patient eligibility restrictions, and prior authorization requirements before treatment can begin,” the CDC added. Prior authorization is a process by which insurers review whether a treatment is medically necessary before it agrees to cover a drug.

A key to ending the epidemic

“Health care providers, insurers, and policymakers and public health professionals all need to work towards removing those eligibility restrictions,” Wester said. She added that treatment should be made available in more settings, like primary care offices, and that more testing needs to be done to identify people who could benefit from treatment.

Wurcel said she remembers the day the new treatments were approved. She had made a list of patients whom she would try to get onto the new therapy. What followed was nearly a decade of a “rollercoaster” as patients have had to navigate obstacles to access.

“The only way to end the hepatitis C epidemic is to treat more, and one of the key multilevel strategies is decreasing the price of hepatitis C meds. That has to be part of the strategy aimed at eradicating hepatitis C,” she said.

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