More Corruption: Texas Insurance Board Fails To Protect Retired Teachers' Health Care Plan.

[DhhD]

http://www.mystatesman.com/news/news/texas-retired-teachers-group-worries-about-insuran/np4mB/?mc_cid=d25392b8b0&mc_eid=f14c8116c8
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Tim Lee, executive director of Texas Retired Teachers Association, said he continues to harbor the same concerns he had in previous weeks. Specifically, he is worried that Philip Falcone, the CEO of HC2 Holdings Inc., and his publicly traded company would bankrupt United Teacher Associates Insurance Co., which holds 20,000 retired teachers’ long-term care policies that cover costs of nursing homes or other expenses associated with getting old.

Lee said he believes the company will seek to raise premiums so high that policyholders won’t be able to afford the monthly payments.

“The first word I would use is disappointing,” he said upon receiving word of the approval. The Texas Department of Insurance “failed to protect the people who have these policies.”
more at link


Philip Falcone, hedge fund chief, has already been sanctioned by the U.S. Securities and Exchange Commission. Texans are worried that about this $1.2 billion investment in assets in the exchange for $7 million from Falcone.