Regulatory / Legal
March 11, 2024
Via: Reinsurance NewsThe U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered […]
March 8, 2024
Via: Insurance JournalThe US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort […]
March 6, 2024
Via: Insurance JournalFormer North Carolina insurance and business mogul Greg Lindberg has lost an appeal on whether one of his companies can delay the liquidation of two of his troubled life insurance carriers. North Carolina Insurance Mike Causey said the March 5 […]
February 21, 2024
Via: Repairer Driven NewsA California lawsuit filed against National General claims the insurer terminated policies post-collision for unrelated reasons, leaving claimants to foot the property damage and repair bills. NBC 7 reports Andy Nguyen, of San Diego, was involved in a collision while […]
February 20, 2024
Via: Insurance JournalUber Technologies last Friday sued an auto insurer to have it defend and indemnify it regarding multiple lawsuits that are seeking to hold Uber vicariously liable for accidents involving Uber drivers in New York. The technology company maintains that the […]
February 19, 2024
Via: Repairer Driven NewsA Washington class action lawsuit claims USAA uses a computer program made by a CCC company to arbitrarily reduce or deny personal injury protection and/or medical payments, Washington Superior Court for Clark County documents say. The suit, filed in November, […]
February 16, 2024
Via: Insurance JournalSouth Africa’s President Cyril Ramaphosa said on Thursday that he planned to sign into law a National Health Insurance (NHI) bill that aims to provide universal health coverage to South Africans, although he did not give a time frame. The […]
February 16, 2024
Via: Insurance JournalThe Maryland Insurance Administration (MIA) is warning of an insurance-related scam targeting small painting, construction, and cleaning businesses. The fraudulent offers may be received by email, text message, or phone call. MIA advises businesses that are contacted by anyone offering […]
February 14, 2024
Via: Repairer Driven NewsThe National Council of Insurance Legislators (NCOIL) Property & Casualty Insurance Committee has adopted an act that provides states with a template for making changes to public adjuster licensing code and other professional standards. The NCOIL Public Adjuster Professional Standards […]
February 13, 2024
Via: JD SupraOn January 17, 2024, The New York Department of Financial Services (“DFS”) issued a proposed insurance circular letter regarding insurers’ use of external consumer data and information sources (“ECDIS”) and artificial intelligence systems (“AIS”) in underwriting and pricing. In recognizing […]
February 12, 2024
Via: JD Supra“The wholesale insurance market in particular has a long way to go in having an inclusive culture … areas for improvement include … preventing and handling non-financial misconduct,”1 stated the Financial Conduct Authority (FCA) last autumn. This message was reinforced […]
February 5, 2024
Via: Repairer Driven NewsA California law has given Consumer Watchdog, a nonprofit advocacy group, the ability to block $3.16 billion in auto insurance overages since 2002, a new report from the group said. “The savings are thanks to a provision of Proposition 103 […]
February 5, 2024
Via: JD SupraClimate litigation against companies is increasing and the stakes are getting higher. Last year saw more headline-making claims being brought against corporations and a slew of important decisions from courts in jurisdictions around the world, and this trend looks set […]
February 2, 2024
Via: JD SupraOn January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the […]
January 30, 2024
Via: JD SupraFor parties facing class action lawsuits, where the class seeks to recover for economic losses, there may still be opportunities for insurance coverage. Thus, where economic losses arise out of the purchase of products that have the potential for causing […]
January 25, 2024
Via: Reinsurance NewsMore than 140 insurance industry plaintiffs, including State Farm, Swiss Re and Lloyd’s, have reportedly joined lawsuits filed against utilities and landowners related to the Maui, Hawaii wildfires, which destroyed much of Lahaina and killed 100 people back in August […]
January 19, 2024
Via: Insurance JournalThe owner of a Michigan insurance agency has been charged with embezzling money from employees by misappropriating payroll deductions, announced Attorney General Dana Nessel. Nancy Caviston, 76, of Superior Charter Township, was arraigned Thursday on charges of embezzlement and wage […]
January 18, 2024
Via: Insurance BusinessAn insurance producer is a collective term given to industry professionals involved in selling policies. Before they can do so, however, the law requires them to secure the proper licenses. If you feel like a career in insurance sales is […]
January 18, 2024
Via: Insurance BusinessGetting a Texas insurance license is often the first step if you want to pursue a career as an insurance professional in the Lone Star State. Just like in other states, the process isn’t always straightforward and requires you to […]
January 16, 2024
Via: JD SupraA Pennsylvania federal court, applying Pennsylvania law, held that a policy’s Wage and Hour Violation exclusion applied to the entirety of underlying class actions that alleged the insured employer schemed to underpay its prevailing wage workers. Twin City Fire Ins. […]