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Category: Regulatory / Legal

Regulatory / Legal


Regulatory / Legal

FEMA secures a further $575m of flood reinsurance for NFIP

March 11, 2024

Via: Reinsurance News

The 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 […]


Regulatory / Legal

US Treasury Drops Plan to Collect Insurer Data on Climate Risks

March 8, 2024

Via: Insurance Journal

The 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 […]


Regulatory / Legal

NC Appeals Court Gives Green Light to Liquidation of Lindberg Insurance Firms

March 6, 2024

Via: Insurance Journal

Former 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 […]


Regulatory / Legal

National General allegedly used information unrelated to claims to drop policyholders

February 21, 2024

Via: Repairer Driven News

A 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 […]


Regulatory / Legal

Uber Sues Drivers’ Insurer Alleging Its Claims Practices Have Fueled Tort Litigation

February 20, 2024

Via: Insurance Journal

Uber 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 […]


Regulatory / Legal

Lawsuit alleges USAA uses computer system to arbitrarily deny, reduce claims

February 19, 2024

Via: Repairer Driven News

A 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, […]


Regulatory / Legal

South Africa’s President Will Sign Health Insurance Bill Into Law

February 16, 2024

Via: Insurance Journal

South 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 […]


Regulatory / Legal

Maryland Issues Insurance Scam Warning for Businesses

February 16, 2024

Via: Insurance Journal

The 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 […]


Regulatory / Legal

NCOIL committee adopts public adjuster standards model act

February 14, 2024

Via: Repairer Driven News

The 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 […]


Regulatory / Legal

New York Department of Financial Services proposes insurance circular letter regarding use of artificial intelligence systems and external consumer data and information sources in insurance underwriting and pricing

February 13, 2024

Via: JD Supra

On 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 […]


Regulatory / Legal

Toxic Culture Review: FCA Statutory Demand for Non-Financial Misconduct Data

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 […]


Regulatory / Legal

California law protected consumers from $3 billion in auto insurer hikes, report says

February 5, 2024

Via: Repairer Driven News

A 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 […]


Regulatory / Legal

Climate Change Litigation: What Can Liability Insurers Expect in 2024?

February 5, 2024

Via: JD Supra

Climate 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 […]


Regulatory / Legal

NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing

February 2, 2024

Via: JD Supra

On 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 […]


Regulatory / Legal

Courts surprisingly affirm insurance coverage to defend against economic loss

January 30, 2024

Via: JD Supra

For 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 […]


Regulatory / Legal

Host of re/insurers seek reimbursement after paying out $1bn for Lahaina wildfires

January 25, 2024

Via: Reinsurance News

More 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 […]


Regulatory / Legal

Owner of Michigan Insurance Agency Charged With Embezzlement

January 19, 2024

Via: Insurance Journal

The 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 […]


Regulatory / Legal

Everything you need to know about getting an insurance producer license

January 18, 2024

Via: Insurance Business

An 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 […]


Regulatory / Legal

How to get your Texas insurance license: a guide

January 18, 2024

Via: Insurance Business

Getting 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 […]


Regulatory / Legal

Wage and Hour Violation Exclusion Applies to Allegations of Untimely Payments in Connection with Scheme to Underpay Employees

January 16, 2024

Via: JD Supra

A 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. […]