Category: Regulatory / Legal

April 24, 2024

In its latest US Life & Health Insurance update, Moody’s analysts have highlighted improving capital risks transparency as regulators top priority as well as their concern regarding the increase in the use of offshore reinsurance by life insurers. “This year […]

April 23, 2024

Three investment firms connected to some of the best-known names on Wall Street have upped the ante in a legal dispute over now-insolvent Lighthouse Property Insurance Corp., based in Tampa. Fortinbras Enterprises, the managing partner of which is the well-known […]

April 19, 2024

A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. […]

April 18, 2024

The “Ensuring Access to Risk Management Act of 2024” has been introduced in the US House of Representatives, aiming to address compensation issues for crop insurance agents by reinstating an inflation adjustment that was halted in 2016. The bipartisan bill, […]

April 10, 2024

In a recent survey conducted by Airmic, it was revealed that 59% of participants view the ethical concerns posed by artificial intelligence (AI) as part of a broader category of ethical risks within their organisations. The findings also showed a […]

April 4, 2024

The Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market, according to the state’s Insurance Commissioner Michael Yaworsky. Yaworsky’s comments stem from the Florida Office of Insurance Regulation’s (OIR) […]

March 22, 2024

In 2023, North Carolina passed notable legislative changes to the State’s car insurance laws, increasing the minimum limits on liability insurance policies for the first time in nearly 25 years and removing the setoff for underinsured motorist (UIM) policies. The […]

March 11, 2024

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 […]

March 8, 2024

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 […]

March 6, 2024

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 […]

February 21, 2024

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 […]

February 20, 2024

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 […]

February 19, 2024

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, […]

February 16, 2024

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 […]

February 16, 2024

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 […]

February 14, 2024

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 […]

February 13, 2024

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 […]

February 12, 2024

“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

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 […]

February 5, 2024

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 […]