Hurricane Harvey has brought “500-year” rainfall and flood conditions to Southeastern Texas for the third time in three years, according to the Washington Post. How can insurers and reinsurers prepare for the next unprecedented storm?
Look to the Climate Risk Survey, developed by the National Association of Insurance Commissioners…
Read More Yet another record-breaking storm
Hurricane Harvey made landfall in Texas Friday as the strongest hurricane to hit the United States in a decade, leaving several people dead and tens of thousands more displaced. Additional rain this week could bring the total rain associated with Harvey to 50” in certain areas. Early indications are that…
Read More Hurricane Harvey Cripples Parts of Texas; Insurers Prepare for Billions in Claims
In an action filed by insurance agents working under independent contractor agreements with an insurer, the U.S. District Court for the Northern District of Ohio found the agents were employees who could pursue pension and other employment benefits under the Employee Retirement Income Security Act of 1974 (“ERISA”). To reach…
Read More Ohio Federal Court Finds Insurance Agents are Employees and Not Independent Contractors
As Hurricane Harvey barrels towards the Gulf, residents of Louisiana and Texas are scrambling to avoid a storm that forecasters currently predict will bring winds of over 110 miles per hour and dangerous flooding. However, Harvey is creating concern not only for residents of the region, but also for insurers…
Read More With Hurricane Harvey Looming, Insurance and Reinsurance Issues Lurk in the Wings
On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new direction following the recent promulgation of the New York Department of Financial Services…
Read More NAIC Cybersecurity Progress
A policyholder was tricked by emails ostensibly from a vendor invoicing for work provided and sent $800,000 to the fraudster’s account. In an action filed by the insured, a federal district court for the Eastern District of Michigan has agreed with the insurer there is no coverage for the loss. …
Read More Michigan Federal Court Finds No Coverage for Policyholder Duped By Fake Email
A policyholder was hit by a fraudster that developed emails mirroring the format of the company’s emails and showing knowledge of sensitive company details. Because of the ersatz emails, company employees were tricked into arranging a $4.8 million wire transfer to the perpetrator’s account. The federal district court for the…
Read More NY Federal Court Finds Coverage for Policyholder Duped By Computer Fraudster
The insurance world has its share of industry organizations, and a new one has arrived.
Read More NAPSLO Merges with AAMGA to form Wholesale and Specialty Insurance Association (WSIA)
Michael Yaworsky has been appointed as Chief of Staff for the Florida Office of Insurance Regulation. The appointment is effective Monday, July 24, 2017. Mr. Yaworsky previously serviced as Legal Counsel for the Georgia Office of Insurance and Safety Fire Commission and prior to that served as General Counsel for…
Read More New Chief of Staff Appointed to the Florida Office of Insurance Regulation
The Massachusetts Joint Committee on Financial Services recently held a hearing on legislation that would require motor vehicle insurers to check an applicant’s driving history before providing a premium quote. House Bill 3682, titled “an act relative to fair and accurate motor vehicle insurance quotes,” is sponsored by the Committee’s…
Read More Massachusetts Legislation on Motor Vehicle Insurance Quotes
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