Author: Frank Barnes

As cybercrime grows more sophisticated, Patrick Costello makes the case for MGAs who prioritize people over products Source link

Under the proposed legislation, the annual DFS notice may include the department’s disaster hotline, key contact details, and a link to the department’s online disaster and flood resource center. Additionally, it must feature a clear statement highlighting that standard homeowners and renters insurance policies do not typically cover flood-related damages, underscoring the necessity of separate…

The lawsuits come amid growing instability in the state’s property insurance market, where several insurers have scaled back offerings or exited the market altogether, citing increased wildfire risk, rising claims costs, and regulatory constraints. Source link

Deal expands niche market capabilities Source link

The company offers products in general liability, commercial property, and garage segments, utilizing its proprietary Western World Integrated Platform (WWIP) to facilitate underwriting, rating, quoting, binding, and policy issuance for wholesale brokers and their clients. Source link

Previously, the Office of Superintendent of Insurance (OSI) was limited in its capacity to compel information before filing a notice of contemplated action. Under the amended Section 59A-2-8 of the New Mexico Statutes, the superintendent can now issue a civil investigative subpoena during the early stages of an investigation. This tool can be used to…

A newly introduced bill in the Illinois General Assembly aims to significantly alter the regulatory oversight of the title insurance industry. Senate Bill 2648, introduced by Sen. Bill Cunningham, proposes shifting enforcement authority from the Department of Financial and Professional Regulation (IDFPR) to the Department of Insurance (DOI). This strategic move could streamline insurance oversight…

Using their supply chain data, businesses can model tariff exposure based on where goods come from, how much is spent, and where products are sold. Mitigation strategies, such as “rewiring” your supply chain or redesigning products to reduce exposure from specific components, can then be explored. Source link

Using their supply chain data, businesses can model tariff exposure based on where goods come from, how much is spent, and where products are sold. Mitigation strategies, such as “rewiring” your supply chain or redesigning products to reduce exposure from specific components, can then be explored. Source link

Earth Day reminds us of the profound impact our choices have on the environment. For businesses, this responsibility extends beyond daily operations to encompass the broader community and ecosystem.  Your decisions regarding practices like waste disposal, chemical storage, and emissions can influence the well-being of the environment around you and your company’s sustainability and reputation….

Sankaran has more than 30 years of experience in global operations and transformation roles across several industries, including insurance, healthcare, finance, procurement, and human resources. He has held senior positions at Wipro, Accenture, GeBBS Healthcare Solutions, WNS, GE Capital, and Pfizer, managing global teams and client portfolios in various market conditions. Source link

Sankaran has more than 30 years of experience in global operations and transformation roles across several industries, including insurance, healthcare, finance, procurement, and human resources. He has held senior positions at Wipro, Accenture, GeBBS Healthcare Solutions, WNS, GE Capital, and Pfizer, managing global teams and client portfolios in various market conditions. Source link

Key hires have more than 40 years of experience combined Source link

Founded in 1879, Starkweather & Shepley is one of the largest independent insurance agencies in Rhode Island. With 14 offices in Rhode Island, Massachusetts, Connecticut and Florida, the company offers business insurance, personal insurance, employee benefits and risk management services. Source link

Meanwhile, Rick Donatini, a veteran in the employee benefits field, has been named vice president, employee benefits, bringing decades of experience to the role. Together, the three new hires bring nearly 70 years of combined experience to Liberty, strengthening the company’s ability to provide comprehensive benefit solutions to clients. Source link

HB 1088, introduced by the Industry, Business and Labor Committee at the request of the Insurance Commissioner, underscores North Dakota’s enhanced commitment to consumer protection and industry accountability. Garnering significant bipartisan support, the bill passed with overwhelming majorities in both chambers: a 76-13 vote in the House and a decisive 45-1 vote in the Senate….

MS&AD was established in 2010 through the integration of Mitsui Sumitomo Insurance Group Holdings, Aioi Insurance Co., and Nissay Dowa General Insurance Co. The group operates across several business segments, including domestic and international non-life insurance, life insurance, financial services, and risk-related services. Source link

A significant new bill introduced in the New York State Assembly could fundamentally change compensation structures within the title insurance industry. Assembly Bill A07866, sponsored by Assemblymember Carrie Woerner, sets out clear, strict guidelines on how title insurance agents can be compensated by insurers, emphasizing transparency, fairness, and accountability in agent-insurer dealings. Source link

A newly signed bill in New Mexico has introduced sweeping restrictions on the disclosure of sensitive personal information by state agency employees, in a move that is likely to have compliance implications for insurers, contractors, and government service providers. The “Nondisclosure of Sensitive Personal Information Act,” passed under Senate Bill 36 (SB 36), will take…

Competing visions spark new economic routes Source link

Successor has been with the company since 2008 Source link

His successor has been with the company since 2008 Source link

Rob Fauber, president and CEO of Moody’s, noted that the partnership will provide valuable insights to help investors, including insurers, assess credit risk and make informed decisions. Henry Fernandez, chairman and CEO of MSCI, emphasized the need for greater transparency and clarity in the private credit market, which is seen as essential for the insurance…

Earn your Associate in Claims (AIC) or Associate in Claims – Management (AIC-M) to advance your career. See their benefits and get started today Source link

Despite a decrease in the number of severe flaws, the total volume of vulnerabilities suggested ongoing pressure on IT resources and patching capabilities. The report recommended adopting a multi-layered defense strategy, combining access controls with real-time detection, to protect against identity-driven and zero-day attacks. Source link

Small claims are the sleeper threat to your bottom line, and, according to Troy Insurance, the damage starts long before the first big injury Source link

“We also brought our partnership ethos to the incumbent agents, striving to achieve a smooth, seamless process, to focus our efforts on policies we believe can be underwritten on an actuarially sound basis within 20% of Citizens rates and to limit our reweighting predominantly to reflect our commitment to statewide diversification and exposure management,” he…

While both Landry and Temple emphasized the need to address issues such as legal abuse and distracted driving, they diverged on some matters. Landry advocated for limiting the use of credit scores in underwriting, a position that has met resistance from insurers, who argue that it impairs risk-based pricing. Source link

The dispute arose from a lease agreement executed in February 2019, under which Hembree Insurance Trust leased a 135,847-square-foot industrial building in Scottsboro, Alabama, to Maples Industries for a five-year term running from January 1, 2020, through December 31, 2024. The lease obligated Maples to maintain the property, including a clause specifying that Maples would…

Effective July 2024, Kansas also increased workers’ compensation benefits for injured or deceased workers. The total death benefit rose from $300,000 to $500,000, and the cap for permanent total disability increased from $155,000 to $400,000. This legislation, the first update since 2011, aims to create a more equitable system. Source link