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New Jersey proposes tighter rules on life insurance reserves to match national standards
The proposal, introduced by the Department of Banking and Insurance, calls for the adoption of the NAIC Term and Universal Life Insurance Reserve Financing Model Regulation #787, known within the industry as the XXX/AXXX Model Regulation. The move would bring uniformity and greater transparency to reserve financing, an area that has historically presented regulatory challenges. Source link
What Northeast Contractors Need to Know
Contractors and their work are vital to the nation’s economy. In 2024, the construction industry contributed approximately $2.2 trillion—around 4.5% of the nation’s GDP. With over 8.2 million employees, the sector is essential for job creation and economic growth. In the Northeast, where infrastructure projects, urban development, and historic renovations are common, construction plays an…
New York Senate bill seeks to block title insurance payouts in fraudulent deed cases
Senate Bill 7732, introduced on May 2, 2025, aims to amend Section 6408 of the New York Insurance Law. Officially titled the Deed Theft: Bank and Lender Accountability Act, the bill introduces a new subsection (e) that would prevent any title insurance company organized or qualified under the article from paying claims to a lender…
Acrisure secures major capital backing to advance fintech strategy
The transaction values Acrisure at US$32 billion, representing an increase of nearly 40% from its last institutional capital raise three years ago. The company has recently added senior leadership as part of its growth plans, including the appointment of Mark Wassersug, former COO of Intercontinental Exchange, as chief technology officer, and Shawn Pelsinger, previously global…
USAA highlights 1 million new members and net worth rise
In 2024, USAA returned $2.2 billion to members through distributions, dividends, and banking rebates and rewards. The company also paid $4.3 billion in catastrophe-related claims. It also reported process improvements, including a reduction in average catastrophe claims processing time from 14 days to seven days, using advanced technology. Source link
California approves State Farm’s 22% insurance rate hike with conditions
The California Department of Insurance has been under pressure to stabilize the market, introducing new rules that allow insurers to factor in future climate risks when setting rates. However, these regulations have yet to take full effect, leaving insurers frustrated with a system that, they argue, does not allow them to charge premiums that reflect actual risk….