New Jersey proposes tighter rules on life insurance reserves to match national standards

[ad_1] For many firms, she explained, these transactions become a catalyst for reassessment. The average deal size in 2024 hit $792 million, according to Travelers’ data. With deals of that magnitude, companies are under pressure to scrutinize every function, including insurance.   [ad_2] Source link

[ad_1] For example, when converting a quote into a policy, it’s the Accredited Customer Service Representative’s duty to meticulously verify the relevant information, update policy terms, and adhere to stringent company protocols. This is essential to ensure a seamless transition from a client’s inquiry to a bona-fide insurance policy agreement.   [ad_2] Source link

[ad_1] Kevin Martin, executive director of the Illinois Insurance Association (IIA), said the office has previously introduced legislation aimed at banning the use of underwriting factors like credit scores and age, calling into question the agency’s objectivity. “Putting the wolf in charge of the hen house,” Martin said, referencing the potential conflict of interest. [ad_2]…

[ad_1] WM Outrigger Re, another key insurance operation, reported a sharp increase in premiums, with gross written premiums rising to $38 million in the first quarter, up from $34 million in Q1 2024. However, its combined ratio was significantly higher at 166%, primarily due to losses related to the California wildfires. [ad_2] Source link

[ad_1] The request, submitted in February by the North Carolina Rate Bureau, was initially denied by Causey, continuing his long-standing practice of rejecting initial rate hike proposals. The North Carolina Department of Insurance confirmed the hearing timeline in a recent statement. [ad_2] Source link

[ad_1] The Supreme Court ruled, however, that Farmers met its legal obligations by using notice language approved by the state’s Department of Consumer and Business Services (DCBS). The court said insurers that adopt agency-approved wording are not liable for omitting portions of the statute, affirming that the legislature intended for such approval to serve as…