The dispute began when Steven Bellshaw, an Oregon policyholder, filed a class action lawsuit against Farmers Insurance Company of Oregon. He alleged that the company’s notice, issued with his motor vehicle insurance policy in 2011, violated ORS 746.290(2)(b), which requires every policy to be accompanied by:
According to Resilience’s 2024 Cyber Risk Report, third-party related claims made up 31% of all cyber claims, with 23% of material losses linked to third-party risks. Ransomware remained a leading cause of loss, with 43% of claims involving first-party ransomware incidents. Additionally, ransomware targeting vendors emerged as a significant source of business interruption, contributing to…
Currently, Nevada law classifies casualty insurance as coverage for vehicle insurance, liability insurance, workers’ compensation, and other forms of financial protection. A.B. 512 proposes adding legal expense insurance to this category, defining it as coverage that reimburses policyholders for specific legal services or legal expenses. However, it excludes fees paid to attorneys for overhead and…
The ACLI has supported a transparent, data-driven approach to RBC processes, Haughawout said, adding that the task force is well-positioned to advance this effort. She also noted that the task force’s first organization call had more than 300 participants, reflecting significant interest in its work. Source link
Pine Walk, founded in 2017, now supports 12 MGAs and provides underwriting, operational and regulatory frameworks for specialist insurance businesses. In 2024, the platform’s gross written premium grew 11% to $900 million, with expectations to exceed $1 billion this year. Source link
The company launched quietly in Hungary just 12 months ago and has already sold over 300,000 policies, capturing 7% of the car insurance market and turning a profit. Its next moves are bold: Ominimo plans to enter Sweden and the Netherlands soon after Poland, and aims to expand into at least ten countries in the…
The lawsuit claims Penn Mutual agents promoted “tax-advantage strategies” tied to life insurance and related products, which were ultimately “shams” with benefits described as “illusory and/or illegal.” Policyholders allegedly suffered financial losses through premium payments, loan interest, and other costs, while agents profited from commissions, bonuses, and fees. Source link
