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UK Finance Watchdog Plans on Diversity Targets a ‘Bad Idea,’ Minister Says Plans by Britain’s financial regulator to require firms to set targets for improving diversity could be counterproductive, UK business and women minister Kemi Badenoch said on Thursday. The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority …
POSTED APRIL 19, 2024 9:36 AM |
Time-Tested Loss Reserving Methods Challenged: AM Best Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
POSTED APRIL 19, 2024 6:15 AM |
Uncertainty Keeps Prices Up; No Prior-Year Loss Development: Travelers With its personal lines business benefiting from the impact of rate increases earning into the book, and the commercial lines insurance premium changes staying in double-digits, Travelers reported $1.1 billion in net income for the first quarter. Still, it was …
POSTED APRIL 19, 2024 5:06 AM |
People Moves: Slide Names Powell Sales VP; Garner Moves to Alliant SE Tampa-based Slide Insurance has named former Farmers Insurance vice president Charles “Chas” Powell to be senior vice president of sales. Powell has more than 20 years in the industry and began his career at his family’s insurance agency in Florida. …
POSTED APRIL 19, 2024 5:01 AM |
Auto Insurer’s $10M Fraud Claims Against Doctors Are Subject to Arbitration, Court Rules A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. …
POSTED APRIL 19, 2024 5:00 AM |
Massachusetts AG Warns AI Systems Subject to Consumer Protection, Anti-Bias Laws Developers, suppliers, and users of artificial intelligence must comply with existing state consumer protection, anti-discrimination, and data privacy laws, the Massachusetts attorney general cautioned Tuesday. In an advisory, Attorney General Andrea Campbell pointed to what she described as the widespread …
POSTED APRIL 19, 2024 5:00 AM |
Judges Orders Pennsylvania Utility Board to Produce Chocolate Factory Blast Records Pennsylvania utility regulators must turn over inspection records to the National Transportation Safety Board as part of the federal agency’s probe into a fatal explosion at a chocolate factory last year, a federal judge ruled this week. U.S. District Judge …
POSTED APRIL 19, 2024 5:00 AM |
People Moves: Risk Strategies Names Newman Private Client Services Leader for West Region Risk Strategies named Bryan Newman private client services leader for the West region. He will manage the region’s sales and service teams and key carrier and third-party relationships. Newman has more than 15 years of experie nce. Most recently, he …
POSTED APRIL 19, 2024 5:00 AM |
California Lawsuits Say Fertility Operation Destroyed Embryos Several lawsuits in California were filed again Ovation Fertility, a large network of fertility clinics, were filed by former patients whose embryos were destroyed due to a reported critical error at the company’s Orange County branch. The lawsuits were filed …
POSTED APRIL 19, 2024 5:00 AM |
California Sees Two More Property Insurers Withdraw From Market California’s already strained property insurance market is facing a new challenge as two more insurers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., plan to withdraw from the wildfire-prone state entirely starting in July. The two companies, units …
POSTED APRIL 18, 2024 8:03 PM |
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