INSURANCE NEWS
Chevron to Pay Over $13M in Settlement for California Oil Spills
Chevron will pay $13.1 million in settlement agreements with two California state agencies for past oil spills in Kern County, Bakersfield, the California natural resources agency said on Wednesday, as the major oil producing state strengthens regulations. Chevron, which has …
Texas Cities Rethink Minimum Parking Rules
In car-dependent Texas, most cities have rules on how many parking spots must be built anywhere people live, play or do business. But those requirements have come under scrutiny in recent years, with critics saying they do more harm than …
New Georgia Regs Would End ‘Half Credits’ for Some Insurance License Courses
The Georgia insurance commissioner’s office will hold a hearing April 15 on proposed changes to continuing education regulations for insurance agents. The new rules would bring Georgia in line with industry best practices and would end the practice of giving …
CyberSaint Raises $21M for Automating, Quantifying Cyber Risk Management
Boston-based cyber risk management firm CyberSaint reports it has raised $21 million in Series A funding led by Riverside Acceleration Capital. Additional participating investors include Sage Hill Investors, Audeo Capital, and BlueIO. CyberSaint’s CyberStrong platform deploys artificial intelligence to allow …
FDIC Draft Proposal: Bank Mergers Above $100B Get Extra Scrutiny
Mergers that could result in banks with more than $100 billion in assets should expect heightened scrutiny from the U.S. Federal Deposit Insurance Corporation, according to draft guidance the agency released Thursday. The FDIC’s board of directors is poised to …
Indiana, West Virginia Pass New Restrictions on Third-Party Litigation Financing
Efforts to reign in third-party litigation financing are on their way to becoming law in Indiana and West Virginia, a scorecard that is less than what business and insurance interests had hoped for this spring. In Indiana, Gov. Eric Holcomb …
Chief Risk Officers Say Cybersecurity Most Pressing Risk: Survey
In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year …
SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’
The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false …
Panel Asks W.Va. Supreme Court if Opioid Distribution Can Cause a Public Nuisance
CHARLESTON, W.Va. (AP) — A federal appeals court asked West Virginia’s highest court Monday whether opioid distributions can cause a public nuisance as it reviews a landmark lawsuit against three major U.S. drug distributors accused of causing a health crisis …
Justice Department to Sue Apple for Antitrust Violations
The Justice Department is poised to sue Apple Inc. as soon as Thursday, accusing the world’s second most valuable tech company of violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone. The suit, which …
Risk Strategies Acquires North American Units of H.W. International
Global specialty brokerage Risk Strategies reported that it has acquired the U.S. and Canadian operating entities of global insurance holding company, H.W. International B.V. Based in New York City, Hugh Wood Inc. (U.S.) provides commercial lines, personal lines, and group …
Nine Dead After South Korean-Flagged Vessel Capsizes off Japan, South Korea Says
At least nine people were killed when a South Korean-flagged vessel capsized off Japan, South Korea’s foreign ministry said on Thursday. Two South Korean nationals were among the dead, it said, adding that the Japanese coastguard had rescued an Indonesian …