INSURANCE NEWS
Illinois Insurance Agent Sentenced to 7 Years in Prison for Swindling Premiums
The owner of a suburban Chicago insurance agency has been sentenced to seven years in federal prison for swindling more than $1 million from clients by collecting annuity premiums for policies that he never purchased, the U.S. Attorney’s Office, Northern …
Six Charged in Alleged $1M Auto Insurance Claims Scheme in Massachusetts
Six people have been indicted in connection with the alleged filing of fraudulent insurance claims through their auto body repair business in Everett, Massachusetts. Four of the defendants were arraigned this week in Middlesex Superior Court, while two others also …
Signers National, Acrisure Mark Expansions in Southeast
Signers National, the New York-based parent of several insurance companies, said it has acquired Ballantyne Insurance Group in Charlotte, North Carolina. Ballantyne specializes in coverage for human service organizations. It is own by William Bradley, who will stay on as …
IVF Clinic Insurance Affected by Ruling as Alabama Lawmakers Look for a Fix
MONTGOMERY, Ala. (AP) — Lawmakers began scrambling for ways to protect Alabama in vitro fertilization services after multiple providers paused treatment in the wake of a state Supreme Court ruling that frozen embryos could be considered children under a state …
EU Lawmakers Approve Tougher Penalties for Environmental Crimes
The European Parliament on Tuesday approved tougher penalties for environmental crimes such as illegal timber trade, with offenses punishable by up to 10 years in prison and company directors prosecuted for corporate wrongdoing. “It is about time we fought cross-border …
Nvidia’s $70M Florida Supercomputer Hobbled by DeSantis Law
(Bloomberg) — When Chris Malachowsky, a billionaire founder of chip giant Nvidia Corp., bankrolled one of the world’s biggest supercomputers at the University of Florida, Ron DeSantis predicted the machine would be a magnet for artificial intelligence talent. Almost four …
Employee Wins Workers’ Compensation Under Exception to ‘Coming-and-Going’ Bar
An exception to the workers’ compensation “coming-and-going” rule applies where the employer provides the transportation even if the employer says there was no explicit agreement that he would supply rides. The exception can apply where there is credible evidence to …
Clyde & Co: M&A Activity to ‘Start to Increase Through 2024’
The number of worldwide mergers and acquisitions in the insurance sector in 2023 dropped to 346 in 2023, down from 449 in the previous year, according to a new report from Clyde & Co. But the global law firm believes …
Europe Automakers Will Not Challenge 2035 Fossil-Fuel Car Ban, Industry Group Says
Europe’s automakers will not challenge the European Union’s decision to effectively ban fossil-fuel vehicles as of 2035 no matter who wins this year’s European parliamentary elections, the head of the continent’s auto industry group said on Monday. Speaking at a …
Damaged Subsea Cable in Red Sea Highlights Telecom Vulnerability
A subsea cable off the coast of Yemen that connects Europe to India has been damaged, and the telecommunications carrier that owns it must now figure out how to make underwater repairs in a war zone. Seacom Ltd., the South …
Tesla to Fix Software in 8,700 vehicles in China Product Recall, Regulator Says
China’s market regulator said on Friday that Tesla Inc. would fix software in 8,700 vehicles to reduce the chance of accidents. The action involving 1,071 imported Model S and Model X and 7,629 China-produced Model 3 is described as a …
FTC Sues to Block Kroger’s $24.6 Billion Albertsons Deal
The US Federal Trade Commission, eight states and Washington DC sued to block Kroger Co.’s $24.6 billion acquisition of Albertsons Cos. Monday, arguing the tie-up would lead to lower wages for workers and higher prices for groceries. In a complaint …