INSURANCE NEWS
Operation Begins to Remove Oil From Rusting Yemen Tanker to ‘Avoid Catastrophe:’ UN
An international team began siphoning oil out of a decrepit oil tanker off the coast of Yemen on Tuesday, the United Nations chief said, a crucial step in a complex salvage operation aiming to prevent a potential environmental disaster. For …
As Russian Oil Crosses G-7’s Price Cap, US Eyes Soft Enforcement
The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven’s price cap on Russian oil as the crude trades over that level, sources and …
Canada Financial Regulator Proposes Capital Guidelines for Cryptoassets
Canada’s financial regulator on Wednesday proposed changes to its capital and liquidity approach to cryptoassets, citing a risky environment and in response to international banking standards. The Office of the Superintendent of Financial Institutions (OSFI)said guidelines were for federally regulated …
Payroll Was Millions More than Florida Contractor Reported, DFS Says
A south Florida contractor faces significant jail time after he was arrested for vastly underreporting his payroll to his workers’ compensation insurer. Hector Gutierrez-Morales, owner of HG & AKE Construction Corp., in Miami, was charged with workers’ compensation premium fraud, …
Experts Discuss Risks, Opportunities in Emerging Cannabis Products
New cannabis products like gummies, drinks and new consumables bring the promise of exponential growth and the normalization of public consumption, promising to significantly reshape the business landscape for insuring cannabis specialists. Four industry experts recently gathered for an Insurance …
Gas Pipeline Explodes in Rural Virginia; No Injuries Reported
A gas line exploded Tuesday near a highway in rural western Virginia, but no injuries were reported, according to local officials. TC Energy said it was notified of a fire after there was a pressure drop in its Columbia Gas …
State Farm Seeks $1.5M From Owners of Manhattan Garage That Collapsed
The collapse of a New York City garage in April was caused by the negligence of the owners of the building, according to their insurer, State Farm, which is suing them to recover $1.5 million in payments to the garage’s …
Washington Physicians’ Insurer Issues Notice of Data Privacy Incident
Physicians Insurance A Mutual Company reported a security incident affecting the personal information for some third-party contractors and the health information for some of its insureds’ patients. “Although we have no evidence to suggest that any personal information has been …
California Couple Charged with Underreporting $4M in Employee Payroll
Brian Hill, 64, and Leslie Hill, 68, a husband and wife from Bakersfield, California, were charged with multiple felony counts of insurance fraud and conspiracy after a California Department of Insurance investigation reportedly found the couple underreported over $4 million …
Texas Glass Manufacturer Earns OSHA Star Designation
OSHA has awarded Cardinal IG Waxahachie, a glass manufacturer and provider based in Waxahachie, Texas, with a “Star” designation for excellence in workplace safety and health management. The action follows an OSHA audit at the company’s Waxahachie facility. The agency …
Homeowners Affected by Hurricanes Urged to Complete Restore Louisiana Survey by August 1
Louisiana Gov. John Bel Edwards and the Office of Community Development announced that homeowners impacted by Hurricanes Laura, Delta, Ida and the May 2021 severe storms have until August 1 to complete the Restore Louisiana Homeowner Assistance Program survey. Homeowners …
VIAA Named Platinum Tier Member in Previsor Insurance and Missouri Employees Mutual Partner Program
Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois, was recently named a platinum tier member in Previsor Insurance and Missouri Employees Mutual signature partner program. Criteria includes achieving $10 …