INSURANCE NEWS
China to End Ant Group’s Regulatory Revamp With Fine of at Least $1.1B: Sources
Chinese authorities are likely to announce a fine of at least 8 billion yuan ($1.1 billion) on Ant Group as soon as Friday, sources with direct knowledge of the matter said, bringing an end to the fintech company’s years-long regulatory …
Viewpoint: What Role Could Insurance Premium Finance Have Played in Recent Bank Failures? (Part 2)
The longer the maturity and the lower the coupon, the more sensitive the note/bond price is to changes in interest rates. To pause and reflect for a moment on what we’ve discuss so far, the price of the bonds held …
As Ukraine Grain Deadline Approaches, Pact Is Already Nearly Broken
Global leaders are racing to salvage an international deal to allow Ukraine’s grain shipments by sea before it expires in less than two weeks. They face a key problem: the pact, already extended three times, is nearly defunct. The nation’s …
Republican Attorneys General Urge Biden to Drop EPA Emissions Plan
A group of 25 Republican state attorneys general Thursday urged the Biden administration to abandon its proposal to sharply cut vehicle tailpipe emissions, which would require dramatically more electric vehicles, saying it would harm the economy and burden the electrical …
CSU: Above Average Atlantic Hurricane Season Now Expected
Colorado State University (CSU) hurricane researchers have upped their hurricane season forecast. An above average Atlantic hurricane season is now expected for 2023, though there is a greater level of uncertainty than normal. The CSU team now predicts 18 named …
SC DOI Ups Grant Size for Wind Mitigation Program
The South Carolina Safe Home wind mitigation program has been revised to allow higher grant awards. The South Carolina Department of Insurance said in a bulletin this week that the program, which helps homeowners fortify their homes to better resist …
Appeals Panel Says CCC Software Does Not Violate Florida Law in Auto Claims
An insurer that used CCC Intelligent Solutions software to determine the payout for a claimant’s vehicle did not violate a Florida law that sets forth only three methods that auto insurers may use to determine actual cash value, a divided …
Massachusetts High Court Affirms Limit on Wrongful Death Suits in Tobacco Cases
If a person’s right to bring a personal injury lawsuit has expired by the time of his or her death, the person’s estate is barred from bringing a wrongful death suit in Massachusetts for the benefit of the beneficiaries. The …
Maryland Man Wrongly Imprisoned for 32 Years Gets $2.9M
A Maryland board approved $2.9 million in compensation Wednesday for a man who was wrongly imprisoned for 32 years, including a decade on death row, for two murders he did not commit. John Huffington was pardoned by former Gov. Larry …
US Labor Agency Sues Starbucks Over Treatment of Seattle Workers
The National Labor Relations Board on Thursday sued Starbucks SBUX.O over the coffee chain’s refusal to rehire 33 workers as it reorganized three downtown Seattle stores, including its flagship store in Pike Place Market. In a petition filed in Seattle …
Oklahoma Insurance Commissioner Offers Recovery Tips After Severe Storms
Oklahoma Insurance Commissioner Gled Mulready offered recovery tips following the severe storms that hit Tulsa over Father’s Day weekend, causing extensive damage, including fallen trees and widespread power outages. The storm has been far-reaching, leading to heat advisories, limited access …
Court: Tulsa Can’t Give a Choctaw Man Ticket Because City is on Reservation Land
OKLAHOMA CITY (AP) – Tulsa lacks the jurisdiction to prosecute a Native American man cited by police for speeding because the city is located within the boundaries of an Indian reservation, a federal appeals court ruled. The 10th U.S. Circuit …