INSURANCE NEWS
Report Alleges Workers’ Compensation Abuse in New York Correctional Unit
A report by the New York State Inspector General alleges “egregious” abuse of workers’ compensation loss wage benefit provisions by state corrections and institution safety officers. The report blames a 2016 labor agreement with the state’s correction agency’s Security Services …
Georgian Billionaire Wins $926M From Credit Suisse After Fraud
Credit Suisse was ordered to pay $926 million to Georgia’s former prime minister on Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank. Singapore’s International …
OSHA Wins Trademark Battle Against Safety Consulting Firm’s Logo
A workplace safety consulting firm will stop using the OSHA acronym and a stylized similar to the federal government’s trademarked Occupational Safety and Health Administration acronym and logo under an agreement approved by a federal judge. The government sued to …
Reuters: Lloyd’s Register Drops Ships of Top Indian Carrier of Russian Oil
Lloyd’s Register has told India’s Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters. …
Rhode Island AG Sues Manufacturers of Forever Chemicals
Rhode Island Attorney General Peter F. Neronha yesterday filed a lawsuit against the manufacturers of per- and polyfluoroalkyl substances, commonly referred to as PFAS, for allegedly causing significant harm to the residents and natural resources of Rhode Island. The suit …
Climate Alliance Sounds Alarm on ‘Political Attacks’ on Insurers
“Political attacks” are interfering with insurers’ efforts to price climate risks, the Glasgow Financial Alliance for Net Zero said on Friday, after a wave of insurers quit an industry climate group following pressure in the United States. “These political attacks …
Judge Greenlights JPMorgan Lawsuit Blaming Ex-Executive in Jeffrey Epstein Scandal
A federal judge said Wednesday that he won’t block JPMorgan’s legal efforts to blame a former executive of hiding Jeffrey Epstein’s decades-long sex abuse to keep the financier as a client. Judge Jed Rakoff in Manhattan denied requests by lawyers …
IIHS: Rear Passengers in Small Cars at Higher Risk of Internal Injuries
A new crash test, conducted by the Insurance Institute for Highway Safety (IIHS), revealed poor ratings for all small cars tested. In all five vehicles tested, the rear dummy submarined beneath the seat belt, causing the lap belt to slide …
California Commissioner Issues Decision on Workers’ Comp Regulatory Filing
California Insurance Commissioner Ricardo Lara issued a decision this week regarding the Workers’ Compensation Insurance Rating Bureau of California’s Sept. 1, 2023 regulatory filing. The Commissioner approved all of the WCIRB’s proposed changes to: the California Workers’ Compensation Uniform Statistical …
California Department of Insurance Bans Sender of Misleading Wildfire Mailers
A California Department of Insurance investigation into misleading mailers on insurance claims following wildfires led to a ban of public adjuster and California Recovery Group owner Argen Youssefi of Glendale. The investigation reportedly found California Recovery Group and its owner, …
Microsoft Chief Says Deep Fakes Aare Biggest AI Concern
Microsoft President Brad Smith said Thursday that his biggest concern around artificial intelligence was deep fakes, realistic looking but false content. In a speech in Washington aimed at addressing the issue of how best to regulate AI, which went from …
People Moves: Aihara & Associates in California Names Kinoshita EVP
Aihara & Associates Insurance Services named Mike Kinoshita executive vice president. Kinoshita is a third-generation insurance agent and current senior client advisor at The J. Morey Company, an Ori-gen Family Company. Kinoshita’s appointment will succeed agency principal Douglas Aihara. Aihara …