INSURANCE NEWS
Texas Shell Refinery Unit Had History of Malfunctions Before Fire
The units at a Houston-area Shell refinery that caught fire on Friday repeatedly malfunctioned in recent years without action from Texas regulators. Since the start of 2022, the British oil giant reported at least four malfunctions at one olefins unit …
Michigan Attorney General Charges 6 With Criminal Enterprise Targeting Accident Victims
Michigan Attorney General Dana Nessel and Director Anita Fox from the Department of Insurance and Financial Services (DIFS) announced a criminal enterprise and related charges against. six individuals who are accused of auto insurance fraud and taking advantage of Michigan …
People Moves: BevCap Names Raun Director of Client Consulting; Spot Names Goy CEO
BevCap Management Names Raun Director of Client Consulting BevCap Management, LLC has named Ben Raun to its team as director of client consulting. Raun has 15 years of experience in property and casualty claims, risk management consulting and customer stewardship …
Michigan Paper Mill With Fungal Infections Outbreak Reopens
ESCANABA, Mich. (AP) – A northern Michigan paper mill has resumed operations after closing for three weeks to deal with an unusual outbreak of fungal infections. The Billerud Paper Mill in Escanaba reopened Monday, following a deep cleaning recommended by …
Hackers Aim to Find Flaws in AI
No sooner did ChatGPT get unleashed than hackers started “jailbreaking” the artificial intelligence chatbot – trying to override its safeguards so it could blurt out something unhinged or obscene. But now its maker, OpenAI, and other major AI providers such …
Auto Insurance Results ‘Historically Bad’ in 2022: S&P
In 2022, the U.S. private auto insurance industry reported its worst underwriting results in over two decades, according to a S&P Global Market Intelligence analysis. The net combined ratio for the sector — when excluding policyholder dividends — was 111.8. …
Climate Change Not ‘Serious Risk’ to Financial Stability, Fed’s Waller Says
Climate change does not pose such “significantly unique or material” financial stability risks that the Federal Reserve should treat it separately in its supervision of the financial system, Fed Governor Christopher Waller said on Thursday in a detailed rebuttal of …
Kentucky DOI Hosts Virtual Session on Local Government Premium Taxes
The Kentucky Department of Insurance will hold a virtual meeting Monday to discuss changes to local government premium taxes due to take effect later this year. Kentucky law allows cities and counties to set taxes or fees on some types …
Mom of Virginia Boy Who Shot Teacher Doesn’t Know How Son Got Gun
Four months after a 6-year-old Virginia boy shot and wounded his teacher as she taught class in Newport News, an attorney for the boy’s mother said it still is not clear how the boy got the gun. Police have said …
China’s Communists Appoint Chief of New Financial Regulatory Body
China’s Communist Party appointed Li Yunze, vice governor of Sichuan province, as the party chief of its new financial regulator, the China Banking and Insurance Regulatory Commission (CBIRC) said on its official WeChat account on Wednesday. Reuters had reported earlier …
Greenpeace Sues Italian Energy Company ENI
Greenpeace and an environmental coalition including 12 Italian citizens are suing Italian energy company ENI, accusing it of knowingly contributing to climate change. The complaint names ENI as well as its two biggest shareholders, the Italian Economy Ministry and the …
Nobody Injured as Possible Meteorite Crashes Through Roof Into New Jersey Home
HOPEWELL TOWNSHIP, N.J. — A metallic object believed to be a meteorite punched a hole in the roof of a central New Jersey home this week, smashing into a hardwood floor and bouncing around a bedroom. The family who owns …