INSURANCE NEWS
These Cryptocurrencies Are Getting Hit Hardest Under the SEC Crackdown
They range from the brainchild of a winner of computer science’s most prestigious award to a crypto token supporting the biggest blockchain-based video game. But they all have one thing in common, according to the US Securities and Exchange Commission: …
Head of NHTSA Leaves Agency After Audit Finds Management Problems
The head of the U.S. government’s office that investigates automobile safety problems has resigned from his post just days after the release of a harsh audit criticizing how the office was managed. Stephen Ridella stepped down as director of the …
Nationwide to Take Actions to Limit Risk in Personal, Commercial Portfolios
Add Nationwide to a growing list of insurers making changes to deal with losses in some areas of the country. In a June 12 “business actions update” Nationwide announced moves “to mitigate risk and manage the personal and commercial lines …
Brazil Court Backs Government in $24B Tax Dispute; Ruling Hits Insurers, Banks, Brokers
A majority of judges on Brazil’s Supreme Court voted on Monday to back tax authorities in a judgment on how to calculate levies on banks and other financial institutions that could add as much as 115 billion reais ($23.6 billion) …
Canadian Wildfires Shutter Sawmills, Drive Up Lumber Prices
Canada’s worst-ever spring wildfire season has forced its forestry industry to shutter sawmills, driving up lumber prices and setting production back for months just as housing construction has slowed due to higher costs and a tight labor market. Canada has …
Core Specialty Forms Medical Stop Loss Division With Acquisition of Texas’ American National Group
Core Specialty Insurance Holdings, Inc., and its subsidiaries announced today that it will form a medical stop-loss division through the acquisition of the MGU/Stop-Loss business of American National Group. The acquisition will mark Core Specialty’s 13th specialty business unit. Jim …
Missouri Man Pleads Guilty to $1.1M Insurance Fraud Scheme
A Missouri man has pleaded guilty in federal court to his role in a $1.1 million insurance fraud conspiracy that involved false claims of injuries suffered in car accidents, as well as to his role in a conspiracy to fraudulently …
Ohio Plastic Manufacturer to Pay $252K Over Sex Discrimination Lawsuit
Pretium Packaging, LLC, a manufacturer of plastic bottles and containers, will pay $252,768 and furnish other relief to settle a sex discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced today. The EEOC charged …
Florida Sheriff Investigating After 7 Diners at Restaurant Fall Ill from Narcotics Poisoning
Florida authorities are investigating a steakhouse after seven patrons were hospitalized with what may have been poisoning from narcotics. Santa Rosa County Sheriff said that some type of narcotic was in the food at Nikko Japanese Sushi Bar and Steak …
A Greenwashing Lawsuit Against Delta Aims to Set a Precedent
As tranquil instrumental music plays over gauzy images of nature, a woman’s voice-over begins. “Isn’t it a paradox,” she wonders aloud, “that the love for this world that gets us out in it, sometimes leaves behind the things that can …
OSHA Says Fatal Florida Fireworks Fire Was Preventable, Fines Company $109,000
A December fire at a fireworks company warehouse, which killed four workers and gravely injured a fifth, was preventable, but the company will face just $109,375 in fines, the U.S. Occupational Safety and Health Administration announced. Magic in the Sky, …
New Mexico Reaches $500M Settlement with Walgreens in Opioid Case
New Mexico has settled with Walgreens for $500 million over the pharmacy chain’s role in distributing highly addictive prescription painkillers. The agreement was signed in March, and state officials confirmed that a confidentiality provision on the agreement was lifted last …