INSURANCE NEWS
Washington Contractor Faces Theft Charge over $127K in Workers’ Comp
A Clark County, Washington, man was charged with stealing $127,000 in workers’ compensation benefits for working at his own construction business while claiming he was too injured to work. Daniel Joseph Lesieur, 54, of Washougal, pleaded not guilty to one …
Oregon Report Shows State’s Workers’ Comp Rates Among Nation’s Lowest
Oregon’s workers’ compensation rates remain among the lowest in the nation, according to an analysis released by the Oregon Department of Consumer and Business Services. The biennial study ranks all 50 states and Washington, D.C., based on premium rates that …
China’s Fosun International Appoints Deutsche Bank to Sell Stake in Peak Re: Sources
China’s Fosun International Ltd. has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters. The sale comes as the tourism-to-financials conglomerate …
No Federal Aid to Restart Michigan Nuclear Power Plant
COVERT, Mich. (AP) – The federal government has turned down a request for financial aid to restart a nuclear power plant in southwestern Michigan, the owner said. Holtec International said it was notified Friday by the U.S. Energy Department. The …
New York Permitting Out-of-State Adjusters to Expedite Snowstorm Claims
The New York Department of Financial Services announced it will issue temporary permits to qualified out-of-state independent insurance adjusters in order to expedite insurance claims in light of the winter storm that hit the state over the weekend. DFS Superintendent …
Missouri Dept. of Insurance Recommends 6.4% Decrease in Workers’ Comp Rates
The Missouri Department of Commerce and Insurance (DCI) is recommending a 6.4 percent decrease in workers’ compensation insurance loss costs for 2023. This marks the seventh time in eight years that average workers’ compensation rates will decrease. The 6.4 percent …
TSLA Announces Election of Officers & Directors
The Texas Surplus Lines Association (TSLA) announced the election of officers and directors at its 67th annual meeting in Austin on November 14. TSLA elected Tiffany Way, senior vice president, branch manager at RT Specialty as its next president. Kimmi …
Dept. of Transportation Declares Texas Motor Carriers to be Imminent Hazard to Public Safety
The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) has declared Texas Interstate Express and PAC Express LLC related motor carriers located in the Houston area, to be an “imminent hazard” to public safety and ordered the motor …
Zurich Insurance Plc Plans to Redomicile From Ireland to Germany in Response to Brexit
Zurich Insurance Plc, the Dublin-based wholly owned subsidiary of Zurich Insurance Group, plans to relocate to Germany as a result of the UK’s exit from the European Union. As the Irish unit includes the insurer’s UK P&C business, Brexit required …
First U.S. Coral Insurance Marks the Rise of the Reef Brigades
Conservation group The Nature Conservancy’s vision for the future of coral protection involves speed boats, and a global army of snorkellers and divers deployed when tropical storms and hurricanes damage reefs. On Monday, the global ‘Reef Brigades’ plan came closer …
FHA Opens Special Flood Areas to Private Insurers
The Federal Housing Administration (FHA) has announced regulations to allow mortgagors the option to purchase private flood insurance on FHA-insured mortgages for properties located in Special Flood Hazard Areas. Beginning Dec. 21, the FHA will allow mortgagors to purchase private …
California Department of Insurance Investigation Leads to Arraignment Bail Agents
Unlicensed bail agent Jimmy Mai, 35, of Irvine, and licensed bail agent Jonathan Lahmani, 42, of Orange, California, were each arraigned in Los Angeles Superior Court on one felony count of negotiating bail without a license. The arraignments follow an …