INSURANCE NEWS
EU Monitors FTX Collapse as Major Crypto Law Enters Final Stages
The European Union is monitoring the collapse of crypto exchange FTX Group as the bloc tries to cross the finish line on adopting a broader set of regulations for digital assets. The bloc is examining whether the crisis has any …
UK Government in Advanced Talks With Regulators on Insurance Capital Reforms
The UK government is close to an agreement with regulators over insurance capital reforms intended to release billions of pounds of investment into the economy. Jeremy Hunt, the Chancellor of the Exchequer, will announce the details as part of the …
U.S. Charges Suspect Linked to Notorious Ransomware Gang
A man who authorities say participated in a ransomware campaign that extracted tens of millions of dollars from victims has been charged in the United States, the Justice Department announced Thursday. Mikhail Vasiliev, a dual national of Russia and Canada, …
Directors of Florida’s Largest Homeowners Association Charged with Millions in Theft
Current and former Board members at Florida’s largest homeowners’ association were arrested Tuesday, charged with taking millions of dollars from the association over several years. It’s the latest development in a drama that last year saw the arrest of the …
10 in Miami Charged with Cheating on Elevator Safety Certificate Exams
Elevator mechanics in Florida by regulation are required to take exams to show their competency. But Miami prosecutors said at least 10 people were involved in a scheme that had someone else take the test for some technicians, allowing them …
Lawsuit: 2 Wyoming Mental Patients Dead, Procedures Ignored
Two Wyoming State Hospital patients died while staff at the mental health institution failed to follow procedures in a series of choking, neglect and medication error incidents over the past four months, a lawsuit alleges. Protection & Advocacy System Inc. …
Lawyers Barred From Madison Square Garden Score Partial Victory
A judge granted a partial victory on Monday to a lawyer who sued Madison Square Garden after he and his colleagues were barred from the Garden and other MSG-owned venues because their firm represents a group suing the company. State …
Understory, Skyward Specialty Launch Insurance Captive Solution for Auto Dealer Market
Understory Inc. a Madison-Wisconsin provider of innovative insurance solutions for climate risk, and Skyward Specialty Insurance Group Inc., a Houston-based specialty insurance company, have partnered to launch a new insurance solution to help U.S. automotive dealerships control the rising cost …
Houston Business to Pay $300K For Workers’ Comp Insurance Fraud
The Texas Department of Insurance Division of Workers’ Compensation (DWC) announced that a Travis County district court judge convicted Sehgal & Sons Enterprises (Ultra Business Services Inc.) of first-degree felony in a scheme to defraud Texas Mutual Insurance Company (Texas …
Illinois Contractor Faces $277K in Fines for Deadly Fall Hazard Exposure
Three times in four months, federal safety inspectors observed workers employed by a Calumet City roofing contractor exposed to deadly fall hazards at job sites in Lake Zurich and Wheeling. In each instance, the company’s foremen on site failed to …
After Election, Marijuana Advocates Look to Oklahoma, Other States
JEFFERSON CITY, Mo. (AP) – Law-abiding marijuana enthusiasts could find themselves in a bit of a predicament following voter approval of a recreational cannabis initiative in Missouri. Though it soon will become legal for adults to possess and ingest cannabis, …
SEC Assessed Record Penalties in Fiscal 2022
The U.S. Securities and Exchange Commission assessed a record $6.4 billion in fines and ill-gotten gains as it picked up the pace of enforcement in fiscal 2022, the agency said in an annual report. The total assessed included a record …