INSURANCE NEWS
G7 Nations Mull Options to Deprive Moscow of Bumper Oil Profits
The Group of Seven (G7) wealthy nations is looking at blocking the transportation of Russian oil among other options to deprive Moscow of bumper revenues amid its invasion of Ukraine, unless it heeds a price cap. In a statement released …
French Insurer AXA Posts 3% Rise in H1 Net Profit
French insurer AXA announced a new share buyback program as it posted a 3% rise in first-half net profit, thanks to higher revenues from areas such as health insurance which outweighed the financial impact of the war in Ukraine. AXA, …
U.S. Crypto Company Nomad Hit by $190 Million Theft
U.S. crypto firm Nomad has been hit by a $190 million theft, blockchain researchers said on Tuesday, the latest such heist to hit the digital asset sector this year. Nomad said in a tweet that it was “aware of the …
West Virginia Cities, Counties Reach $400M Settlement with Drug Firms
West Virginia cities and counties reached a $400 million tentative settlement with three major U.S. drug distributors, lawyers announced Monday. In a lawsuit in state court, the cities and counties accused the distributors of fueling the opioid epidemic. The companies …
Truck Driver Reaches Agreement in Maine Fatal Accident Caused by Dislodged Tire
A truck driver is expected to accept responsibility for causing the death of a state police detective who was struck by a dislodged tire as he was assisting a driver alongside Interstate 95. Scott Willett, 55, of Patten, reached a …
California Commissioner Orders Moratorium Cancellation Moratorium for Wildfires
California Insurance Commissioner Ricardo Lara this week ordered insurers to preserve residential insurance coverage for the county of Mariposa following Gov. Gavin Newsom’s emergency declaration. Lara’s order shields those properties within the perimeter or in adjacent ZIP Codes of the …
Texas Department of Workers’ Comp Adopts Claim Electronic Data Interchange
The Texas Department of Insurance, Division of Workers’ Compensation (DWC) adopted the Texas claim EDI release 3.1.4 standard on March 9, 2022. As a result, DWC’s designated data collection agent, Insurance Services Office, Inc., a wholly owned subsidiary of Verisk …
Louisiana Roofing Contractor Fined $249,000 for Failure to Comply With Safety Standards
A Baton Rouge, Louisiana roofing contractor – who ignored federal safety inspectors’ February 2022 warnings that not complying with required fall protection standards exposed their workers to serious dangers – now faces the consequences after an investigation into a worker’s …
FCA US, Formerly Chrysler Group, to Pay $300 Million for Emissions Scheme
FCA US LLC (FCA US), formerly Chrysler Group LLC, was sentence in federal court in Detroit and ordered to pay a fine of $96,145,784; and a forfeiture money judgment of $203,572,892. The court also imposed a three-year term of organizational …
Illinois Wrong-Way Crash Kills 7, Including 5 Children
A crash involving a wrong-way car on an interstate in northern Illinois left seven people dead Sunday, including five children, authorities said. The crash occurred around 2 a.m. on Interstate 90 in McHenry County, roughly 50 miles (80 kilometers) from …
Missouri Insurance Department to Assist Residents After St. Louis Flooding
Missouri Department of Commerce & Insurance announced that consumer specialists will be at Multi-Agency Resource Centers (MARC) to assist residents impacted by recent flooding in the St. Louis region. The specialists will be at these locations: Tuesday (August 2)3 p.m. …
Miami, Like Connecticut, Installing Smart Signs to Prevent Wrong-Way Drivers
Miami-Dade County officials, like Connecticut authorities, are investing heavily in new, flashing road signs after a spate of wrong-way crashes on highways. The Miami-Dade Expressway Authority this week announced a $2.3 million project to erect smart signs on five expressways …