INSURANCE NEWS
FDIC Urges Banks to Police Misleading Crypto Claims on Deposit Insurance
A U.S. banking regulator is urging banks dealing with cryptocurrency companies that they need to make sure customers know which of their funds will be insured by the government in case of collapse, and which have no safety net. The …
Elon Musk Files Countersuit Under Seal Versus Twitter Over $44 Billion Deal
Elon Musk countersued Twitter Inc. on Friday, escalating his legal fight against the social media company over his bid to walk away from the $44 billion purchase, although the lawsuit was filed confidentially. While the 164-page document was not publicly …
Lemonade Lays Off Metromile Employees Immediately
Immediately after Lemonade closed its deal of Metromile July 28, job boards lit up with news of layoffs at the acquired company. Former Metromile employees have been posting the news on LinkedIn, with others offering potential opportunities. According to Blind, …
Florida People Moves: DeSantis Reappoints Knight to Citizens Board
Florida Gov. Ron DeSantis has reappointed venture capitalist Erin Knight to the Citizens Property Insurance Corp. board of governors, the governor’s office announced. Knight, of Coral Gables, was appointed a year ago and is one of three people DeSantis has …
Blue Cross Sues Mississippi Med Center Officials for Defamation
Blue Cross & Blue Shield of Mississippi on Thursday said it was suing three employees of the University of Mississippi Medical Center for allegedly spreading false information. The lawsuit is the latest development in a dispute between the state’s largest …
Another View on Florida Ratings Flap; and Petrelli Calls Citizens Re Idea ‘Creative’
The recent brouhaha regarding Demotech and its Financial Stability Ratings (FSRs) of as many as 20 Florida insurers has now come full circle…almost. One important question remains unanswered. Before answering the question, and for those who’ve just joined the discussion, …
Tank Explosion Severely Burns Six Workers in Mississippi
Six workers suffered severe burns following a Friday morning explosion at a oil drilling storage tank in central Mississippi. The workers sustained burns on at least 50% of their bodies, with one being burned from head to toe, said Minor …
Takeaways from Our Conversation About Why Most Small-to Mid-Size Cannabis Operators Shun D&O
Directors and officers insurance has been pricey and tough to obtain for cannabis companies since the industry started requiring coverage. D&O is difficult in most business sectors (For more on that check out: “You’ve Heard it Before, so Here it …
Judge Finds Washington Commissioner Exceeded Authority on Credit Score Ban
Thurston County Superior Court Judge Indu Thomas found that while Washington Insurance Commissioner Mike Kreidler’s rule temporarily banning credit scoring followed the Administrative Procedures Act, but he exceeded his statutory authority. In her ruling, Thomas said the record supplied by …
New Sustainability Rules Attacked for Protecting Profits Over Planet
The organization aiming to set worldwide climate reporting requirements for decades to come is under fire for putting corporate interests ahead of the planet’s. In coming months, the International Sustainability Standards Board will publish rules for companies to disclose the …
Twitter’s Battle With Elon Musk Over $44 Billion Deal Heads to Oct. 17 Trial
Twitter’s bid to hold Elon Musk to his $44 billion deal for the social media platform will head to a five-day trial beginning Oct. 17, and Musk must reveal by the end of Friday any legal claims he has against …
Texas Claims Adjuster Ordered to Cease Business in Louisiana for Allegedly Withholding Payments
Investigators from the Office of Insurance Fraud and Enforcement at the Louisiana Department of Insurance on July 22 issued non-resident public adjuster Kade Austen Mitchell and his agency a cease-and-desist order and notice of suspension for improperly withholding, misappropriating, or …