INSURANCE NEWS
Richard Branson Must Face Lawsuit in U.S. Over Virgin Galactic Space Travel Problems
A U.S. judge on Monday said British billionaire entrepreneur Richard Branson must face shareholder claims he concealed problems in Virgin Galactic Holdings Inc’s spaceship program, and sold hundreds of millions of dollars of stock at inflated prices. While dismissing most …
Allianz to Halt Paid Twitter Ads, for Now
German insurer and asset manager Allianz will halt its paid advertising on Twitter for now, a spokesperson said on Monday, the latest in a wave of similar moves by companies in the wake of Elon Musk’s takeover of the social …
Tesla Raises Insurance Incentives in China to Boost Purchases
Tesla Inc. said it has raised insurance incentives for car orders in China placed before Nov. 30, but reduced them for orders made next month, a move to urge consumers to place orders earlier. The U.S. automaker previously offered an …
With Another Fla. Hurricane Coming, Signs Pointing to Bigger Spike in Reinsurance Rates
One of the largest providers of reinsurance for Florida carriers is predicting major increases in rates next year, a move that could add fuel to the fire for a reform package at the upcoming special session of the Florida Legislature. …
Florida Approves 8.4% Decrease in Workers’ Comp Rates Without Asking for More
The Florida insurance commissioner has approved a decrease in overall workers’ compensation rates for 2023, and he did not demand a sharper decrease from actuaries. The National Council on Compensation Insurance in August recommended an 8.4% average cut in rates …
Florida Insurance Agent Charged with Absconding with $41,000 in Premiums
When a big property owner in Naples, Florida, recently tried to refinance some loans, the owner was surprised to discover that 31 properties had no insurance – despite having paid thousands of dollars in premiums. Late last month, investigators with …
Former California Insurance Agent Sentenced for Theft
Formerly licensed insurance agent Vincent Allen LaGrange, 66, of Seal Beach, California, was sentenced in San Bernardino County Superior Court on one misdemeanor count of grand theft from an elder after an investigation by the California Department of Insurance found …
Massachusetts AG Finds More Drug Overcharges in Workers’ Compensation
Pharmacy benefits manager Express Scripts, Inc. has agreed to pay $3.2 million after allegedly failing to follow prescription pricing procedures intended to keep costs down and prevent overcharges in the state’s workers’ compensation insurance system, according to Massachusetts Attorney General …
Oil & Gas Operator Agrees to $1.5M Settlement Over Clean Air Act Violations
The United States Department of Justice announced that Utica Resource Operating LLC (URO) has agreed to a settlement resolving alleged Clean Air Act violations at URO’s oil and gas production well facilities in Ohio. The settlement addresses URO’s failure to …
Ford to Pay $115K Over Pregnancy Discrimination Case at Illinois Plant
Automaker Ford Motor Company will pay $115,000 and furnish other relief to settle a pregnancy discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’s lawsuit, Ford violated federal law when …
COP27 Kicks Off With Deal to Discuss Compensating Poor Nations for Global Warming
Delegates from nearly 200 countries kicked off the U.N. climate summit in Egypt on Sunday with an agreement to discuss compensating poor nations for mounting damage linked to global warming, placing the controversial topic on the agenda for the first …
$17M to Settle New Mexico Gender Pay Lawsuit
Hundreds of female city employees are anticipating back payment from the City of Albuquerque, New Mexico, to make up for a wage gap going back years. KOB-TV reported that a judge is expected to sign off on the $17 million …