INSURANCE NEWS
Police Arrest Dual UK-Iranian National Over Airbase Plot
UK police said they arrested a sixth man, a British-Iranian dual national, in relation to an incident near an airbase used by the US to launch strikes on Iran. The 27-year-old man was arrested in London on suspicion of preparation …
US States Challenge Corteva Spinoff as Bid to Evade PFAS Liabilities
Fifteen US states sued agrichemicals company Corteva on Thursday, alleging that the spinoff of its seed and genetics business into Vylor was designed to shield the company’s best assets from tens of billions of dollars in potential liabilities tied to …
International Criminal Court, AXA Cut Ties Amid Trump Campaign Against Court
The International Criminal Court has ended its contract with French life and health insurer AXA starting October 1 and will now be using a new health insurance provider, a spokesperson for the Hague-based court said. The spokesperson gave no reason …
ANZ to Drop Scandal-Hit KPMG Australia as Auditor After 57 Years
ANZ Group Holdings Ltd. will part ways with KPMG Australia as its longtime external auditor, adding pressure on the accounting giant that has been grappling with the fallout from allegations it improperly used confidential client information to win business. The …
Ohio Mutual Completes Merger of Idaho-Based Gem State
The merger of Idaho-based Gem State Insurance as a subsidiary under Ohio Mutual Insurance Group’s mutual holding company structure has been completed, effective Oct. 1, the company announced. The organization plans to add new products and additional benefits to members …
Wisconsin Workers’ Comp Rates Decrease for 11th Straight Year
Wisconsin workers’ compensation rates will decrease by approximately 2% over the coming year, making the 11th straight year the state has seen premiums decline. The rate decrease, which went into effect October 1, saves an estimated $36 million for policies, …
Trump’s Proposed Ban on Diesel Exports Could Hurt Texas Refineries
The Trump Administration is pushing for a 90-day ban on diesel exports intended to rapidly lower climbing fuel prices for consumers, a proposal that, if enacted, will hurt the constellation of Texas refineries in the Gulf Coast and deal a …
TSMC Mulls Multibillion-Dollar Texas Site for More AI Chips
Taiwan Semiconductor Manufacturing Co. is weighing a new campus in Texas that would add tens of billions of dollars in new investment to the company’s multiyear expansion into chipmaking in the US. The go-to chipmaker for Nvidia Corp. and Apple …
Viewpoint: State Socialism Meets Insurance
A free market with limited government intervention has long been a pillar of Republican economic orthodoxy. Today’s Republican party has deviated from its laissez-faire economic roots. It has instead embarked headlong on populist economic policies. Policy initiatives exemplifying its populist …
FTC Probing OpenAI, Anthropic Over Product Safety Concerns
The Federal Trade Commission is scrutinizing OpenAI, Anthropic PBC and other artificial intelligence companies about the safety of their products amid high-profile cybersecurity incidents, according to a person familiar with the matter. The agency is preparing to send formal demands …
CFTC Secures $30 Million Judgment Tied to Alleged Crypto Scam
A federal judge in Florida ordered two individuals to pay more than $30 million in restitution and penalties for allegedly defrauding more than 9,000 people in a scam involving crytocurrencies and precious metals, the US Commodity Futures Trading Commission said …
AI Safety Measures Widely Backed by Most Americans, Poll Finds
A vast majority of Americans favor requiring artificial intelligence companies to meet independent safety benchmarks for their models, even if those standards mean slowing development of the technology, according to a new poll. Against a backdrop of growing global anxiety …