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California insurance regulators fine Zenefits up to $7 million

California insurance regulators fine Zenefits up to $7 million

Posted: November 29, 2016 Human resources startup Zenefits will pay up to $7 million in penalties under terms of a settlement with California regulators who had accused the San Francisco company of selling insurance policies without the proper licenses. “Zenefits is an example of an internet-based startup whose […]

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Assured Guaranty gets OK to repurchase shares worth $300 million

Assured Guaranty gets OK to repurchase shares worth $300 million

Posted: November 29, 2016 PRESS RELEASE: The following content has been reprinted in whole or part from a company-supplied press release or issued statement. Assured Guaranty Municipal Corp. (AGM), an indirect subsidiary of Assured Guaranty Ltd. (AGL), announced that the New York State Department of Financial Services has […]

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Arch Insurance wins $3.5 million judgment in breach of contract suit

Arch Insurance wins $3.5 million judgment in breach of contract suit

Posted: November 30, 2016 A federal judge in Philadelphia has entered a $3.5 million default judgment plus interest against a Delaware man in an insurance-based breach of contract lawsuit. Judge Jan E. DuBois of the U.S. District Court for the Eastern District of Pennsylvania issued a judgment in […]

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Insurance, financial industry groups slam N.Y.’s proposed cybersecurity rules

Insurance, financial industry groups slam N.Y.’s proposed cybersecurity rules

Posted: December 1, 2016 Major banking and insurance industry groups are attacking New York’s proposed regulation requiring member companies to adopt stringent protections against cyberattacks that compromise consumers’ confidential information. National groups including the Securities Industry and Financial Markets Association, the American Bankers Association, and the Financial Services […]

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Prudential, Nonprofit Finance Fund launch New Jersey initiative

Prudential, Nonprofit Finance Fund launch New Jersey initiative

Prudential Financial and Nonprofit Finance Fund (NFF) announced a new initiative to help 15 nonprofits serving the people of Newark, N.J., advance their missions through a unique combination of financing and leadership capacity-building. During the summer, the Newark Resilience Initiative (NRI) provided financial-skills building clinics to the […]

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Plans to repeal Obamacare could be more disruptive than the law itself

Plans to repeal Obamacare could be more disruptive than the law itself

Posted: November 22, 2016 In the summer of 2013, as state and federal officials readied new insurance marketplaces created through the Affordable Care Act, millions of Americans started getting disquieting notices from their insurers. Health plans were being canceled because they didn’t comply with the law, often called […]

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Feds: NY overstated enrollees to improperly get $150 for Obamacare exchange

Feds: NY overstated enrollees to improperly get $150 for Obamacare exchange

Posted: November 23, 2016 New York improperly used as much as $150 million in grants to set up its insurance exchange under President Barack Obama‘s health care law and help people enroll for coverage, according to a federal audit released Tuesday. The Office of Inspector General for the […]

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Report finds commercial spaceports confused about insurance requirements

Report finds commercial spaceports confused about insurance requirements

Posted: November 24, 2016 A new report recommends that the Federal Aviation Administration do more to assist commercial spaceports in determining their insurance requirements, but stops short of calling for regulatory changes regarding coverage for facilities not owned by the federal government. The report, prepared by the U.S. […]

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IRS rule targets small captive insurance arrangements

IRS rule targets small captive insurance arrangements

Posted: November 27, 2016 An expert column appearing in Forbes outlines IRS requirements of certain captive insurance arrangements due by Jan. 30, 2017. The IRS has been receiving reports of certain small captive insurance arrangements that are being offered to taxpayers with little or no regard with respect […]

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State Farm ordered to refund California homeowners $104 million

State Farm ordered to refund California homeowners $104 million

GOVT PRESS RELEASE: The following content has been reprinted in whole or part from a government-supplied press release or statement. Acting upon a petition from the Consumer Federation of California (CFC), California Insurance Commissioner Dave Jones has ordered State Farm to refund homeowners insurance policyholders $104 million […]

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