Call Us Free: (800) 394-2767

Archive for the Insurance Industry News1 Category

Medical share of workers comp costs drop to new low in N.Y.

Medical share of workers comp costs drop to new low in N.Y.

Posted: December 19, 2017 In New York, the medical share of total workers compensation benefit costs to 37% in 2015 and 2016 from a high of 42% in 2007, below the national average of 51.4%, according to a report released by the New York Compensation Insurance Rating Board. […]

Read more

CareFirst BCBS announces efforts to combat opioid abuse

CareFirst BCBS announces efforts to combat opioid abuse

CareFirst BlueCross BlueShield announced that it is undertaking efforts to help stem opioid and substance abuse among its members in Maryland, Northern Virginia and Washington, D.C. The following is a statement issued by the health insurer: CareFirst BlueCross BlueShield Announces New Efforts to Combat Opioid and Substance […]

Read more

Former Michigan agent gets jail time for $800,000 scam

Former Michigan agent gets jail time for $800,000 scam

A former Michigan life insurance agent will spend at least the next six years behind bars for stealing more than $800,000 from mostly elderly clients. Paul Garceau, Jr., 51, of Grosse Point Park, pleaded in a Macomb County court to three felonies as part of a Ponzi […]

Read more

N.Y. bans use of education, job in setting auto insurance rates

N.Y. bans use of education, job in setting auto insurance rates

New York State has banned auto insurers from using educational attainment level or occupation and earnings as a base when determining rates, saying the practice could be discriminatory. The New York Department of Financial Services (DFS), which regulates insurance in the state, has made an agreement with […]

Read more

Iroquois Group announces regional realignment

Iroquois Group announces regional realignment

Posted: December 14, 2017 The Iroquois Group, an Allegany, N.Y.-based service provider for independent property and casualty insurance agencies, announced changes to its regional structure, adding agencies to Iroquois of New England,  Iroquois Mid-Atlantic and Iroquois South. According to a statement, the changes will better align Iroquois regions […]

Read more

Wildfires pose $27.7 billion home risk in Southern California

Wildfires pose $27.7 billion home risk in Southern California

An analysis shows that the 86,000 homes at some level of risk from the raging Southern California wildfires have a combined reconstruction value of $27.7 billion. Catastrophe risk modeling specialist, CoreLogic, studied the Thomas, Rye and Creek wildfires and issued their findings. At more than 234,000 acres, […]

Read more

Maryland extends deadline to enroll in Obamacare

Maryland extends deadline to enroll in Obamacare

Posted: December 13, 2017 Maryland residents seeking health insurance under the federal Affordable Care Act will get an extra seven days to sign up, state officials plan to announce Wednesday. The new enrollment deadline is December 22 rather than Friday, Dec. 15. The deadline was extended by a […]

Read more

N.Y. appoints members to new State Insurance Advisory Board

N.Y. appoints members to new State Insurance Advisory Board

New York’s Financial Services Superintendent Maria T. Vullo announced the 10 appointees who will serve on the newly formed Department of Financial Services (DFS) State Insurance Advisory Board. Earlier this year, Gov. Andrew M. Cuomo signed legislation to create the board. The board, which is charged with […]

Read more

Hub acquires affiliated Maryland-based surety firms

Hub acquires affiliated Maryland-based surety firms

Hub International has acquired Contractor’s Services Inc., and Surety Services LLC, two affiliated firms based in Timonium, Md. Terms were not disclosed. Contractor’s Services Inc. (CSI) and Surety Services service the construction industry by providing bid, performance, supply and payment surety bonds.  Both agencies also offer several […]

Read more

New retail life insurance premium falls 2% in Q3: LIMRA

New retail life insurance premium falls 2% in Q3: LIMRA

After 13 quarters of consecutive growth, whole life (WL) insurance new annualized premium fell 4% in the third quarter 2017, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. The 4% decline, coupled with another double-digit decline in lifetime guarantee universal life sales, drove total […]

Read more