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Archive for the Insurance Industry News1 Category

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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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AIA proposes regulation waiver for ‘innovative’ products, technology

AIA proposes regulation waiver for ‘innovative’ products, technology

Posted: December 12, 2017 The American Insurance Association (AIA) unveiled new model legislation to state insurance commissioners that would relieve some regulatory hurdles for insurers that want to test new products and technologies. AIA presented its proposal to the National Association of Insurance Commissioners (NAIC) Innovation and Technology […]

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Collins’ strategy to stabilize Obamacare raises doubts

Collins’ strategy to stabilize Obamacare raises doubts

Sen. Susan Collins (R-Maine), whose vote was pivotal in pushing the GOP tax bill forward last week, thought she had a deal to bolster health care protections in exchange for her support. But it’s now far from clear that her strategy to shore up part of the […]

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Brokers tout mix-and-match coverage to avoid high Obamacare rates

Brokers tout mix-and-match coverage to avoid high Obamacare rates

As the Affordable Care Act open-enrollment season moves into its final weeks, some consumers looking for lower-cost alternatives turn to brokers and consider a patchwork approach to health insurance. The products may secure some basic protection but leave patients on the hook for high medical bills. The […]

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Maryland case could open door for more asbestos claims

Maryland case could open door for more asbestos claims

Posted: December 7, 2017 A legal ruling that is being challenged in the Maryland Court of Appeals in Annapolis could open the door for more asbestos claims in the state. Maryland law allows for a 20-year deadline for workers or their families to make claims of illness or death […]

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Report: Some N.J. insurance brokers reap public funds without disclosure

Report: Some N.J. insurance brokers reap public funds without disclosure

Posted: December 7, 2017 One of the biggest goldmines for contractors in New Jersey is selling insurance plans to public entities, which employ hundreds of thousands of workers across the state. But a review of dozens of public documents by The Commercial Observer shows that in some cases, […]

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