OSHA will monitor the whistleblower cases under Antitrust and Money laundering Act: DoL

(Washington, DC, Economic & Insurance News by Insurance Market 360) –  Department of Labour (DoL), recently notified that, OSHA, shall investigate whistleblower complaints logged under the new Antitrust and Money Laundering provided by the legislation. This decision was taken keeping in view of increase in cases especially in professional safety and health administration in the […]

VERMONT is now a licensing authority to state based systems: NAIC

(Washington, Economic & Insurance News by Insurance Market 360) – National Association of Insurance Commissioners, NAIC, on 29 January 2021 announced the inclusion of Vermont department of financial regulation to licence state based systems, SBS a 33rd in its latest count. Michael Pieciak, Vermont Department of Financial Regulation Commissioner, expressed that, “SBS provides us with the […]

Private Insurance organizations to face EPLI Challenges: RPS

(Rolling Meadows, IL, Economic & Insurance News by Insurance Market 360) – Covid_19 affected Employment Practices Liability Insurance (EPLI) pricing and it is expected to continue in 2021 according to a report by Risk Placement Services. Manny Cho RPS EVP, Executive Lines, opined that, “in order to obtain and maintain profitability, carriers are not only looking […]

US Insurers need to be extra cautious in administering fraud payments: OFAC

(Economic & Insurance News by Insurance Market 360) -The US Treasury Department’s Office of Foreign Assets Control (OFAC) on 1 October 2020 released an official reminder reminding about the fraud payments and reimbursement and their consequences to the economy and the insurance organizations. Though, the statutory body did not make any alterations in the existing […]

A global initiative by Lloyds’ to address risk in Insurance sector

March 10, 2021 (London, Economic & Insurance News by Insurance Market 360) -Lloyds’ in February 2021 initiated FUTURESET to resolve both ongoing and projected concerns of the Insurance industry by filling the gaps in knowledge, understanding and addressing risk management. This Model was developed by Chartered Insurance Institution (CII) and Lloyds’ market Association (LMA). John […]

California Insurance Commissioner Lara Fills Advisory Boards and Committees

January 14, 2021. (Los Angeles, CA, Economic & Insurance News by Insurance Market 360 ) – On April 24, new appointments to multiple advisory boards and committees in order to protect policyholders in the state. New members joined the California Automotive Assigned Risk Plan Advisory Board (CAARP), the California Insurance Guarantee Association (CIGA) Board of […]

Average premium renewal rates experience variable change across all major commercial lines month over month

February 18, 2021 (Tampa, FL, Economic & Insurance News by Insurance Market 360) – The July results of the IVANS Index, which shows the insurance industry’s premium renewal rate index, show that all lines of business saw increases in average premium renewal rates, except for Workers’ Compensation, which declined. July premium renewal rates for Commercial […]

Insurance Companies Need to Change Their Strategies on Wildfire of Insured Assets _ A Research Report

February 16, 2021. (Washington, DC, Economic & Insurance News by Insurance Market 360) – Centre for Insurance Policy Research (CIPR) in association with Risk Management Solutions (RMS) and Institute for building and home safety (IBHS) investigated and submitted a technical report on the economic advantages of wildfire resilience strategies in nine communities of California, Colorado and […]