Category: Insurance News
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Commissioner Mike Yaworsky Highlights Rating Upgrades for Several Tax Bonds — Underscoring the Market is Stable
Florida Insurance Commissioner Mike Yaworsky is affirming that Florida’s property insurance market is stable, as demonstrated by the recent rating upgrades for three Florida special tax bonds. Moody’s Ratings recently upgraded ratings for several Florida assessment-backed special tax bonds, including Florida’s Hurricane Catastrophe Fund, Citizen’s Property Insurance Corporation and the Florida Insurance Guaranty Association. TALLAHASSEE, Fla.— Florida…
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H.B. 6295 would allow counties to transfer control of county roads to townships
Michigan House Bill 6295, introduced on June 30, 2022, by Representative Jeff Yaroch, aims to amend the 1969 Public Act 296. This act governs the transfer of jurisdiction over highways and roads between various local authorities in Michigan. Specifically, H.B. 6295 would allow counties to transfer control of county roads to townships, provided there is…
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FMCSA Wins Historic Judgment Against Moving Company
Washington DC – The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) secured a historic ruling against moving companies for transporting household goods without FMCSA registration, violating federal regulations. The judgment comes as FMCSA strengthens state partnerships and takes further actions to protect consumers moving across state lines. On September 11, 2024, the…
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Staying Safe Online: Here are some important guidelines
Staying Safe Online: Here are some important guidelines that will help you protect yourself when using the internet. Thus, it is more important than ever to be careful in the digital environment and protect ourselves from various threats that exist in the network space. Some of the risks include hacking, phishing scams, and identity theft…
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Mandatory Workers’ Compensation Insurance for Contractors in California
The California Contractors State License Board (CSLB) has announced that starting January 1, 2023, certain licensed contractors must carry workers’ compensation insurance, regardless of whether they have employees. These contractors include those in the concrete (C-8), HVAC (C-20), asbestos abatement (C-22), and tree service (D-49) sectors. This new requirement is the result of Senate Bill…
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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…
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Research reveals 22% growth in Global commercial segment of Q4, 2020 FY
(Economic & Insurance News by Insurance Market 360) – Investigation done in commercial insurance sector across various regions and the globe in both private and public domains for the fourth quarter of 2020 with the support of Marsh, the lion share holder, indicate an aggregate of 22% increase which is 3% more than Q3, 2020.Global market…
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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 license state based systems, SBS a 33rd in its latest count. Michael Pieciak, Vermont Department of Financial Regulation Commissioner, expressed that, “SBS provides us with…
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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…
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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…