Tag: Insurance
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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…
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California Long Term Care Insurance Task Force
While announcing the six appointments to the new Long Term Care Insurance Task Force, Insurance Commissioner Ricardo Luna said, “Our new Long Term Care Insurance Task Force will explore greater options for Californians to help them age with dignity and security. With their deep experience in insurance, culturally competent care and services, and the health…
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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…
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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…
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HHS releases voluntary cybersecurity practices for health industry
(Washington, DC – Insurance News 360) – On Dec. 28, the Department of Health and Human Services (HHS) released the “Health Industry Cybersecurity Practices (HICP): Managing Threats and Protecting Patients” publication. The four volume publication, aims to provide voluntary cybersecurity practices to healthcare organizations of all types and sizes, ranging from local clinics to large…
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U.S. Department of Labor recovers $49,269 for employees after investigating overtime violations by Jacksonville, FL Company
(Jacksonville, FL – Insurance News 360) – Following an investigation by the U.S. Department of Labor Jacksonville-based Stone World Imports and Manufacturing, Inc. paid $49,269 in back wages to 21 employees. The investigation revealed that the company paid only straight time rates to employees, not overtime when warranted. The failure to pay time-and-a-half for hours…
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Edgar hacking case ends in charges by SEC
(Washington, DC – Insurance News 360) – On Jan. 15, the Securities and Exchange Commission charged nine individuals participating in a previously-disclosed scheme to hack the SEC’s EDGAR system to get non-public information for illegal trading. Those charged are an Ukranian hacker, six individuals in California, Ukraine, Russia and two entities. According to the SEC…
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Audit firm, partners charged for deficient audits
(Washington, DC – Insurance News 360) – On Dec. 21, the Securities and Exchange Commission filed settled charges against national audit firm Crowe LLP, two of its partners, and two partners of a now-defunct audit firm for their significant failures in audits of Corporate Resource Services Inc., which went bankrupt in 2015 after the discovery…
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U.S. Department of Commerce Finds Dumping and Countervailable Subsidization of Imports of Plastic Decorative Ribbon from China
(Washington, DC – Insurance News 360) – On Dec. 21, 2018, the U.S. Department of Commerce announced the final determinations in investigations into the antidumping duty and countervailing duty (CVD) of imports of plastic decorative ribbon from China. These investigations revealed that exporters sold plastic decorative ribbon at less than fair value in the United…
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Oklahoma Oil Service Waste Disposal Company Resolves Overtime, Child Labor Violations Found in U.S. Department of Labor Investigation
(Oklahoma City, OK – Insurance News 360) – Following an investigation by the U.S. Department of Labor’s Wage and Hour Division, Oklahoma City’s Backyard Energy Services paid $253,399 in back wages and a civil penalty of $2,163 for violations of the Fair labor Standards Act, child labor laws, and record keeping issues. The Department of…