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In the News
Is Technology So Very Important for the Insurance Industry? Here’s One Opinion Why…
Technology Is Ultimate Savior of Insurance Industry: Opinion March 13, 2017 by Lionel Laurent Insurance companies are running out of ideas. They’ve bolstered their balance sheets since the financial crisis but have few racy growth prospects in a world of low interest rates, pricing pressure and regulatory hassles. Big mergers may be the most tempting […]
U.S. Homeowners Give Record High Satisfaction Scores to their Insurers
Just out from I.I.I.! J.D. Power Study Surveyed Policyholders Who Filed a Claim NEW YORK, March 13, 2017—About one of every 15 U.S. homeowners insurance policyholders files a claim each year and these claimants are now giving insurers their highest ever satisfaction ratings, according to the Insurance Information Institute (I.I.I.). The J.D. Power 2017 U.S. […]
AIG CEO Peter Hancock to Depart After Four Losses in Six Quarters
March 9, 2017–by Katherine Chiglinsky, Lisa Du and Sonali Basak of Carrier Management (http://www.carriermanagement.com/news/2017/03/09/165071.htm) American International Group Inc. Chief Executive Officer Peter Hancock is stepping down after posting four losses in six quarters—results that hurt investors including activists Carl Icahn and John Paulson. Hancock, 58, will remain CEO until a successor is named, the New […]
How Annuities Can Drain Seniors’ Savings
“…Like most states, Pennsylvania counts heavily on the insurance industry to police itself….” How far should self-policing go? In Philadelphia, Mark Fazlollah (mfazlollah@phillynews.com) and Erin Arvedlund (earvedlund@phillynews.com), Staff Writers for Phillynews.com, report on a sad annuities case issue with How Annuities Can Drain Seniors’ Savings. The final line is very telling and troubling. “Sales of […]
Berkshire Hathaway GUARD Adds Commercial Auto Insurance in New York
WILKES-BARRE, PA – Berkshire Hathaway GUARD Insurance Companies recently began offering Commercial Auto coverage in New York. The product can be written on a stand-alone basis or together with other complementary lines. The policy is aimed at accommodating the needs of a broad audience, including artisan contractors, repair and service operations, delivery and distributor classes, […]
Governor Cuomo Announces Action to Expand Cutting-Edge Breast Cancer Screen Options for Women
From the Press Office of Gov. Cuomo — Feb. 28, 2017, NY Insurers Must Cover Medically Necessary 3-D Mammograms without Co-Pays, Coinsurance, or Deductibles 3-D Mammography Technology More Effective at Detecting Cancer in Dense Breast Tissue, Which is More Common in Women of Color Governor Andrew M. Cuomo today announced that health insurers are […]
NYSDFS Finalizes Cyber Reg; Takes Effect March 1
(From IIABNY, for more information, see below) February 16, 2017 — The New York State Department of Financial Services has adopted a final version of its cyber security regulation. The final adoption follows a proposal published last September and a revised proposal published December 28. It contains minimal changes to the December proposal. For IIABNY members, there […]
Melrose Credit Union Into Conservation
Some interesting news from the NY-DFS … From CU Insight ALEXANDRIA, VA (February 10, 2017) — The New York State Department of Financial Services today took possession of Melrose Credit Union, located in Briarwood, New York, and appointed the National Credit Union Administration as conservator. Deposits at Melrose Credit Union remain protected by the National […]
