ENCORE! ENCORE! Congratulations to the New York Liquidation Bureau! Yes, you read that right. For the second year in a row the Bureau has timely posted its annual report on its website (www.nylb.org). This is the statutorily required report of the Superintendent of Financial Services as receiver (liquidator, rehabilitator, conservator or ancillary receiver) on the […]
Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim Business Income Coverage for Employees’ Payroll and Commissions The Mudslide Tragedy— Insurance Aspects Another Hole in the Dike: Court of Appeals Allows Errors & Omissions Claim The New York Court of Appeals has again denied an insurance broker’s motion for summary […]
Your Local Neighborhood MARKET-ing So many times you have heard me mention in this column, or in a conversation that we may have had, about how important it is to obviously market both yourself and your business products through community involvement. You have also heard me say many times how important both face to face […]
Taking A Lesson From March Madness Why do consumers believe that insurance is a commodity? Because an enormous amount of advertising money has been spent to teach them that. Conversely not enough time, money and effort has been spent to tell them the truth. Most independent agents and brokers know that not all coverage is […]
RAA Elects Officers Tad Montross, President and Chief Executive Officer, General Reinsurance Corporation, was elected chair of the Board of Directors of the Reinsurance Association of America (RAA) at the 46th Annual Meeting of Members held in Washington. Elected to serve with Mr. Montross are vice chair Henry Klecan, President and Chief Executive Officer, SCOR […]
LIRAP: More than 300 drawn to PIANY in Woodbury Conference More than 300 insurance professionals attended The Professional Insurance Agents of New York’s Long Island Regional Awareness Program on May 1, 2014. This year’s Long Island RAP took place at Crest Hollow Country Club in Woodbury. The venue and perfect spring weather combined with inspired […]
Putative Class Action Challenges Use of “Shadow Insurance” By Matthew Gaul, Denton’s Anew putative class action suit filed in the Southern District of New York alleges that the use of so-called “shadow insurance” transactions violates New York Insurance Law Section 4226(a)(4), which prohibits insurers from making “any misleading representation, or any misrepresentation of the financial […]
Change is Not Always for the Better By Marilyn M. Singleton, M.D., J.D. Recently, I took a respite from my concerns about the Affordable Care Act, which I left simmering in the crockpot while I was re-visiting the Kingdom of Cambodia. Most people visit Cambodia for a brief trip to Siem Reap to experience the […]
LOOKING UP First Net Underwriting Gains Since 2007 Mark P/C Insurers’ 2013 Results Private U.S. property/casualty insurers’ net income after taxes grew to $63.8 billion in 2013 from $35.1 billion in 2012, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus climbing to 10.3 percent from 6.1 percent. At […]
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