September 24
Fiduciary Professions: Legal Challenges and Solutions for Trustees of Trust-Owned Life Insurance
Active and careful management is required
By Grace Bronstein & Ian Weinstock
Many trustees mistakenly believe that life insurance is a static financial instrument. However, trust-owned life insurance (TOLI) requires active and careful management. Recent case law provides a roadmap for how trustees can adequately manage TOLI pursuant to the Uniform Prudent Investor Act (UPIA). Trustees should be aware of their exposure to liability, as there’s been an increasing trend towards lawsuits filed against trustees for policy mismanagement.
Remembering Fmr. Ny Supt of Insurance, Albert Lewis
An exemplary public servant, gentleman and friend Many in the insurance industry have communicated great sadness together with enduring admiration for former New York State Superintendent of Insurance, Albert Lewis, who died on August 7th at 95 years of age. The cause was complications from Alzheimer’s disease. Insurance regulation was itself improved by Al Lewis […]
Adrienne Harris Named Superintendent of the Department Of Financial Services
Adrienne Harris has been nominated to lead the New York State Department of Financial Services as its next Superintendent by Governor Hochul. Formerly a top economic advisor to President Obama, Ms. Harris will become the state’s top financial regulator tasked with overseeing the banking and insurance industries and their compliance with state laws as New […]
New York Insurance Scholarship Foundation Selects Delgado And Fitzpatrick As 2021–2022 Scholars
The New York Insurance Scholarship Foundation, Inc. (NYISF) has named Diego Delgado from Minoa, N.Y. and Lily Fitzpatrick from Whitestone, N.Y. as the foundation’s 2021–2022 New York Insurance Scholars. Delgado is a junior at Le Moyne College majoring in risk management and insurance, finance, and information systems. Fitzpatrick is a senior at St. John’s University […]
Invest™ Appoints Juan Padron as Board Chair
Invest™, the insurance industry’s premier classroom-to-career education program, has appointed Juan Padron, partner at SafeGuard Insurance Agency in McAllen, Texas, as the new chair of the national Invest board. Padron has been part of the insurance industry since 2002. He has served on the Invest board since 2019 as an agent member and currently serves […]
Auto and Property Insurance Shopping Continue to Diverge; Both Younger and Riskier Consumers Increase Auto Shopping
TransUnion report reveals the personal lines insurance marketplace shows signs of returning to pre-pandemic levels Auto and property insurance shopping continued to diverge in Q2 2021 as factors such as low mortgage rates, pandemic-driven nesting and supply chain disruptions impacted these industries differently. TransUnion’s (NYSE: TRU) latest Personal Lines Insurance Shopping Report also found a resurgence in […]
Motorized Bikes- A New Cycling Trend
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Vice President/Media Editor Electric bikes or e-bikes are becoming increasingly popular. Although at first glance they may look like a traditional bicycle, they have a battery-operated motor to assist the rider in travel. E-bikes are not all the same, and their usage varies. Use […]
Americans Deemed “Too Risky” to Acquire Life Insurance are Getting a Second Look
By Paul Ford Life insurance ownership across the nation has dropped by 9% in the last decade.(1) As of 2018, it was estimated that 27% of non-elderly adults in the United States had at least one pre-existing condition that would disqualify them from getting life insurance—that’s 53.8 million people.(2) According to NerdWallet, the average minimum […]
Praedicat Launches Company Risk Score to Underwrite Liability Emerging Risk
Praedicat, the liability emerging risk analytics company, has launched a new Company Risk Score designed to vastly simplify the underwriting of complex emerging risks for liability insurance The Company Risk Score, available in Praedicat’s emerging risk software product CoMeta™, applies machine learning and artificial intelligence technologies to identify emerging risks in scientific literatures. Once new […]
