<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>April | Insurance Advocate</title> <atom:link href="https://www.insurance-advocate.com/category/2023/april/feed/" rel="self" type="application/rss+xml" /> <link>https://www.insurance-advocate.com</link> <description>Since 1889</description> <lastBuildDate>Fri, 21 Jul 2023 15:58:48 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <item> <title>April Cover</title> <link>https://www.insurance-advocate.com/2023/04/16/april-cover/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 06:30:20 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Covers]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13789</guid> <description><![CDATA[<p><img width="612" height="792" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" fetchpriority="high" srcset="https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER.jpg 612w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-600x776.jpg 600w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-500x647.jpg 500w" sizes="(max-width: 612px) 100vw, 612px" /></p>]]></description> <content:encoded><![CDATA[<p><img width="612" height="792" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" srcset="https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER.jpg 612w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-232x300.jpg 232w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-600x776.jpg 600w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/IA-APRIL_COVER-500x647.jpg 500w" sizes="(max-width: 612px) 100vw, 612px" /></p>]]></content:encoded> </item> <item> <title>NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry</title> <link>https://www.insurance-advocate.com/2023/04/16/naic-targets-new-normal-regulators-outline-accomplishments-in-report-to-the-industry/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 06:00:23 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Cover Story]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13760</guid> <description><![CDATA[<p>NAIC RELEASES 2022 ANNUAL REPORT<br /> National Association of Insurance Commissioners (NAIC) presented its 2022 Annual Report. “Conquering the New Normal Together,” to share how the NAIC successfully overcame pandemic-era challenges to further its state-based agenda. According to the report, in 2022 the NAIC enhanced connectivity among its staff and Members, leaned forward on emerging issues, accelerated investments in technology, and rallied its internal team. The NAIC achieved all of this while helping Members protect consumers and remain solvent. The report details accomplishments in these areas. Excerpts follow.</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/naic-targets-new-normal-regulators-outline-accomplishments-in-report-to-the-industry/">NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h4><strong>NAIC Releases 2022 Annual Report</strong></h4> <p>National Association of Insurance Commissioners (NAIC) presented its 2022 Annual Report. “Conquering the New Normal Together,” to share how the NAIC successfully overcame pandemic-era challenges to further its state-based agenda. According to the report, in 2022 the NAIC enhanced connectivity among its staff and Members, leaned forward on emerging issues, accelerated investments in technology, and rallied its internal team. The NAIC achieved all of this while helping Members protect consumers and remain solvent. The report details accomplishments in these areas. Excerpts follow.</p> <h4><strong>Leaning Forward on Emerging Issues</strong></h4> <p><strong><i><span class="Apple-converted-space"> </span></i>Key Policy Achievements</strong><br /> In 2022, we marked the return of significant in-person dialogue with Washington, DC-based stakeholder groups, members of Congress and federal officials, state association partners, and key bilateral jurisdictions. We increased our collaboration and cooperation with our legislative colleagues at the National Council of Insurance Legislators (NCOIL), resulting in new opportunities to advocate for our state-based system. NAIC leadership held a series of dialogues with industry and consumer stakeholders that promoted greater transparency and understanding of NAIC initiatives. As a result of these engagements, the NAIC continued to be effective in influencing policy at domestic, federal, and international levels.</p> <p>Other key achievements include:</p> <p>• Conducted a virtual fly-in reaching nearly 200 congressional offices to highlight our priorities for the year.</p> <p>• Held our first in-person International Insurance Forum since the COVID-19 pandemic began, reuniting more than 300 regulators and stakeholders from around the globe in Washington, DC to discuss current developments.</p> <p>• Educated congressional committee leadership on private equity-owned insurers.</p> <p>• Re-engaged in person with key bilateral partners and the International Association of Insurance Supervisors (IAIS).</p> <p>• Advanced at the IAIS our approach for comparability of our aggregation method through strong advocacy at the International Insurance Forum and focused negotiations.</p> <p>• Contributed to new initiatives at various international standard setting bodies our US-based approach on key emerging issues like climate risk, financial security, and innovation and technology.</p> <p>• NAIC Leadership wrote to Congress on behalf of Members to share its perspective on Standard & Poor’s (S&P’s) ratings proposal and correct any misperception of the NAIC’s viewpoint. S&P ultimately relented in its efforts to move forward with its model.</p> <p>• Engaged with Congress on behalf of Members to revisit the federal law that limits the authority of states to oversee Medicare Advantage, resulting in a national conversation on Medicare Advantage marketing.</p> <p><span class="Apple-converted-space"> </span>• Advocated for the Empowering States to Protect Seniors from Bad Actors Act (H.R. 5914/S. 3529), which would establish a senior investor protection grant program at the U.S. Securities and Exchange Commission (SEC) to support state regulatory efforts to target senior fraud. The U.S. House of Representatives overwhelming approved the bill amidst an otherwise divided Congress.</p> <p>• Promoted state-based efforts addressing climate risk and resiliency and actively resisted unnecessary federal intervention and oversight through a series of Member letters and engagements with key federal agencies.</p> <p>• Successfully complied with the U.S./European Union (EU)/ United Kingdom (UK) Covered Agreements and avoided federal preemption through a coordinated multi-year effort and adoption of the Credit for Reinsurance Model Law (#785) by all 56 Members.</p> <p>• Participated in two key congressional hearings to highlight our state- based approaches on key emerging issues:</p> <p>• Commissioner Kathleen A. Birrane (MD) advocated for state-based approaches to private equity, artificial intelligence (AI) and big data, and climate risk, among other issues during a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing.</p> <p>• Director Chlora Lindley-Myers (MO) testified before a U.S. House of Representatives’ Financial Services Subcommittee on the NAIC’s state-based efforts to promote DE&I in the insurance sector.<span class="Apple-converted-space"> </span></p> <p><strong>New Avenues to Insurance Careers (N.A.I.C.) Foundation</strong><br /> As part of our effort to proactively address emerging issues, our Members saw a specific solution to remedy the talent and diversity gap in the insurance sector. Under our Officers’ leadership, we created the New Avenues to Insurance Careers (N.A.I.C.) Foundation, which will provide internship and scholarship opportunities for underrepresented communities and improve access to careers with state insurance departments and the insurance industry.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/naic-targets-new-normal-regulators-outline-accomplishments-in-report-to-the-industry/">NAIC TARGETS “NEW NORMAL” Regulators outline accomplishments in Report to the industry</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Taking on Tort Reform… and Doing Something</title> <link>https://www.insurance-advocate.com/2023/04/16/taking-on-tort-reform-and-doing-something/</link> <dc:creator><![CDATA[Steve Acunto]]></dc:creator> <pubDate>Sun, 16 Apr 2023 05:30:59 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Foreword]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13786</guid> <description><![CDATA[<p>The topic of Tort Reform never goes away, largely because so few states ever do anything to rein in the Trial Bar’s excesses and advantages…until Florida’s governor signed a bill that is a model for the other states. To curb legal system abuse and frivolous lawsuits by Gov. Ron DeSantis inked H.B. 837, which was […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/taking-on-tort-reform-and-doing-something/">Taking on Tort Reform… and Doing Something</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>The topic of Tort Reform never goes away, largely because so few states ever do anything to rein in the Trial Bar’s excesses and advantages…until Florida’s governor signed a bill that is a model for the other states.<br /> To curb legal system abuse and frivolous lawsuits by Gov. Ron DeSantis inked H.B. 837, which was approved by the Florida Senate by a vote of 23-15 after passing the House.<br /> The rule redoes the standards for bad faith actions to spur good faith between parties and provide consumer protections. It cuts one-way attorney fees, which have allowed policyholders to collect their legal costs from insurers if they win a dispute over claims. It also eliminates fee multipliers for all lines of insurance, which have allowed plaintiffs’ attorneys to use a multiplier on top of a so-called “Lodestar” fee to get higher fees when they prevail in litigation.<br /> <br /> The bill limits recovery if a plaintiff is found to be more than 50% at fault, expands immunity from liability for property owners defending against criminal acts on their property, provides uniform standards for juries in calculating medical damages and reduces the statute of limitations for general negligence cases from four to two years.<br /> <br /> Insurers predictably hailed the bill’s passage including the Washington-based American Property Casualty Insurance Association.<br /> <br /> I believe that the reforms will move the needle toward fairness in Florida’s and serve as an exemplar – I hope so. The governor’s stated goal is to reduce the excessive number of frivolous lawsuits being filed and to make it more inviting for insurers to increase the availability and limits. “Greater fairness and balance will be good for Florida, bringing much-needed stability,” Mr. Aldredge said.<br /> Florida’s legal system abuse has added to the challenges of providing insurance coverage in the state, Neil Aldredge, president and CEO of the National Association of Mutual Insurance Companies, said in a statement. The Washington-based American Tort Reform Association said the package of reforms has the potential to rebalance the state’s legal system for years to come and would promote transparency in damages. “Transparency in damages is critical to ensuring that the legal system is fair and just,” ATRA President Tiger Joyce said in the statement.<br /> <br /> Transparency and reform takes courage and that is what Governor De Santis demonstrated in this case versus a powerful lobby.<br /> <br /> Bravo.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/taking-on-tort-reform-and-doing-something/">Taking on Tort Reform… and Doing Something</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>NAIC Names Acting Chief Executive Officer</title> <link>https://www.insurance-advocate.com/2023/04/16/naic-names-acting-chief-executive-officer/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 05:00:30 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13783</guid> <description><![CDATA[<p>The National Association of Insurance Commissioners (NAIC) Executive Committee named Andrew J. Beal as Acting Chief Executive Officer (CEO). The appointment was made during the 2023 Spring National Meeting in Louisville, Kentucky. Beal currently serves as the Chief Operating Officer and Chief Legal Officer of the NAIC. He joined the NAIC in 1999. Director Chlora Lindley-Myers, […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/naic-names-acting-chief-executive-officer/">NAIC Names Acting Chief Executive Officer</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>The National Association of Insurance Commissioners (NAIC) Executive Committee named Andrew J. Beal as Acting Chief Executive Officer (CEO). The appointment was made during the 2023 Spring National Meeting in Louisville, Kentucky. Beal currently serves as the Chief Operating Officer and Chief Legal Officer of the NAIC. He joined the NAIC in 1999. <br /> Director Chlora Lindley-Myers, NAIC President and Missouri Department of Commerce and Insurance said:</p> <p><i>“The NAIC staff and its members congratulate Andy Beal on his appointment as Acting CEO,”</i><i> </i></p> <p>“We look forward to Andy’s continued leadership as we begin implementing State Connected, the NAIC’s 2023-2025 strategic plan. We’re confident that Andy and the NAIC internal senior leadership team will continue to provide the stability and guidance needed for the organization to support the NAIC membership during this period of transition.”</p> <p>The announcement comes after Michael (Mike) F. Consedine resigned as the NAIC’s CEO, effective April 30, 2023. Consedine began serving as NAIC CEO in January 2017.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/naic-names-acting-chief-executive-officer/">NAIC Names Acting Chief Executive Officer</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>IMUA Announces Updated Guide To State Rate, Rule & Forms Filing</title> <link>https://www.insurance-advocate.com/2023/04/16/imua-announces-updated-guide-to-state-rate-rule-forms-filing/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 04:30:11 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[In The Associations]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13780</guid> <description><![CDATA[<p>New York, NY, March 21, 2023 – The Inland Marine Underwriters Association announced its Legislative & Regulatory Affairs Committee had updated its paper on the IMUA guide to state rate, rule, and forms filing. The updated version provides a digest of the rate, rule, and forms filing requirements for inland marine insurance in all fifty states, the […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/imua-announces-updated-guide-to-state-rate-rule-forms-filing/">IMUA Announces Updated Guide To State Rate, Rule & Forms Filing</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>New York, NY, March 21, 2023 – The Inland Marine Underwriters Association announced its Legislative & Regulatory Affairs Committee had updated its paper on the IMUA guide to state rate, rule, and forms filing. The updated version provides a digest of the rate, rule, and forms filing requirements for inland marine insurance in all fifty states, the District of Columbia, Puerto Rico, and the US Virgin Islands.</p> <p>The table of contents is now indexed to allow a user to click on a state of choice and go to it without having to scroll through the whole document to find a specific section.</p> <p>According to IMUA Vice President & Secretary, Lillian Colson, “Thanks to the efforts of our Legislative & Regulatory Affairs Committee, members can now easily access updated information on filing requirements for rates, rules, and forms. This Committee and others continue to assist IMUA in providing comprehensive professional development programs through papers, webinars, and classes.”</p> <p>IMUA members can download the updated paper through the<a href="https://www.imua.org"> IMUA website.</a> For information on the IMUA’s report and papers or its All-Access Education program, contact Lillian Colson at <a href="lcolson@mua.org">lcolson@mua.org</a>.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/imua-announces-updated-guide-to-state-rate-rule-forms-filing/">IMUA Announces Updated Guide To State Rate, Rule & Forms Filing</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Finger Lakes Partners Insurance Services Joins World Insurance Associates</title> <link>https://www.insurance-advocate.com/2023/04/16/finger-lakes-partners-insurance-services-joins-world-insurance-associates/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 04:00:08 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13777</guid> <description><![CDATA[<p>World Insurance Associates LLC (World), a Top 50 Insurance Brokerage, announced that it acquired the business of Finger Lakes Partners Insurance Services Inc. (“Finger Lakes Partners”) of Geneva, NY.. Terms of the transaction were not disclosed. Finger Lakes was formed in 2007 when two established agencies with histories dating back to 1900 combined – Chacchia […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/finger-lakes-partners-insurance-services-joins-world-insurance-associates/">Finger Lakes Partners Insurance Services Joins World Insurance Associates</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p>World Insurance Associates LLC (World), a Top 50 Insurance Brokerage, announced that it acquired the business of Finger Lakes Partners Insurance Services Inc. (“Finger Lakes Partners”) of Geneva, NY.. Terms of the transaction were not disclosed.<br /> Finger Lakes was formed in 2007 when two established agencies with histories dating back to 1900 combined – Chacchia & Parrott, Inc. and Henry Shepard Smith Inc.<br /> Today Finger Lakes Partners provides insurance services to individuals and businesses. All the principals of Finger Lakes Partners are joining World to continue to operate the business, ensuring continuity for clients.</p> <p>“We were born here, we work here, and we live here,” says Ed Boudreau of Finger Lakes Partners Insurance Services, Inc.<br /> “We have a vested interest in this community and look forward to serving its residents for a long, long time. As part of World Insurance we can offer our customers additional insurance products and services. We look forward to taking our agency to the next level—providing larger resources, and local representation.”<br /> “On behalf of the World family, I’d like to welcome Finger Lakes Partners to our team,” says Rich Eknoian, CEO and Co-Founder of WIA.<br /> “They are a successful agency and I know they will continue to grow as part of World.” Giordano, Halleran & Ciesla provided legal counsel to World. Harter Secrest & Emery LLP provided legal counsel to Finger Lakes. No other advisors, diligence firms or legal counsel were disclosed.</p> <p>World Insurance Associates LLC (World) is headquartered in Iselin, N.J., and is a nationally ranked, full-service insurance organization providing individuals and businesses with top products and services across personal and commercial insurance, employee and executive benefits, retirement and financial services and human capital management solutions. Since its founding in 2011, World has completed over 185 acquisitions and serves its customers from more than 250 offices across the United States.<br /> World is ranked #34 on the 100 Largest Brokers of U.S. Business list by Business Insurance, ranked #3 on the Fastest Growing Brokers list by Business Insurance, ranked #3 on the Fastest Growing Benefits Brokers list by Business Insurance, ranked #24 on the Top 100 P&C Agencies by Insurance Journal, and ranked #20 on the Top 50 Personal Lines Agencies by Insurance Journal.<br /> For more information, please visit <a href="http://www.worldinsurance.com">www.worldinsurance.com</a>.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/finger-lakes-partners-insurance-services-joins-world-insurance-associates/">Finger Lakes Partners Insurance Services Joins World Insurance Associates</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Risk Strategies Acquires Insurance Center of North Jersey</title> <link>https://www.insurance-advocate.com/2023/04/16/risk-strategies-acquires-insurance-center-of-north-jersey/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 03:30:19 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Agencies]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13774</guid> <description><![CDATA[<p>Commercial and professional liability expertise bolsters Metro New York region Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, has announced its acquisition of The Insurance Center of North Jersey (ICNJ). Terms of the deal were not disclosed. A leading provider of business, professional and personal insurance coverages for clients […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/risk-strategies-acquires-insurance-center-of-north-jersey/">Risk Strategies Acquires Insurance Center of North Jersey</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h4><strong>Commercial and professional liability expertise bolsters Metro New York region</strong></h4> <p>Risk Strategies, a leading national specialty insurance brokerage and risk management and consulting firm, has announced its acquisition of The Insurance Center of North Jersey (ICNJ). Terms of the deal were not disclosed.<br /> A leading provider of business, professional and personal insurance coverages for clients across New Jersey, New York, Connecticut, and Pennsylvania, ICNJ brings expertise in helping professionals in law, healthcare and dentistry tailor effective liability risk coverage.</p> <p>“When seeking firms with which to partner, we prioritize deep expertise, a client-first culture and potential for organic growth,” said Rob Rosenzweig, New York Metro Region Commercial Lines Leader. “The team at The Insurance Center of North Jersey hits all those marks and it’s exciting to welcome them to the family.”</p> <p>Headquartered in Hillsdale, NJ and originally founded in 1927 as the Graffin Agency, the firm became known as ICNJ in 1984 when current President, Steve Radespiel, joined his father at the company.</p> <p>“Given our longevity as a company and my personal connection to it, we wanted to be sure we had the right fit when choosing a partner to grow and extend our business,” said Radespiel. “In Risk Strategies we saw not only a national platform that could bring a wide range of new capabilities to our clients, but also an organization that shared our commitment to personalized service.”<br /> Radespiel, a past president of the Professional Insurance Agents (PIA) of New Jersey, currently sits on PIA Northeast’s Management Services Board. In addition to expertise in its professional liability lines, ICNJ is able to help clients in its personal lines business across a range of standard and specialty property and casualty risk and liability products.</p> <p>Risk Strategies is the 9th largest privately held US brokerage firm offering comprehensive risk management advice, insurance and reinsurance placement for property & casualty, employee benefits, private client services, as well as consulting services and financial & wealth solutions. With more than 30 specialty practices, Risk Strategies serves commercial companies, nonprofits, public entities, and individuals, and has access to all major insurance markets. Risk Strategies has over 100 offices including Boston, New York City, Chicago, Toronto, Montreal, Grand Cayman, Miami, Atlanta, Dallas, Nashville, Washington DC, Los Angeles, and San Francisco. Riskstrategies.com.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/risk-strategies-acquires-insurance-center-of-north-jersey/">Risk Strategies Acquires Insurance Center of North Jersey</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>Peer-to-Peer Loans and Insurance</title> <link>https://www.insurance-advocate.com/2023/04/16/peer-to-peer-loans-and-insurance/</link> <dc:creator><![CDATA[Guest Author]]></dc:creator> <pubDate>Sun, 16 Apr 2023 03:00:52 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[MSO Inc.]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13768</guid> <description><![CDATA[<p><img width="1088" height="1408" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/MSO-APRILindd-pdf.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" /></p><p>Social Transactions Technology and the sharing economy have led to seismic changes in how people live – altering the face of social collaboration. Peer-to-peer (P2P) lending, or social lending, occurs when lenders and borrowers deal directly with one another through online services. P2P insurance involves a group of people with a common interest pooling their […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/peer-to-peer-loans-and-insurance/">Peer-to-Peer Loans and Insurance</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p><img width="1088" height="1408" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/MSO-APRILindd-pdf.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" /></p><h4><strong>Social Transactions</strong></h4> <p>Technology and the sharing economy have led to seismic changes in how people live – altering the face of social collaboration.<span class="Apple-converted-space"> </span>Peer-to-peer (P2P) lending, or social lending,<span class="Apple-converted-space"> </span>occurs when lenders and borrowers deal directly with one another through online services. P2P insurance involves a group of people with a common interest pooling their funds to provide insurance for the members. Helping clients understand the pros and cons of peer-to-peer transactions is another value-added service of the professional insurance agent.<span class="Apple-converted-space"> </span></p> <p>People take out loans for a variety of reasons – to buy a house or business, or to consolidate debts.<span class="Apple-converted-space"> </span>Not all lending options are the same. <span class="Apple-converted-space"> </span>There are four types of P2P loans:<span class="Apple-converted-space"> </span>business, individual, mortgage, and student. P2P loans can be secured or unsecured. Secured loans are much less common as they are secured with the borrower’s property, which could be a luxury item, such as a house or boat. IMARC group, a market research firm, estimated the size of the P2P market to be $147.9 billion in 2022, with growth projections to $626.5 billion by 2028.<span class="Apple-converted-space"> </span>Other estimates are even higher. Consumer lending is 80% of the market (globenewswire.com).</p> <p>The P2P lending process is straightforward.<span class="Apple-converted-space"> </span>The potential borrower fills out the application through an online platform.<span class="Apple-converted-space"> </span>The applicant’s risk and credit rating are assessed, including background checks.<span class="Apple-converted-space"> </span>The applicant is assigned to a risk category with an appropriate interest rate based on the results.<span class="Apple-converted-space"> </span>The borrower then chooses from among interested investors. The online platform handles payments, and charges a fee for their services to both borrowers and lenders.<span class="Apple-converted-space"> </span></p> <p>As with all online transactions, P2P lending has risks. P2P loans are not protected by the government and are not insured by the FDIC (Federal Deposit Insurance Corporation). These loans are not allowed in some jurisdictions and may be subject to investment regulations. Lenders are exposed to high credit risk, as borrowers who resort to P2P loans may have no other options.</p> <p>Advantages of P2P lending are lower interest rates, a more efficient and transparent process, a wider variety of opportunities, and a faster approval. For lenders, there is an opportunity to experience much higher rates of return than traditional financers. Borrowers may have access to lower interest rates.<span class="Apple-converted-space"> </span>This is due to lower fees involved in the P2P lending process and competition among lenders.<span class="Apple-converted-space"> </span></p> <p>P2P insurance is another example of a growing trend in social collaboration.<span class="Apple-converted-space"> </span>Similar to traditional mutual insurance companies, with P2P insurance, funds collected in excess of claims paid are returned to members.<span class="Apple-converted-space"> </span>According to the National Association of Insurance Commissioners (NAIC), P2P insurance involves a group of like-minded people with mutual interests grouping their policies together (content.naic.org).<span class="Apple-converted-space"> </span>This leads to reduced costs and a sense of control, trust, and transparency. Reinsurance is still needed for times when the losses exceed premiums paid.</p> <p><span class="Apple-converted-space"> </span>New P2P insurers may use blockchain technology.<span class="Apple-converted-space"> </span>For example, premiums may be added to an escrow-type account in a digital wallet to be used for future claims payments. Each insured’s liability is limited to the amount in their digital wallet.<span class="Apple-converted-space"> </span>Teambrella is an early user of blockchain in P2P insurance(content.naic.org).<span class="Apple-converted-space"> </span></p> <p>According to sciencedirect.com, there are typically three models for P2P insurers. Self-organizers operate without an intermediary.<span class="Apple-converted-space"> </span>Members usually know each other and share common interests. Premiums are pooled and money from the pool is used to pay claims.<span class="Apple-converted-space"> </span></p> <p>The broker model uses an intermediary to create and manage the affairs of the groups of peers.<span class="Apple-converted-space"> </span>Members typically do not know each other.<span class="Apple-converted-space"> </span>Premium payments are made into a fund, with claims paid out of the fund.<span class="Apple-converted-space"> </span>A portion of<span class="Apple-converted-space"> </span>premiums is also sent to a traditional insurer as a backstop for claims that exceed capacity of the fund.<span class="Apple-converted-space"> </span></p> <p>The third model is the carrier model, represented by Lemonade – recognized as the first P2P insurance company. Insurance is purchased online and most claims are handled electronically, as well.<span class="Apple-converted-space"> </span>The company takes a flat fee and, after claims are paid, donates any residual funds to charity.<span class="Apple-converted-space"> </span></p> <p>A primary advantage of P2P insurance is faster claims payments due to lack of hierarchy.<span class="Apple-converted-space"> </span>A disadvantage is that P2P insurance may not be a scalable model.<span class="Apple-converted-space"> </span>People may not trust the P2P insurance to be able to pay claims.<span class="Apple-converted-space"> </span></p> <p>Advances in technology have greatly expanded opportunities for social collaboration, including P2P insurance and lending.<span class="Apple-converted-space"> </span>Helping clients understand the advantages and disadvantages of peer-to-peer transactions is another sign of the true insurance professional.<span class="Apple-converted-space"> </span></p>The post <a href="https://www.insurance-advocate.com/2023/04/16/peer-to-peer-loans-and-insurance/">Peer-to-Peer Loans and Insurance</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>New York has one of the lowest Home Ownership rates in the US</title> <link>https://www.insurance-advocate.com/2023/04/16/new-york-has-one-of-the-lowest-home-ownership-rates-in-the-us/</link> <dc:creator><![CDATA[Insurance Advocate]]></dc:creator> <pubDate>Sun, 16 Apr 2023 02:30:35 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[Feature]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13763</guid> <description><![CDATA[<p>U.S. states with the highest / lowest home ownership rate: • Maine has the highest home ownership rate of the U.S. at 33% • West Virginia and Vermont are second and third • California , New York among the lowest home ownership rate Maine is the state with the highest home ownership in the […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/new-york-has-one-of-the-lowest-home-ownership-rates-in-the-us/">New York has one of the lowest Home Ownership rates in the US</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<p><strong>U.S. states with the highest / lowest home ownership rate:</strong></p> <p>• Maine has the highest home ownership <span class="Apple-converted-space"> </span>rate of the U.S. at 33%<span class="Apple-converted-space"> </span></p> <p>• West Virginia and Vermont are second and third</p> <p>• California , New York among the lowest home ownership rate</p> <p>Maine is the state with the highest home ownership in the U.S., a new study revealed.υThe study, conducted by Malibu real estate agents, analyzed Census data on housing units, owner occupied units and the total population of each state to discover which of the 50 states plus have the highest and the lowest home ownership rate.<br /> In first place comes Maine, where the number of owner-occupied housing units totals 437,858.38, which then compared to the total population of 1,338,404 results in a home ownership rate of 32.71%.<span class="Apple-converted-space"> </span><br /> Second and third on the list are West Virginia and Vermont, which have almost the same home ownership rate – West Virginia at 32.15% and Vermont at 32.11%. This is despite the large disparity in population the two states register: in fact, West Virginia’s population is 1,805,832 and the number of owner-occupied housing units is 580,539; while in Vermont the population amounts to 626,299 and the number of owner-occupied housing units is 201,094, more than half the numbers of the former.<span class="Apple-converted-space"> </span></p> <p>Further down on the list Wyoming and Missouri are fourth and fifth, again with very close ownership rates, respectively 30.30% and 30.29%.</p> <p><a href="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42.png"><img decoding="async" class="size-medium wp-image-13764 aligncenter" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42-287x300.png" alt="" width="287" height="300" srcset="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42-287x300.png 287w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42-768x804.png 768w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42-600x628.png 600w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.42.png 862w" sizes="(max-width: 287px) 100vw, 287px" /></a></p> <p>On the other side of the list there’s the American states with the lowest home ownership rate, first of which there’s California. In fact, out of 39,557,045 people, the number of owner-occupied housing units is only 7,260,000, which corresponds to 18.35%.<span class="Apple-converted-space"> </span></p> <p>Second and third on the list, with similar values, are Hawaii which registers a home ownership rate of 19.36% and New York, which rate is 20.52%.<span class="Apple-converted-space"> </span></p> <p><a href="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53.png"><img decoding="async" class="size-medium wp-image-13765 aligncenter" src="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53-288x300.png" alt="" width="288" height="300" srcset="https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53-288x300.png 288w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53-768x800.png 768w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53-600x625.png 600w, https://www.insurance-advocate.com/wp-content/uploads/2023/04/Schermata-2023-04-17-alle-10.55.53.png 860w" sizes="(max-width: 288px) 100vw, 288px" /></a></p> <p>A spokesperson for Malibu real estate agents commented on the findings: “It’s very interesting how among the states with the highest rate and those with the lowest rate, the values are very similar. This however cannot be said about the values at the two poles of the list, as Maine on one side and California on the other have a drastic gap between them, also due to the population of California, as well as the demographics of the state, which makes it more complicated for a large majority of the population to own a home.”</p> <p> </p>The post <a href="https://www.insurance-advocate.com/2023/04/16/new-york-has-one-of-the-lowest-home-ownership-rates-in-the-us/">New York has one of the lowest Home Ownership rates in the US</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> <item> <title>No Contract Compelling Arbitration Between Insurer and Insured No Arbitration</title> <link>https://www.insurance-advocate.com/2023/04/16/no-contract-compelling-arbitration-between-insurer-and-insured-no-arbitration/</link> <dc:creator><![CDATA[Barry Zalma]]></dc:creator> <pubDate>Sun, 16 Apr 2023 02:00:04 +0000</pubDate> <category><![CDATA[2023]]></category> <category><![CDATA[April]]></category> <category><![CDATA[On My Radar]]></category> <guid isPermaLink="false">https://www.insurance-advocate.com/?p=13742</guid> <description><![CDATA[<p>Non-Signatory to Agreement Can’t Compel Arbitration In Alex Weingarten v. Certain Underwriters At Lloyd’s, London Subscribing To Policy Number IML-0114N0-190029, B321148, California Court of Appeals, Second District, Fourth Division (March 23, 2023) Certain Underwriters at Lloyd’s, London (Lloyd’s Underwriters) appealed from the trial court’s order denying their motion to compel arbitration of plaintiff Alex Weingarten’s […]</p> The post <a href="https://www.insurance-advocate.com/2023/04/16/no-contract-compelling-arbitration-between-insurer-and-insured-no-arbitration/">No Contract Compelling Arbitration Between Insurer and Insured No Arbitration</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></description> <content:encoded><![CDATA[<h4><strong>Non-Signatory to Agreement Can’t Compel Arbitration</strong></h4> <p>In Alex Weingarten v. Certain Underwriters At Lloyd’s, London Subscribing To Policy Number IML-0114N0-190029, B321148, California Court of Appeals, Second District, Fourth Division (March 23, 2023) Certain Underwriters at Lloyd’s, London (Lloyd’s</p> <p>Underwriters) appealed from the trial court’s order denying their motion to compel arbitration of plaintiff Alex Weingarten’s complaint for breach of implied covenant of good faith and fair dealing, intentional infliction of emotional distress, and negligent misrepresentation.</p> <p>FACTUAL BACKGROUND<br /> The Underlying Malpractice Action</p> <p>In 2013, Adam Levin, Tristen Lazareff, and Criterion Capital Partners, LLC, retained Weingarten Brown LLP to defend them in the case entitled MXB Holdings LP, et al. v. Adam Levin, et al (the MXB action). The retainer agreement (the Levin/Weingarten retainer agreement) contained an arbitration provision.</p> <p>Adam Levin and Criterion Capital Partners, LLC, filed an action in the Los Angeles Superior Court for legal malpractice and breach of fiduciary duty against Weingarten et al (the malpractice action). The complaint alleged Weingarten negligently represented the defendants in the MXB action. The parties later stipulated to arbitration before JAMS based on the arbitration provision in the retainer agreement. Weingarten notified Lloyd’s Underwriters about the malpractice action, and Lloyd’s Underwriters accepted the defense of the Weingarten defendants.</p> <p>The arbitrator found in favor of Adam Levin and Criterion Capital Partners, LLC, and issued an award that exceeded Weingarten’s insurance coverage.</p> <p>The Bad Faith Action</p> <p>Weingarten sued Lloyd’s Underwriters for breach of the implied covenant of good faith and fair dealing, intentional infliction of emotional distress, and negligent misrepresentation. In the operative complaint (the SAC) Weingarten alleged Lloyd’s Underwriters acted in bad faith in the malpractice action by, among other things, “[r]ejecting settlement within the policy limits…”</p> <p>On January 31, 2022, Lloyd’s Underwriters filed a motion to compel arbitration of the SAC based on the arbitration provision in the Levin/Weingarten retainer agreement. Weingarten opposed the motion, arguing: the insurance policy issued by Lloyd’s Underwriters does not contain an arbitration provision; Lloyd’s Underwriters are not intended, or third party, beneficiaries of the Levin/Weingarten retainer agreement; and the doctrine of equitable estoppel is inapplicable. After a hearing on the motion to compel arbitration, the trial court denied the motion.</p> <p>DISCUSSION<br /> Motion to Compel Arbitration</p> <p>Lloyd’s Underwriters contended that the trial court erred by denying their motion to compel arbitration based on the arbitration clause in the Weingarten/Levin retainer agreement. A third party beneficiary is someone who may enforce a contract because the contract is made expressly for his or her benefit. The terms of the contract must demonstrate the express intent to confer the benefit.</p> <p>The Court of Appeal concluded that Lloyd’s Underwriters were not third party beneficiaries of the Levin/Weingarten retainer agreement. The retainer agreement describes the scope of legal services to be provided by Weingarten’s law firm to the defendants in the MXB action. Nothing in the retainer agreement demonstrates an express intent to benefit a third party-whether Lloyd’s Underwriters specifically or any other insurance company generally.</p> <p>The FAC does not assert claims against Lloyd’s Underwriters that are based on the Levin/Weingarten retainer agreement; the claims are based on the insurance policy provided to Weingarten by Lloyd’s Underwriters. The FAC, therefore, does not rely on or use any terms of the Levin/Weingarten retainer agreement as a foundation for its claims. Accordingly, the Court of Appeals concluded there was no basis in law or equity for preventing Weingarten from suing Lloyd’s Underwriters in court.</p> <p>Before referring a dispute to an arbitrator, the court determines whether a valid arbitration agreement exists. Thus, the trial court properly determined the threshold issue of whether the nonsignatory defendants (Lloyd’s Underwriters) could compel the signatory plaintiff (Weingarten) to arbitrate his claims.</p> <p>ZALMA OPINION</p> <p>If the Lloyd’s Underwriters wished to arbitrate disputes between themselves and their insureds it would have been easy to include in the contract of insurance an arbitration agreement like the agreement in the Weingarten retainer agreement. Although the Lloyd’s Underwriters provided a defense to the malpractice agreement they refused a proposed settlement within the policy limits. Weingarten claims it was harmed because Lloyds’ Underwriters failed to accept the settlement, a common bad faith claim. The attempt to compel arbitration was designed to avoid trial on the bad faith issue and, although creative, it did not have a basis in fact or law that the Court of Appeal was willing to accept.</p>The post <a href="https://www.insurance-advocate.com/2023/04/16/no-contract-compelling-arbitration-between-insurer-and-insured-no-arbitration/">No Contract Compelling Arbitration Between Insurer and Insured No Arbitration</a> first appeared on <a href="https://www.insurance-advocate.com">Insurance Advocate</a>.]]></content:encoded> </item> </channel> </rss>