August 2024
DFS Adopts Insurance Guidance to Combat Discrimination in Artificial Intelligence
Establishes Principles to Protect Consumers When Insurers Use Artificial Intelligence in Underwriting and Pricing Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris adopted guidance to protect consumers from unfair or unlawful discrimination by insurers using artificial intelligence. “New York has a strong track record of supporting responsible innovation while protecting consumers from financial harm,” […]
At Bat for Agents
Somewhere among the fotos and historic files of the Independent Insurance Agents Association of New York, there is a baseball card with the photo of a president elect in a business suit with a big Louisville slugger in his hand in his batter’s stance ready to assume the role of that association’s leadership midway during […]
Applied Surety Underwriters Moves into Top Ranks in Worldwide Surety Marketplace as Acquisition of Argo’s Surety Business Reaches Completion
Following its April purchase of Argo’s in-force energy business, Applied Surety Underwriters now adds the majority of the balance of wide-ranging Argo surety portfolio, growing toward global top 10 player in the sector NEW YORK, NEW YORK – Applied Surety Underwriters (ASU), a subsidiary of Applied Underwriters’ United Risk Division, completed its acquisition of the […]
Social Inflation and Victims’ Act Hit NYSIR
If ever social trends affected an entity…ratings agency AM Best downgraded NYSIR to a B “Fair”, from its longstanding A- rating. primarily due to additional reserve strengthening as NYSIR experienced higher-than-expected losses as a result of the impact of the Child Victims Act and “social inflation” on liability claim costs, increased property loss costs, and […]
Tornadoes and Manufactured Homes – A Deadly Combination
By Sue Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Severe wind events are an all too common, and dangerous, occurrence in many areas. Tornadoes can be especially devastating to mobile or manufactured homes and their occupants. From 1996-2023, 815 people were killed in mobile homes during tornadoes. Mobile/manufactured homes represent only […]
Homeownership Dreams Soured by NY and NJ 10 Year Decline
New research has revealed the states with the most significant increase in homeownership since 2014, with Maryland taking the top spot. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to determine the states that had experienced the most significant increase in homeownership rates from 2014 to 2023. The state that […]
Convicted of Insurance Fraud
More Prosecution is Needed to Deter Insurance Fraud Thomas Orville McLaughlin II was convicted of committing a fraudulent insurance act, making a false information, and interfering with law enforcement. He appealed claiming several of the State’s exhibits were improperly admitted and that a defense witness was improperly excluded. In State of Kansas v. Thomas Orville […]
It is Unwise to be a Chameleonic Litigant
It is Inappropriate to Argue a Win Was Wrong and a New Result is Required Defendant, Bankers Insurance Company (“Bankers Insurance”), moved to vacate the Panel Appraisal Award Amendment & Clarification (“Amended Award”) based on three alleged “significant errors” or “clear mistakes of fact” only to see an unfavorable response in St. Joseph Medical Clinic […]
Scotus & Insurance
How Insurance is Treated in Mass Tort Cases in Bankruptcy Court Between 1999 and 2019, approximately 247,000 people in the United States died from prescription-opioid overdoses. Respondent Purdue Pharma sits at the center of that crisis. Owned and controlled by the Sackler family, Purdue began marketing OxyContin, an opioid prescription pain reliever, in the mid-1990s. […]
