Benjamin M. Lawsky, Superintendent of Financial Services, has released a DFS report on cyber security in the insurance industry and has announced a series of measures that DFS will take “to help strengthen cyber hacking defenses at insurers.” DFS plans to integrate regular, targeted assessments of cyber security preparedness at insurance companies as part of […]
Attracting Millenials Seen as Important Challenge for U.S. Insurers The “millennial question” was one area of consensus among six chief executive officers at a panel discussion at the Property/Casualty Joint Industry Forum, held here. The CEOs—drawn from a wide range of insurers, including large and small carriers, writers of personal and commercial lines, insurers and […]
A set of compromises has been reached in the matter of Reg 79 requirements as the DFS adopted modifications to the long-controversial regulation governing automobile photo inspections. Of the several parties to the compromised changes, many reported satisfaction with the Department’s action, taking steps to streamline the inspection process for policyholders, agents, carriers and vendors […]
By Frank Agostino, Esq. & Eugene Kirman, Agostino & Associates, P.C. Overview The U.S. Department of Labor recently awarded a total of $10.2 million to 19 states for the purpose of improving worker classification compliance. New Jersey received the third-largest total award of $838,621. This sum included the second-largest bonus, $496,399, for its performance in […]
Greater New York Insurance Companies, nationally recognized specialists in insuring commercial and habitational real estate as well as other commercial classes of business celebrated its 100th anniversary on Thursday evening, November 6th, 2014 with a Gala Anniversary Dinner including elected and regulatory officials, brokers, company executives and industry leaders. The celebration, held at New York’s […]
More than 350 insurance leaders joined in the Insurance Federation of New York’s (IFNY) 100th Annual Free Enterprise Award Luncheon to honor J. Hyatt Brown, Chairman, Brown & Brown, as he received the Federation’s 2014 Free Enterprise Award. The honoree’s son, J. Powell Brown, President and CEO of Brown & Brown, IFNY President Nick Pearson […]
Insurance literature is replete with articles, analyses, studies and discussion documents related to industry loss and loss adjustment expense (L&LAE) reserves, the impact of L&LAE reserve adequacy on insurance pricing cycles, as well as the correlation between inadequate L&LAE reserves and the failure rates of carriers. However, we found negligible justification for the terminology or […]
Whether “’tis nobler in the mind to suffer the slings and arrows of outrageous fortune….” is besides the point for financial services decision-makers. The question here is whether there are “noble minds” pondering this question as respects current efforts to devise global capital standards for insurers. I’ll leave the answer to you the reader after […]
[COVER] ShelterPoint Life New York’s First Rehab Life Unfolds Fresh Brand, Bright Plan for National Expansion New York’s familiar First Rehab Life Insurance Company (First Rehab) has adopted a fresh, new banner as it sets sail on a full scale effort to attract a national audience. The venerable Long Island-based resource that has served agents […]
The new ACORD form 855NY will shake up our already hectic certificate of insurance world. It’s an addendum to certificates of insurances for New York. It will provide detailed information about the policies shown on the certificate, particularly the CGL. This is good news for additional insureds and their risk manager. It’s bad news for […]
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