Much has been published in the general and financial press about policy choices of Congress and the executive branch that give businesses in virtually every industry reason to reevaluate the potential for liability under whistleblower regimes. Underwriting risk as a companion to corporate liability arising from whistleblower disclosures merits similar front-burner attention. Such risk might […]
1. Social Media Use Implies Future Risks, Trends PALM BEACH, FL – As social media use gains in importance in connecting insurers with policyholders and prospects, social media tools are producing voluminous metrics ripe for expert analysis – notably among actuaries. However, actuaries currently do not have a place at the social media table, and […]
Benjamin Lawsky, the newly confirmed, first-ever Superintendent of the New York State Department of Financial Services outlined his vision for the state insurance and banking industries during his keynote address at the New York Insurance Association (NYIA) Annual Conference on Thursday, June 2 in Verona, New York. Superintendent Lawsky noted that there were four main […]
VERONA, N.Y‚—The New York Insurance Association, Inc. (NYIA) honored Jeffrey W. Rice, CPCU, ARe, president and chief executive officer of Wayne Cooperative Insurance Company with NYIA’s 2011 Chair’s Distinguished Service Award at the association’s annual conference on June 2 in Verona, N.Y. “Jeff has made tremendous contributions to both the New York Insurance Association and […]
By Sabrina Pry Albany, N.Y.—Benjamin M. Lawsky has been confirmed Superintendent of the soon to be created New York State Department of Financial Services (DFS). DFS – a product of the merger of the State Banking and Insurance Departments – will begin operations on October 3, 2011. “I am both deeply honored and humbled to […]
Private U.S. property/casualty insurers’ net income after taxes rose to $34.7 billion in 2010 from $28.7 billion the year before, with insurers’ rate of return on average policyholders’ surplus — a key measure of overall profitability — increasing to 6.5 percent from 5.9 percent, according to ISO and the Property Casualty Insurers Association of America […]
By William D. Latza and Michael J. Moriarty Editor’s Note: This article was originally published on March 29, 2011. On March 31st, Governor Cuomo announced passage of the New York State Budget Bill for 2011-2012 that contained the authority to merge the New York State Insurance and Banking Departments. The New York State budget for […]
By Gregory V. Serio New Jersey Governor Chris Christie’s recent enactment of legislation into law allowing for the creation of captive insurance companies in the Garden State has not only created a new economic opportunity there but also has brought about a moment of reckoning for his neighbors to the East. New York, once counted […]
The NYSID together with other State and Federal agencies have stepped up the fight against fraud. The Annual Report of the Superintendent of Insurance on the operations of the Frauds Bureau and an assessment of the insurance industry’s anti-fraud efforts for 2010, which reveals an aggressive, even creative approach…and good options. A total of 668 […]
Senator James Seward (R-Oneonta) and Chairman of the Senate Majority Insurance Committee said “we are going to proceed very cautiously on that. We are willing to sit and talk about it and see if something can be worked out, but I want to proceed cautiously for a number of reasons.” “In my mind,” continued Senator […]
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