Florida appellate courts have decided three assignment-of-benefits disputes in favor of insurers. The courts held that requirements specified in the insurance policies in question had not been met, in one case because an AOB agreement did not have the signature of the mortgage lender in addition to those of the policyholders.
Nearly half of American workers said the coronavirus pandemic has negatively affected their financial situation, and only 24% feel confident in their ability to retire comfortably, according to a survey from Transamerica Center for Retirement Studies. Generation Z is the most pessimistic, with only 16% expressing confidence in their retirement prospects.
Washington state Insurance Commissioner Mike Kreidler should immediately stop pursuing a proposal that would permanently ban the use of credit scoring in calculating rates for certain insurance policies, APCIA and other insurance industry groups say in a statement. A state judge recently struck down Kreidler's emergency rule that prohibited the practice, and the groups say "[w]ithdrawing his proposed permanent rule so insurers can return to their formerly approved rates is the right first step in repairing the marketplace."
National Highway Transportation Safety Administration data shows more than 6,200 pedestrians died in US crashes in 2019, and such "staggering statistics are too often a result of reckless or careless driving," APCIA's Stephanie Strategos Polis writes. Noting that October is National Pedestrian Safety Month, Polis writes that insurers "continue to offer educational resources to road users as to the dangers of distracted and impaired driving and the direct implications for pedestrian safety."
The CAR Coalition, which includes APCIA, is rolling out a multimillion-dollar campaign backing measures such as the Save Money on Auto Repair Transportation Act. The SMART Act is intended to preserve consumer choice regarding aftermarket auto parts and to safeguard automakers' intellectual property rights, the coalition says.
Reimbursement for medical marijuana via workers' compensation is required or permitted in six of the 36 states where medical marijuana is legal, while 10 of the states have outlined no position on the issue, a study shows. More states are likely to allow such reimbursement, the study says, although further research is necessary for states to determine which conditions marijuana can treat "based only on scientifically sound efficacy studies," says John Howard, director of the National Institute for Occupational Safety and Health.
More than 50% of the value of 3,000 cyberinsurance claims filed over the past six years stems from business interruption and post-attack restoration costs, Allianz Global Corporate & Specialty says in a report. "The average total cost of recovery and downtime -- on average 23 days -- from a ransomware attack more than doubled over the past year" and now stands at $1.85 million, the report says.
People ages 45 to 54 have used telemedicine services most in Texas during the pandemic, with most users being injured men, according to the Workers' Compensation Research and Evaluation Group at the Texas Department of Insurance. The report notes a sharp increase in claims that have received at least one telemedicine service during the pandemic.
A judge in Washington state has issued a summary judgment blocking an attempt by Insurance Commissioner Mike Kreidler to bar use of credit-based rating practices for quoting personal lines insurance policies. Kreidler's order, issued in March, applied to home, renters and personal auto insurance.
The Securities and Exchange Commission has indicated it will assume a more aggressive posture in dealings with executives and others, increasing emphasis on seeking admissions of culpability in certain situations. "We will, in appropriate circumstances, be requiring admissions in places where accountability and acceptance of responsibility are in the public interest," Enforcement Director Gurbir Grewal says.
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