Sketchy force-placed insurance cause HSBC to have to pay homeowners back

forced placed insurance homeowners

Property owners in Massachusetts who were sold this coverage through dubious practices will receive $2.7 million. HSBC, a national mortgage lender and servicer, has now agreed to pay a total of $4 million as a result of its force-placed insurance practices, according to Massachusetts Attorney General Maura Healey. This payment was the outcome of a settlement in a case in which HSBC was accused of inappropriate practices. These practices related directly to its sale and management of force-placed insurance. It involved allegations that HSBC had been receiving various forms of…

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Zenefits under investigation by California insurance regulators

insurance companies investigation

The software company has now had its business practices called into question and officials will be examining them. Zenefits, a software company, is now facing an investigation by California insurance department officials, as the firm’s business practices have been called into question. The California Department of Insurance released a statement with regards to the investigation that launched last year. While the California insurance officials have only just recently announced that they are looking into Zenefits and the way it conducts its business, it also stated that its efforts started back…

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Obamacare sees 12.7 million health insurance enrollments

Health Insurance exchange

The federal and state exchanges have now surpassed the predictions made by the government. U.S. Health and Human Services Secretary Sylvia Burwell, has announced that the health insurance exchanges established through Obamacare have now enrolled approximately 12.7 million Americans, which means that this year’s predictions have been exceeded. The most recent open enrollment period came to a close at the end of January with strong results. The government first started offering individual health insurance subsidies under Obamacare in 2014 but, at the same time, it applies a penalty to the…

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American utilities are looking into cyber insurance following Ukraine grid attacks

auto insurance losses power grid electricity blackout electric car

Following the December 23 attack on the Ukrainian grid, the U.S. is taking a closer look at protection. American utilities are currently looking into the types of cyber insurance that might be available to them, in order to protect themselves against what could potentially result in multi-billion dollar losses if an attack similar to the one that struck Ukraine on December 23 were to happen in the U.S. Last year, hackers caused power outages that left over 80,000 people in the country in the dark. The incident in Ukraine was…

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Insurance Information Institute reveals winter-related payouts from 2015

homeowners insurance information institute winter snow ice

American insurers paid policyholders $2.9 billion for damage related to winter weather. The Insurance Information Institute (I.I.I.) has released its data with regards to the payments made by insurers in the United States for claims relating to winter weather, and what they’ve said is that those payouts reached a total of about $2.9 billion, last year. That said, despite those winter-related payments, the I.I.I. says insurance companies are still financially strong. Despite the payments the insurers faced in the U.S., the Insurance Information Institute explained that those companies will still…

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