Arkansas Insurance Department cautions drivers against car policy scam

Arkansas Insurance Department - car - hand - insurance scam

Commissioner Allen Kerr has issued a warning to consumers in the state due to fraudulent policy sales. The Arkansas Insurance Department recently issued a warning to drivers to take care when purchasing an auto insurance policy. There has been a broad rash of fraudulent car insurance policy sales in the state. The fake car insurance is being sold by people posing as agents and are primarily selling at dealerships. According to the Arkansas Insurance Department warning, the fraudulent auto insurance policies are being sold mainly at car dealerships. People pretending…

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Marijuana insurance market is still an area of hesitation for insurers

Marijuana insurance market - cannabis plant

Some insurance providers remain cautious to enter the cannabis insurance market. The marijuana insurance market is growing quickly, but insurers themselves remain cautious. States are increasingly legalizing cannabis products, but there are risks involve that may keep some providers from taking part, said a new A.M. Best report. There are many barriers and risks making insurance companies hesitant to enter the market. Among the leading barriers to entry into the marijuana insurance market is the federal government. The reason is that while individual states are commonly legalizing the drug, the…

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Ethisphere Institute names Allstate as one of the 2019 World’s Most Ethical Companies

World’s Most Ethical Companies - Ethics - Business

This is the fifth time the insurer has been honored with this coveted title by the ethics standards firm. Ethisphere Institute has recognized Allstate as one of the 2019 World’s Most Ethical Companies for the fifth time. The firm is a global leader in the definition and advancement of ethical business practice standards. Allstate is one of seven companies to have received the title from Ethisphere for 2019. The insurer has been named as one of the World’s Most Ethical companies for five consecutive years. The designation underscores the insurance…

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New Mexico regulators pursue improved short term health insurance oversight

Short Term Health Insurance - Regulators

Officials in the state want greater control over the minimum standards for these types of plan. New Mexico insurance regulators are seeking greater authority over the short term health insurance plans in the state. They are aiming to set the state’s minimum standards for these health plans, instead of using those established by the federal government. The new standards will become effective through a new bill that has passed the House of Representatives. A new short term health insurance minimum standards bill has now passed the New Mexico House of…

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Vermont workers compensation insurance rates are on their way down

Vermont workers compensation - Insurance rates going down - Down arrows

Governor Phil Scott announced that the downward trend would continue for these insurance costs. Vermont workers compensation insurance rates are falling for the third consecutive time, announced Governor Phil Scott. The state Department of Financial Regulation approved the rate decrease, which will become effective as of April 1, 2019. Since Governor Scott took office, there have been three straight decreases in the cost of the coverage. The latest Vermont workers compensation rate decrease will represent a total savings of $10.5 million for employers in the state. That said, when that…

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iCracked to join SquareTrade following Allstate acquisition

iCracked - Partnership - Aquisition - Handshake

Allstate Corporation has purchased the on-site, on-demand smartphone and tablet repair service provider. Allstate Corporation, the nationwide insurance company, has announced its acquisition of iCracked. That firm is a provider of on-demand, on-site smartphone and tablet repair services across North America. Allstate will be joining iCracked with SquareTrade, the insurer’s company offering related products. iCracked, a San Francisco-based firm, will join SquareTrade . That company belongs to Allstate and is a provider of tech support and consumer protection plans. iCracked currently operates in both the United States and Canada across…

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Life insurance premiums can be calculated using your social media posts

life insurance premiums - social media

Provided they are not discriminatory, life insurers can use customers’ posts to decide on pricing. The New York Department of Financial Services (N.Y.F.S.) has released new life insurance premiums calculation guidelines. These will allow insurers to use data collected from their customers’ social media posts to help calculate premiums. These regulations may soon move outside New York and into other states as well. The life insurance premiums guidelines indicate that insurers have the right to obtain and apply data gleaned from “non-traditional” sources as well. That said, if they do…

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