NRA under investigation in New York for illegal gun insurance kickbacks

Illegal gun insurance - gun

The state regulator is looking into the National Rifle Association’s role in selling banned coverage products. The New York Department of Financial Services is currently investigating the NRA for allegedly taking illegal gun insurance kickbacks in the state. The investigation is examining the National Rifle Association’s role in the sale of banned coverage products to firearm owners. The NRA allegedly took in at least $14 million in illegal kickbacks in the state. The state regulator’s investigation is one component of a broader effort that launched in 2018. It is the…

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Americans with a health insurance plan have half the risk of bankruptcy, study

Health insurance plan - Man with empty pockets - bankruptcy

New data from the American Bankruptcy Institute shows uninsured people are twice as likely to file. Just as data is being released saying that while most Americans now have a health insurance plan, many remain underinsured, another study’s results have indicated that coverage is still making a difference. The American Bankruptcy Institute has shown that the uninsured have twice the likelihood of filing bankruptcy compared to those with coverage. The research showed that covered individuals whose policy was interrupted were twice as likely to go bankrupt. In fact, the data…

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What you need to know about Berkshire insurance investing struggles

Berkshire Insurance - Analysis - Woman with glasses

Warren Buffett is known for outstanding outcomes in this industry but current figures are sour. In the investing world, Berkshire insurance decisions have often been seen as the gold standard in terms of solid and reliable choices. However, the company’s operating earnings fell in Q2 2019, shocking many investors. Insurers owned by Berkshire saw a substantial plummet in underwriting income in that quarter. Berkshire insurance underwriting income fell by almost 63 percent during the second quarter. This brought it to $353 million. The firm’s reinsurance unit also drooped to a…

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Georgia insurance commissioner indicted in alleged $2 million fraud case

Georgia Insurance Commissioner - Dangling money

The U.S. attorney’s office described the case and the allegations against Jim Beck. Earlier this week, the United States attorney’s office laid out what it called a $2 million fraud case which involves Georgia Insurance Commissioner Jim Beck. The commissioner’s attorney entered into negotiations regarding when and how Beck would turn himself in. The Georgia insurance commissioner is the target of a 38 count indictment. It accuses Beck of widespread fraud regarding work he did for the Georgia Underwriting Association (G.U.A.). The alleged fraudulent activities all occurred before Beck was…

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Parents are looking to education insurance to protect school costs

Education Insurance - Women on Laptop

Many people are making sure their tuition money is safe by investing in policies to ensure coverage. Some parents who have realized the risk involved in the funds they spend on tuition are turning to education insurance to keep their investment safe. Should anything happen during a student’s college career, recovering education costs can be difficult. Colleges typically offer different forms of refund policies. That said, after four to six weeks into the semester have passed, the refund policies for most colleges will have expired. This means that it’s nearly…

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Mercury Insurance ordered to pay $27.5 million in fines

Mercury Insurance - Lawsuit - Gaval

A California appeals court has ruled in favor of reinstating the penalties against the insurer. In California, a state appeals court has reinstated a fine of $27.5 million in penalties against Mercury Insurance Co. The ruling from earlier this week was the outcome of a case accusing the insurer of charging illegal broker fees. The auto insurance company charged illegal broker fees in 180,000 transactions with its customers. The fees were charged to customers from 1999 through 2004. The fines against Mercury Insurance were originally imposed by the California Department…

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Tesla insurance is “not an easy business”, warns Warren Buffett

Tesla insurance - Warren Buffet at 2015 SelectUSA Investment Summit

The Berkshire CEO has pointed to past failures of the industry to try to get into selling coverage. Warren Buffett, CEO of Berkshire Hathaway and investing guru to millions has knocked Elon Musk’s idea to launch Tesla insurance. Buffett is seen as an expert in the insurance industry as Berkshire Hathaway thrives within it. Musk recently announced that his electric vehicle company will launch its own Tesla insurance coverage, as reported by Live Insurance News at the end of April. This was, to a large extent, a response to what…

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