Citibank hit with $18 million flood insurance penalty

Flood insurance penalty - Citibank building

A U.S. banking regulator requires the bank to pay the fine for failure to comply with coverage requirements. The Office of the Comptroller of the Currency announced this week that it was issuing a flood insurance penalty to Citibank. The bank was reprimanded for having failed to comply with mandatory flooding coverage regulations. The fine is reported to be $18 million as a result of mandatory flood coverage purchase delays. The U.S. banking regulator hit Citibank with the flood insurance penalty in response to mandatory coverage purchasing for properties where…

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The Hartford to restrict insurance coverage for fossil fuel companies

Fossil fuel companies - Factory

The major insurer has announced its intention to limit available protection, citing climate change concerns. The Hartford major insurance company revealed that it will be limiting the coverage it sells to fossil fuel companies. The insurer cited concerns about climate change to explain its decision to restrict coverage. Among the new limitations, the Hartford Financial Services Group Inc. revealed it won’t cover businesses that earn more than a quarter of their revenue as fossil fuel companies. This includes coal mining earnings or energy production with coal as a fuel source.…

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Allstate sustainability report reveals 14 percent GHG emissions reduction

Allstate Sustainability - Hand holding world - green

The insurer released the results of its 2018 report which also showed substantial corporate waste cuts. The Allstate sustainability report has been published, revealing the progress the insurer has been making toward its environmental goals. The Allstate Corporation’s report underscored its achievements in eco-friendliness and social responsibility. The Allstate sustainability report underscored the company’s achievements in decreasing its carbon footprint, while boosting its workforce diversity and strengthening its communities. This report was based on the data it collected about its progress throughout 2018. The report follows the framework of the…

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Will the UK Financial Services Industry be Affected by Brexit?

UK Financial Services

The UK has for many decades been a financial services hub within Europe and the World, with large financial services companies being head quartered in the UK or operating their EMEA or European operations in the City of London.  With the potential exit from the European Union (EU), many customers of these large financial institutions will be concerned whether their products and services will still be valid following Brexit. At the present time any financial services organization authorized to operate in any European Economic Area (EEA) country can conduct business…

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Insurance industry legal costs exploding as US juries increasingly side with plaintiffs

Insurance industry legal costs - american dollars

Insurers from around the world are expected to face legal expenses topping $200 billion. United states jury payouts are sending global insurance industry legal costs skyward. Insurer execs face a rising fear from the size and frequency of awards jurors are requiring the firms to pay out to plaintiffs. Payouts insurance companies must pay to lawsuit plaintiffs are starting to pose a threat to the industry. The trend is being called “social inflation” as juries demand more frequent and generous payouts that insurers must cover for cases ranging from tainted…

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iCapital Financial Ranked Best in Customer Service

iCapital Financial

When we founded iCapital Financial, we didn’t bank on our analysts or the market – we banked on our clients to get us to the top. We have always focused on fulfilling our clients’ needs and were recently awarded with the Best Customer Service Award 2018. That is according to you, our dear esteemed clients, and we couldn’t be more grateful. Here are just some of the factors that make us the best investment firm for you! Personalized Service We serve over 100,000 clients, and we know each client’s needs…

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State of California takes over control of former Berkshire insurance unit

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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