Live Insurance News

California Insurance Commissioner orders premiums returned to businesses

April 15, 2020April 14, 2020 Marc

California insurance commissioner Ricardo Lara- ABC 10 News YouTube

Ricardo Lara has told insurers to return premiums on six lines of personal and commercial coverage. California Insurance Commissioner Ricardo Lara has ordered insurers to return premiums from certain lines to businesses and consumers. This has raised pressure on those insurers to take larger steps to reduce customer financial burden caused by COVID-19. Lara has ordered insurers to return premiums paid for March, April, and possibly May as well. The California Insurance Commissioner’s order applies to six different coverage lines. These include passenger and commercial auto, commercial multi-peril, workers compensation,…

Washington Insurance Commissioner Kreidler fines Starbucks insurer $24 million

January 3, 2020January 1, 2020 Julie Campbell

Washington Insurance Commissioner - Starbucks Coffee Shop

The state commissioner ordered the coffee chain’s insurer to pay taxes, penalties and interest. Washington Insurance Commissioner Mike Kreidler ordered a Starbucks owned insurer to pay almost $24 million in fines. The insurance company is required to pay the total amount in taxes, penalties and interest. The full amount of the fine is the result of Starbucks’ insurer’s alleged unauthorised insurance sales. If, when all is said and done, Starbucks is required to pay the complete amount the Washington Insurance Commissioner, it would approach $24 million. This would be the…

Pennsylvania workers compensation insurance implements important filing changes

September 4, 2019September 3, 2019 Marc

Pennsylvania workers compensation - filing - errors

The state has made several large changes to help reduce the odds of filing of loss cost errors. The Pennsylvania workers compensation insurance system has undergone considerable changes that have now gone into effect. According to the state Insurance Commissioner Jessica Altman as well as Labor and Industry Secretary Jerry Oleksiak, their offices have come to agreements with two major insurers and with the Pennsylvania Compensation Rating Bureau (P.C.R.B.). Together, the organizations hope this will substantially reduce the instance of filing of loss cost errors. These errors to filing of…

Workers compensation technology is reducing claims frequency

April 3, 2019April 1, 2019 G. Turner

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

FBI investigating country-wide workers compensation fraud scheme

February 28, 2019February 28, 2019 Julie Campbell

The Bureau is looking into an alleged nationwide scam involving insurance and pensions. The F.B.I. has launched an investigation into an alleged nationwide workers compensation fraud, health insurance scam and pension plan scheme. The scheme involves policies and plans sold by American Labor Alliance or its U.S. subsidiaries. The F.B.I. has requested that any businesses that have purchased policies or plans from American Labor Alliance (A.L.A.) or any of its subsidiaries across the country should contact their state insurance regulator. The state regulator will be able to tell if health…