Live Insurance News

Insurance news made with Falcone fund manager ban

October 11, 2013October 8, 2013 G. Turner

U.S. regulators have banned him from the coverage and securities industry for five years. The latest insurance news has just been released, revealing that Philip Falcone, the hedge fund manager, has now been banned by U.S. regulators from the securities industry for a period of five years. Further bans were also put into place beyond this wide reaching one, in New York. The bans making the insurance news also include prohibiting Falcone from any decision making roles at a unit of his firm, Fidelity & Guaranty Life Insurance. This, according…

New York regulators question insurance industry over cyber security preparedness

June 3, 2013June 1, 2013 S.Vagus

Insurance industry facing challenges in digital world Cyber security is becoming a major issue throughout the U.S. and the insurance industry is beginning to feel the pressure to become more prepared to deal with the threats that exist in the digital world. The insurance industry is well attuned to risks, but hackers and other malicious groups represent a risk that is nearly impossible to quantify due to the rapidly changing nature of the Internet and how data is being used and stored. In New York, insurance regulators are beginning to…

Homeowners insurance payments in New York finally get approval

February 14, 2013February 25, 2013 Marc

Homeowners insurance continues to be a problem after Hurricane Sandy For the past several months, New York residents have been struggling to recover from the impact of Hurricane Sandy. Though the hurricane struck the state in late October 2012, the damage it has caused continues to linger due to the lack of funds needed for the recovery effort. Some victims of the powerful storm have seen their claims denied by their insurance companies, but the vast majority have experienced delays in their homeowners insurance payments; delays that have slowed recovery…

Lenders ease their grip on claims funds for Hurricane Sandy relief

December 17, 2012December 17, 2012 Marc

Hurricane Sandy Damage flood Insurance surcharge

Hurricane Sandy claims payouts to be freed due to agreement with Department of Financial Services Eleven of New York’s major lending companies have reached an agreement with the state’s Department of Financial Services. The agreement involved expediting the claims payouts that are due to homeowners that have been affected by Hurricane Sandy. Many of these homeowners are waiting on their claims payouts in order to begin the recovery process, but insurance companies have been issuing payouts at a sluggish pace for some time. The state government is keen to increase…

New life insurance rules may have dramatic impact on industry

November 30, 2012November 29, 2012 Marc

Top regulator warns of potential impact of new life insurance rules The New York Department of Financial Services has issued concerns regarding emerging rules that may affect the nation’s life insurance industry. Benjamin Lawsky, Superintendent of the agency, released a five-page letter to state insurance commissioners throughout the U.S. warning them that new rules for the life insurance sector could severely impact claims reserves and lead to insolvencies. These rules are summed up in “principles-based reserving,” a concept that has already become somewhat popular amongst states with flagging life insurance…