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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Nationwide announces new bird and exotic pet insurance product

Exotic pet insurance - Macaw Parrot

Americans keep many animals other than dogs and cats in their homes and want coverage for them. Nationwide recently announced the launch of a new type of bird and exotic pet insurance plan. It acknowledges that there are many other types of animal friends in American homes than dogs and cats. The coverage is designed to protect legal pets that may require veterinary care in their lifetimes. Current estimates show that about 15 percent of American pet owners have an exotic animal or a bird. These can include anything from…

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Who Can Claim Life Insurance?

Claim life insurance

Life insurance is important because it protects your loved ones in case of your unexpected death. Few people like to consider this possibility, but like most forms of insurance, it’s better to have it and not need it than to need it and not have it. Life insurance can help save your loved ones from funeral expenses, another unexpected crisis, or help them keep the family home. Those listed as beneficiaries on your policy can file a claim, but there may be delays in payouts in certain circumstances. There can be…

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Affordable Care Act decreased health insurance racial disparities, study

Racial disparities - Images of People

New research shows that Obamacare has made coverage more accessible to black and Hispanic adults. The Affordable Care Act (A.C.A.) caused a substantial reduction in racial disparities within health insurance access and coverage. This was particularly true among black and Hispanic adults, said a Commonwealth Fund report. The trend was particularly prevalent in the states that broadened their Medicaid eligibility. Before the Affordable Care Act went into effect, racial disparities were found to be substantially larger than what is reflected in the most recent available data. In 2013, the gap…

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US lawmakers aim to stop DNA test results from access by insurance companies

DNA test results - DNA - Gene - Cell

Millions of Americans are using services to examine their genetic backgrounds. Over 26 million people across the United States have used voluntary services to obtain DNA test results. Now, lawmakers are moving to protect those same consumers against a federal legal loophole. The legal loophole would permit certain insurance companies to connect customer genetic data. Florida lawmakers have already launched the first step to shut that loophole. The goal is to protect consumers from being required to provide their DNA test results if they do not want to. Using genetic…

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Social media influencer insurance becomes vital for online personalities

Social Media Influencer Insurance - Laptop Instagram

Commentators, reviewers, bloggers and other are now exposed to many unexpected risks. A growing number of insurers are now offering special social media influencer insurance products and packages to help online personalities to cover themselves against several risks. This new form of coverage is meant to protect influencers against their unique liability exposure. Coverage through social media influencer insurance is a new form of solution for that industry. It moves beyond the traditional forms of business coverage which don’t quite represent the types of risk faced by those writing and…

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Cigna and Oscar Insurance Partnership to Sell Small Business Health Plans

Small Business Health Plans - Doctor with stethoscope

The insurers have announced they will be launching the products in several U.S. markets. Cigna and Oscar Health have announced their intentions to launch small business health plans across a number of commercial markets in the United States. The partnership intends to move forward with the move together, letting them split the potential risk. Oscar is an insurance company best known for selling individual plans on the Affordable Care Act’s exchanges. The company has been seeking to broaden its offerings in a growing number of American individual and small business…

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