A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…
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Towers Watson research indicates that inquiries into D&O insurance coverage are growing
A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…
Read MoreInsurance Law Podcast examines the use of social media as a tool for the insurance industry
A.M. Best, a worldwide ratings and financial data services company serving the global insurance industry, has released its latest installment of the Insurance Law Podcast. The series focuses on insurance issues from a legal perspective and seeks to supply viewers with an understanding of how insurance laws are affecting the industry as a whole. This week’s podcast focused on the issue of insurers using social media to price policies and investigate claims. The latest podcast features attorneys Daniel Santaniello and Heather Calhoon from Luks, Santaniello, Petrillo & Jones law firm.…
Read MoreGlobal insurance programs have significant challenges to overcome if they want to be viable
The global insurance industry is an ardently regulated entity. Most nations have strict laws and rules concerning insurance and have a great deal of interest in applying these regulations as a way to govern the actions of insurance companies. The problem, however, is that these regulations differing wildly from country to country, meaning that no two countries have the same regulations. As such, creation of global insurance programs has been a gargantuan challenge, and one that cannot be easily overcome through tenacity. As with other industries of business, insurance is…
Read MoreCalifornia insurance regulators target GeoVera Insurance, imposing fines and requiring the company to make changes to underwriting
California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…
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