Live Insurance News

Life insurance bill takes aim at reducing fraud

January 10, 2013April 30, 2013

Massachusetts Governor Deval Patrick is now deciding on his approval for regulations in the industry. Deval Patrick, the Governor of Massachusetts, is currently considering a bill that has been created in order to help to combat life insurance fraud by adding regulations to brokers and financial service companies that purchase policies from cash starved policyholders and then receive the benefits upon the death of those individuals. The sale of an individual’s policy for a fraction of its settlement total is both legal and common in Massachusetts. This is the case…

Insurance news from Nationwide underscores corporate liability risk

December 10, 2012December 8, 2012 Julie Campbell

Cyber Insurance policies commissioners industry

The computer breach faced by the insurer highlights the chance of exposure from cybercrime. The insurance news that revealed a computer breach to Nationwide’s systems that resulted in the exposure of 1.1 million individuals to identity fraud has underscored the type of cybercrime that businesses are now worried will cause them to face a growing number of civil court actions. The insurer first went public with the announcement of the cyber attack on November 5. However, the initial breach had occurred on October 3 and impacted by that company and…

Insurance news from Nationwide reveals a massive computer breach

December 8, 2012December 6, 2012 Julie Campbell

The insurer has announced a network attack that has compromised data from 1.1 million people. Nationwide Mutual Insurance Co. has just revealed that back in October, someone hacked into a part of their computer network, making insurance news when the data of over 1.1 million people was breached. The attack occurred on October 3 and involved the same network that is used by Allied. It has now discovered that this insurance news involves a breach that has compromised personal data from customers which can include names, birth dates, driver’s license…

Insurance news made when state senator criticizes Oklahoma department decision

December 5, 2012December 4, 2012 Julie Campbell

The “police posture” that has been taken has raised many eyebrows, particularly after seeing the bill. There has been massive controversy over the latest insurance news from Oklahoma, where a state senator has now publicly expressed his concern over the recent purchases that have been made by the state’s Insurance Department. Senator Harry Coates (R-Seminole) intends to introduce a new bill to put a stop to the agency’s efforts. Senator Coates feels that the agency has taken on a “police-like posture” with its recent purchase of police package vehicles, shotguns,…

Insurance news from Oklahoma has state Insurance Department buying guns

December 4, 2012December 4, 2012 Julie Campbell

The state Insurance Department is spending $180,000 on guns and police vehicles for anti-fraud efforts. The latest insurance news from Oklahoma has revealed that the state’s insurance officials have spent over $180,000 on bulletproof vests, high-tech shotguns, and seven police package vehicles which the Insurance Department claims are necessary for the expansion of its anti-fraud crackdown. The department’s effort to fight criminal fraud has drawn the attention of the entire country. Questions and concerns are being directed at the department, as some lawmakers wonder why it would require the nine…