Governor Andrew Cuomo of New York recently proposed a state budget in which some money would be allocated towards a proposed agency that combines the insurance regulatory departments and existing banking departments. His 2011-2012 budget recommends a $564 million allotment for the new DFR or Department of Financial Regulation. This reflects an approximate net increase of $6.4 M which is 1.1% over the 2010-2011 combined budgets of both insurance and banking departments. The newly managed DFR would be located in New York and Albany, merges the operations, functions, as well…
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New weather insurance market emerging
It is estimated that over 90% of crop loss is due to unexpected weather conditions. As the climate grows less predictable, the more agricultural businesses, and homeowners, are put at risk. WeathrBill, a company that sells insurance online to protect against unpredictable weather, has caught the eye of Google, who will be investing in the company for $42 million. WeatherBill uses algorithms to calculate risk factors when determining what policies are best for shoppers. Their Total Weather Insurance product is the first full-season protection program in the U.S. that addresses…
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