The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…
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Oklahoma lawmakers look to expand liability protection to shelter providers
Lawmakers seek to provide comprehensive liability protection insurance… Last weekend, a number of powerful tornadoes swept through the state of Oklahoma, as well as its neighbors. According to the National Weather Service, 75 tornadoes touched down throughout the Midwest, many of which caused rampant damage throughout the region, especially in Oklahoma, where a powerful tornado claimed six lives. The total damage of the tornado outbreak is still be assessed by the insurance industry, but the event has spurred Oklahoma lawmakers to develop a comprehensive liability protection policy to help shelter…
Read MoreNorth American companies avoiding cyber insurance according to Towers Watson
Are companies leaving themselves vulnerable to a cyber attack? Towers Watson, a leading consulting firm with expertise in risk assessment, has released its annual review of corporate risk this week. The firm surveyed several corporations throughout North America and found that most do not take cyber security seriously, especially in terms of insurance coverage. The firm has also found that the corporations purchasing cyber security insurance are doing so in limited capacity and seem unwilling to purchase comprehensive coverage. This may be a problem in a world where the Internet and…
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 MorePennsylvania to answer consumer questions regarding state’s health insurance exchange
As Pennsylvania continues its slow and steady march toward building a health insurance exchange, residents of the state are coming to the Department of Insurance with questions about how the exchange will affect them. The state’s Department of Insurance has been awarded a $1 million grant from the federal government to help keep consumers informed over the matter. With the money, the department has hired additional staff, whose purpose it is to answer the questions consumers have about the exchange and the Affordable Care Act. Pennsylvania has stood in opposition…
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