Tag: naic

State Farm settles life insurance suit with $65 million payment

G. Turner
Life Insurance - Lawsuit - Gavel

The insurer has agreed to pay tens of millions to settle the suit involving overcharges State Farm Life and Accident Assurance Company are issuing life insurance settlement checks as pay out for a class action lawsuit against the companies. The lawsuit was filed in a federal court and involved overcharging accusations Attorneys representing the class action lawsuit accused State Farm in a Missouri federal court of having overcharged its customers for life insurance policies.  The massive settlement involves allegedly overcharging about 450,000 policyholders who purchased universal coverage between 1986 and…

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Unveiling the Dark Side of Life Insurance Through the STOLI Scheme Controversy

Logan B.
Life Insurance Controversy - Delaware Flag

The recent lawsuit emerging from Delaware, reported by the Miami Herald, has thrown a spotlight on a somewhat obscure, yet profoundly concerning practice within the insurance industry—Stranger-Originated Life Insurance (STOLI) schemes. At the heart of this controversy is the estate of Martha Barotz, a retired woman in her early 70s, who became an unintended central figure in what appears to be financial exploitation targeting senior citizens. The Legal Implications of STOLI Schemes STOLI arrangements operate in a legal grey area, where investors, lacking any logical insurable interest, gamble on the…

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Global motorcycle insurance market grows rapidly as disposable income rises

H. Cutner
Global Motorcycle insurance Industry

A recent report indicated that the market is predicted to reach $108.6 billion by 2032 A rise in disposable income and the popularity of obtaining motorcycle insurance coverage are being credited for a notable increase in the size and value of that market. That market is experiencing a sudden surge in the US and worldwide The rising popularity of motorcycle insurance is being greatly associated with the increasing ownership of the bikes around the world. The trend is particularly strong in metropolitan areas, where there is higher appeal for affordability,…

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New National Association of Insurance Commissioners CEO is Gary Anderson

Nordstrom
National Association of Insurance Commissioners - New CEO

NAIC has announced that its new chief executive officer has now been named The National Association of Insurance Commissioners recently announced that they have appointed a new CEO.  The appointment went to Gary Anderson, the current Massachusetts Insurance Commissioner and veteran of the industry. Anderson will start at his new position on May 1, 2024 The start date for Anderson as CEO of the National Association of Insurance Commissioners will be May 1, giving him enough time to finish his service as the Massachusetts Insurance Commissioner. This will have him…

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GEICO losing auto insurance ground to State Farm and Progressive

G. Turner
Auto insurance Policy - Checkmate

Early data from NAIC indicates that the Berkshire Hathaway-owned insurer is losing market share to competitors. Following a rocky 2023 for the personal auto insurance business in the United States, early data released by the National Association of Insurance Commissioners (NAIC) suggests that auto insurance company GEICO is losing ground to its larger competitors State Farm and Progressive. State Farm has held the top spot for many years in the US While it’s no big news that State Farm is still the largest auto insurance company in the United States…

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