A proposed rule would cull or revise dozens of health IT certification criteria, but providers say regulators should keep some of them to avoid shifting costs or compliance responsibilities back onto clinicians.
Author: Awais
Florida’s Citizens Property Insurance Corporation is planning to call its $1.1 billion of Everglades Re II Ltd. (Series 2024-1) catastrophe bonds in advance of its renewal, to enable it to take advantage of current market conditions and may sponsor issuance of around $600 million of new cat bonds this year to make a saving on its risk transfer costs.As we reported earlier, Florida Citizens projected that it will need $3 billion of traditional reinsurance and / or catastrophe bonds for the 2026 hurricane season. That’s a considerably reduction from the $4.49 billion of reinsurance risk transfer it had in-force through…
The Louisiana Department of Insurance is entering a partnership with the National Insurance Crime Bureau (NICB) and digital intelligence company 4WARN to combat third-party litigation funding (TPLF) marketing tactics. The department said the partnership is the first of its kind to protect consumers from TPLF entities that use digital tactics to drive insurance claims into unnecessary litigation. Third-parties can mislead consumers into believing they are communicating with their insurance companies, the LDI said, only to steer policyholders into long and costly legal disputes before they reach out to their insurance company. The U.S. Chamber of Commerce Institute for Legal Reform…
London’s marine insurance market has widened the area in the Gulf it deems as high risk as the conflict in the Middle East escalates, according to an advisory issued on Tuesday. Guidance from the Joint War Committee, which comprises syndicate members from the Lloyd’s Market Association and representatives from the London insurance company market, is watched closely and influences underwriters’ considerations over insurance premiums. The JWC added waters around Bahrain, Djibouti, Kuwait, Oman and Qatar to high-risk areas, the statement showed. Read more: Marine Insurers Cancel War Risk Cover as Iran Conflict Escalates The JWC agreed to revise the areas…
Terrorism insurance pricing in the U.S. is hovering at an all-time low — a surprising reality at a time when geopolitical tensions, domestic extremism, and global instability dominate headlines. It comes down to the age-old dynamic of supply and demand, according to Peter Bransden, head of crisis management, North America, at Willis. “Terrorism insurance has been a profitable line of business for insurers,” Bransden told Insurance Journal. “There has not been a market-moving loss in the U.S. in 25 years.” Bransden said U.S. standalone terrorism insurance capacity has increased to more than $2 billion, with additional support from London. Competition…
For people with Medicare, the Medicare Part D outpatient prescription drug benefit is provided by private plans, either Medicare Advantage plans that offer Part D drug coverage (MA-PDs) or, for those in traditional Medicare, stand-alone prescription drug plans (PDPs). While most beneficiaries are enrolled in Medicare private plans on an individual basis, some have coverage through a group plan sponsored by an employer or union providing retiree health benefits, either group MA plans that cover Medicare Part A and B benefits, which can also include Part D coverage, or group PDPs that cover prescription drugs only. Analysis of recently released…
Four business owners and a trade association sued the state of Texas on Monday, seeking to reverse acting Comptroller Kelly Hancock’s emergency rules altering a state program intended to give additional exposure to economically disadvantaged groups in government contracting. During an afternoon news conference in Austin, the business owners said they are suing because they all lost out on government contracts after Hancock stripped their Historically Underutilized Business Program certification in December. “In this country, the legislature passes the laws, not the comptroller, and Texas is no different,” Alphonso David, president & CEO of the Global Black Economic Forum, and…
Holmes Murphy announced its expansion into North Dakota with the hiring of Mark Julik. Julik joins Holmes Murphy with a wealth of insurance and construction–industry expertise, shaped by more than 18 years at Marsh McLennan Agency. During his tenure as MMA’s construction practicelLeader, he was a trusted advisor to builders and contractors, helping them navigate everything from complex contract reviews to safety initiatives and risk–transfer strategies. Prior to MMA, Julik spent nearly five years at Gallagher. Was this article valuable? Yes No Here are more articles you may enjoy. The most important insurance news,in your inbox every business day. Get…
Florida-based NextEra Energy Inc., one of the world’s largest electric utilities, has settled a class-action lawsuit, agreeing to pay $8 million to some 20,000 employees who said the company had mishandled retirement funds. Plaintiffs’ attorneys’ fees should not exceed 33% of the gross settlement amount, reads the settlement agreement, filed in U.S. District Court in Southern Florida. The largely self-insured NextEra, owner of Florida Power & Light and one of the world’s largest renewable energy enterprises, did not admit liability in the settlement. It did agree to establish a settlement fund to be allocated to affected employees—an average of about…
Conflict between the United States, Iran and allied regional actors has reverberated across the global travel sector, as airspace closures and widespread flight disruptions rattle airlines, insurers and assistance providers. Key corridors across the Middle East have been intermittently shut, prompting mass cancelations and re-routings at major transit hubs.
Importers seeking their share of more than $130 billion in tariff refunds are flocking to a little-known U.S. trade court, which must now figure out how to deal with what is expected to be an explosion of cases. Multinationals such as FedEx and L’Oreal and hundreds of smaller companies have filed around 2,000 lawsuits at the U.S. Court of International Trade in Manhattan, seeking refunds for tariffs imposed last year by President Donald Trump, according to court records. The cases could be the tip of an iceberg — the tariffs that were ruled illegal by the Supreme Court on February…
Why Fargo The choice of Fargo reflects a city in the midst of a significant building cycle. The $3.2 billion Fargo-Moorhead Diversion Project, a flood control megaproject, is in its final year of major construction, with the Metro Flood Diversion Authority budgeting $1 billion for the project in 2026 alone, the Fargo Forum has reported.
Florida-based King Risk Partners is continuing its expansion in the Northeast through the acquisition of PRL Associates, an insurance agency based in Endicott, New York. For more than 15 years, PRL Associates has provided personal and commercial insurance. John Lavo and Steve Carr are the owners of PRL Associates. In the announcement, they said that by joining King Risk Partners, their agency will be able to offer a broader range of coverages and additional support for clients, while “preserving the personal attention and responsiveness” their clients expect. Topics Mergers & Acquisitions New York Was this article valuable? Yes No Here…
A licensed insurance agent in California has been charged with insurance fraud and premium theft, which was discovered during an investigation following the death of a student athlete. Gonzalo Lorona, 58, of Oxnard, was charged with 37 felony counts, including insurance fraud and grand theft, following a California Department of Insurance investigation into allegations that he stole client premium payments and issued fraudulent insurance certificates leaving clients uninsured. The CDI investigation began their investigation after a soccer player died following a fight during a game. The Ventura County School District reportedly discovered the certificate provided by the local soccer league…