In an opinion filed March 3, U.S. District Judge Jeremy Daniel said a group of Allstate auto insurance customers accused the carrier of cooperating with AllCorp, which owns three Arity subsidiaries, in using a software development kit that tracked customers’ movements and phone usage. The lawsuit was first filed in Chicago federal court, but was quickly…
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AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of KBFG Insurance Co., Ltd.. The outlook of these Credit Ratings is stable. The ratings also reflect the wide range of support that the company receives from its parent, KB Insurance Co., Ltd., in areas including underwriting and pricing, business development,…
–Two of the nation's largest credit rating agencies are sounding alarms about New York City's escalating budget crisis, as Mayor Zohran Mamdani ramps up spending and pushes for tax increases to offset projected revenue shortfalls. “We believe the use of reserves for baseline budget management in the near term rather than developing other corrective…
Advantage Capital Holdings, LLC, a New York- based insurance and financial services company with over $16 billion in assets under management, and funds managed by Oaktree Capital Management, L.P., a leader among global investment managers specializing in alternative investments, have signed a master transaction agreement in which Oaktree plans to acquire a…
Brothers and tow company owners, Mark Hassan, 46, of Corona Del Mar, and Ahmed Hassan, 35 of Walnut, were arrested today on multiple counts of felony insurance fraud after allegedly underreporting employee payroll and paying portions of employees' wages in cash to defraud workers' compensation insurance companies out of nearly $6 million in insurance premiums.
Iowa House lawmakers are advancing legislation that would place a temporary tax increase on some health insurance companies in the state— matching a similar legislative proposal moving in the Senate. The House bill, like its Senate counterpart, would temporarily increase the tax on health insurance premiums from 0.925 percent to 3 percent to help the state…
Employees of CareSource, a nationally recognized nonprofit managed care entity, raised more than $56,000 for Firefly Children& Family Alliance to support an emergency aid fund for individuals and families. In addition to raising funds for Firefly, CareSource employees participated in a volunteer day of service at the Gene Glick Family Support Center in…
But State Farm, which commands about 10% of California's property insurance market, will have to partially refund premiums it charged rental dwelling and condo insurance customers under a previously approved interim rate increase. State Farm had requested a 38% increase for rental dwelling policies and 15% for condominium policies, according to an…
The following information was released by the Federal Reserve Board:. At the Cato Institute Policy Forum: Basel III and Bank Capital Rules, Washington, D.C.. It's good to be here with you at the Cato Institute to discuss our approach to bank capital requirements.1 Capital requirements form the foundation of our prudential regulatory framework, and in the coming…
The following information was released by the Federal Reserve Board:. The Federal Reserve Board on Thursday announced its approval of the application by Home BancShares, of Conway, Arkansas, to acquire and subsequently merge with Mountain Commerce Bancorp, Inc., and thereby indirectly acquire Mountain Commerce Bank, both of Knoxville, Tennessee.
The following information was released by the Illinois Senate Democrats:. According to the Center for Disease Control, roughly 2.9 million adults and 456,000 children across the United States suffer from epilepsy or another seizure disorder. To expand Illinois patient access to these life-saving devices, Senate Bill 2762 would require health insurance…
State Senator Tony Hwang, Ranking Member of the Insurance and Real Estate Committee, voted today in support of HB 5378, legislation designed to expand affordable health insurance options for individuals and employees of small businesses through Association Health Plans, technically known as Multiple Employer Welfare Arrangements.
The following information was released by Americans for Prosperity:. This is a guest blog written by Lauren Stewart, senior federal affairs liaison at Americans for Prosperity. But when Congress does the harder work of passing reforms that empower patients, not the government or insurance companies, you rarely hear much about it.
The following information was released by the Henry J. Kaiser Family Foundation:. In recent years, Medicaid spending on prescription drugs has grown, in part due to theemergenceof new, high-cost drugs, includingGLP-1sand cell and gene therapies that treat, and sometimes cure, rare diseases. However, the 2025 reconciliation law, signed by President Trump on July…
Today, Senator Jim Banks met with President Trump's nominee to serve as the next Chairman of the Federal Reserve, Kevin Warsh. Senator Jim Banks:: " The Fed needs to focus on bringing down costs and lowering the high interest rates that are hitting working families. That's why I'm proud to support President Trump's nominee Kevin Warsh who has the experience to help…
The following information was released by Texas Senator Ted Cruz:. "Although this legislation prevents the Federal Reserve from issuing a central bank digital currency, it only pauses the development until December 31, 2030. My Anti-CBDC Act takes the correct approach by permanently prohibiting the Federal Reserve from ever issuing a CBDC, directly or…
As a licensed life insurance agent for almost 20 years, I can count on one hand the number of times an applicant has requested a quote for life insurance that exceeded the average cost of burial, cremation, and funeral services. Once I ask a few questions, I quickly determine that the amount of coverage the applicant is requesting is simply not enough for their…
Changing course because of two 2025 US Supreme Court decisions, an all-Republican three-judge panel of the US Court of Appeals for the 4th Circuit on March 10 reversed a district court decision that had found the exclusion of Medicaid coverage for "sex change" surgery to violate the Equal Protection Clause of the 14th Amendment of the US Constitution, the…
After state officials took over the insurer at the brink of financial insolvency late last year, many patients in legacy UCare health plans have found it virtually impossible to line up medical transportation because of excessive hold times to reach customer service, according to a state regulatory notice obtained by the Minnesota Star Tribune.
