Insurance
Top stories summarized by our editors
6/22/2017

Etay Maor, IBM's executive security adviser, says that cybercrime isn't going anywhere and continues to grow and so the security industry needs to take a different approach to tackling cybersecurity challenges. A change in mentality to consider "when" and not "if" an attack will occur is necessary to address cybercrime, Maor says.

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TechRepublic
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IBM
6/22/2017

A Rhode Island bill that would implement a statewide camera system to detect and fine uninsured drivers has gained a House committee's approval but is meeting opposition from the insurance industry. Frank O'Brien of PCI said such a surveillance system would likely hinder a recent state law that focuses on catching uninsured drivers through measures such as policy-lapse reporting.

6/22/2017

In the years since Colorado, Washington and Oregon began allowing marijuana sales for recreational use, auto collision claims rose 2.7% compared with neighboring states, according to a study by the Highway Loss Data Institute. A marijuana legalization advocate noted that the study compares more populous states with largely rural ones and said more research is necessary.

6/22/2017

Tropical Storm Cindy made landfall in southwestern Louisiana this morning with its top sustained winds weakened to 40 mph, bringing a flash flooding threat to the Gulf Coast. One boy has died on an Alabama beach after being struck by a log carried by a large wave.

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Cindy
6/22/2017

Arizona, California and Nevada have been facing temperatures approaching 120 degrees that are contributing to wildfires' intensity and have lead to heat-related injuries for two firefighters in California. A fire decimated structures in Arizona, and another destroyed vehicles and outbuildings in New Mexico.

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The Associated Press
6/22/2017

A new South Carolina law does not place mopeds under the state's auto insurance requirement, but it does require auto policies issued or renewed on or after Nov. 19, 2018, to include uninsured and underinsured motorist coverage for moped-involved collisions. State regulators also have set a June 1, 2018, deadline for insurers' form, rate and rule filing changes made because of the new law.

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Insurance Journal
6/22/2017

California Gov. Jerry Brown is expected to sign a revised bill to create a state-administered IRA program for workers whose employers do not sponsor a retirement-savings plan. The updated bill excludes previous language stating the program must comply with an Obama-era safe harbor under the Employee Retirement Income Security Act, thereby reverting to the original 1975 safe harbor, under which employee enrollment must be "completely voluntary."

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BenefitsPro
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Gov. Jerry Brown
6/22/2017

The Labor Department's fiduciary rule is creating uncertainty for independent and field marketing organizations' sales of variable and fixed annuities for the remainder of 2017, experts say. The best course for IMOs and FMOs might be to use the "transition" best-interest contract exemption through the end of the year, says Michael Kreps of Groom Law Group.

6/22/2017

Changes in Social Security over the years might have done little to influence how people save for retirement, possibly because they lack awareness of how their benefits are changing, according to a working paper by four economists. "Since payroll taxes are deducted immediately from individuals' paychecks ... a tax increase is likely to be more salient and well-understood than a benefit cut," the economists write.

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Social Security
6/21/2017

Senate Majority Leader Mitch McConnell, R-Ky., said a discussion draft of the chamber's health care legislation will be released Thursday, and it will be brought to the floor "likely next week," once the Congressional Budget Office completes its cost and impact assessment. Senators and aides have described a bill that looks a lot like the American Health Care Act with some key changes, and it remains unclear whether Republicans will get the 50 votes needed to pass it.