Limitations on which rating factors an auto insurance company can use in setting rates, such as Michigan's proposed ban on "non-driving" factors, could result in higher premiums overall, writes Michael Van Beek of the Mackinac Center for Public Policy. APCIA says eight states restrict insurers' use of rate-setting factors, while the remainder allow the consideration of such factors as age, credit score, gender and ZIP code.
US Bankruptcy Judge Dennis Montali has granted PG&E's motion to create a $105 million housing fund for those affected by California wildfires in 2017 and 2018. Montali said the selection of a fund administrator needs to occur within five days.
Insurers have been creating stand-alone options including active shooter coverage and non-damage business interruption coverage that do not need government certification as a terrorist incident so that coverage can be triggered, a Marsh report says. These developments are occurring as the Terrorism Risk Insurance Program Reauthorization Act, under which property coverage requires such certification as a trigger, is set to expire at the end of 2020.
The insurance industry is expanding its use of artificial intelligence and drones to more quickly assess claims and reduce safety risks. The ways that insurers are deploying AI and drones include assessing roof and vehicle damage as well as construction site safety.
A tornado in Missouri on Wednesday caused property damage in Jefferson City, while another killed at least three people near Joplin, which experienced a tornado that killed more than 150 people eight years ago. Officials also reported weather-related deaths amid severe storms in Iowa and Oklahoma.
A measure that has gained Texas Senate approval would allow people alleging childhood sexual abuse to file litigation within 30 years of turning 18 years old. The bill would allow lawsuits against individuals and institutions.
Ambiguous comments from Labor Secretary R. Alexander Acosta have led to speculation that his department might resurrect the failed fiduciary rule. Pam Heinrich, general counsel for the National Association for Fixed Annuities, says she expects no attempt to revive the rule but adds that "we've got to keep it dead."
Matt Oechsli relays stories of two sales rainmakers and discusses marketing lessons financial advisors can learn from them. The lessons include leveraging connections, working outside one's comfort zone and staying away from cold calls.
A report from real estate data firm CrediFi says that commercial real estate lenders have much more debt on their books than thought. CrediFi said it documented more than $925 billion in loan originations last year, much more than the $574 billion the Mortgage Bankers Association reported.
The southern Plains were hit with major storms and more than 30 tornadoes Monday and Tuesday that resulted in two fatalities. Missouri Gov. Mike Parson has declared a state of emergency, with more storms and heavy rainfall expected across the area today and tomorrow.
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