Tag: insurance compliance

Farmers Insurance Escapes Whopping $26M Judgment – Here’s Why It Matters

Live Insurance News
Farmers court ruling insurance law

Oregon Supreme Court Ruling in Bellshaw v. Farmers Insurance Company of Oregon Rewrites the Playbook for Insurer Obligations The Oregon Supreme Court’s April 2025 decision in Bellshaw v. Farmers Insurance Company of Oregon has drawn attention across the insurance industry, raising questions about insurer liability, policyholder rights, and the future of regulatory practices. By reversing a staggering $26.3 million class action judgment against Farmers Insurance, the court defined the scope of insurers’ obligations under Oregon’s “choice-of-shop” insurance law, leaving both insurers and policyholders to grapple with its broader implications. A…

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45,000 Affected in Root Insurance Data Breach – NY Attorney General Takes Action

Angela Linders
Root Insurance Data Breach

Auto Insurer Root Fined $975,000 Over Data Breach Impacting Thousands of New Yorkers When it comes to handling sensitive information, insurance companies shouldn’t just be crossing their fingers and hoping for the best. Root Insurance recently learned this lesson the hard way. The New York Attorney General’s Office imposed a stinging $975,000 fine on the auto insurer after a data breach compromised the personal information of 45,000 New Yorkers. Let’s unpack what this means for Root, the industry, and the road ahead. Regulatory Actions Hit Hard After Serious Breach New…

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37 Insurers Slapped with $20M in Insurance Fines for Breaking New York’s Reporting Rules

G. Turner
Insurance Fines

New York State Fines Auto Insurers $20 Million Over Reporting Failures The New York State Department of Financial Services (DFS) has handed down $20 million in fines to 37 auto insurers for failing to report new and terminated insurance policies in a timely manner. This enforcement move, announced recently, comes after years of warnings from state regulators about ongoing reporting failures. While the fines aim to improve compliance, the case has raised important questions about outdated reporting systems, consumer protection, and accountability. Why Timely Reporting Matters for Drivers When you…

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Florida Cracks Down on Insurers, Returns $6 Million to Consumers

Ryan Cox
Florida Cracks Down on Insurers

Florida Insurance Commissioner Returns Nearly $6 Million to Consumers Following Insurance Investigations This Year The Florida Office of Insurance Regulation (FLOIR), under the leadership of the state’s insurance commissioner, has taken significant action against insurers failing to meet administrative and consumer protection standards. Throughout 2024, these efforts have culminated in nearly $6 million being returned to consumers. This regulatory crackdown highlights the state’s commitment to holding insurance companies accountable and ensuring Florida residents receive fair treatment in handling claims and other insurance-related processes. Details of Fines and Investigations FLOIR’s efforts…

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State Farm’s $5.2 Million Settlement with Montana Policyholders

G. Turner
State Farm's $5.2 Million Settlement

State Farm’s Settlement and What Went Wrong in Montana? State Farm Mutual Automobile Insurance Co. has reached a settlement agreement with the Montana Commissioner of Securities and Insurance (CSI), concluding a significant chapter in its operations within the state. In February 2024, State Farm agreed to pay $5.2 million to Montana policyholders following a meticulous review of 18,000 claims. This settlement emerged after a two-year examination by state regulators, who identified unfair claim practices by the insurance giant. Additionally, State Farm faced a $4 million penalty, with potential relief of…

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Beyond compliance – Added value in a Solvency II implementation

Rose Stuart
Compliance and Risk Management Insurance News

Solvency II implementation costs may shave a few cents off earnings per share, but this cost should be balanced by the benefit of a far more transparent – consistently transparent – set of reporting requirements than before. This valuable information will lead to improved economic planning and insight, and the ability to embed early-warning mechanisms. Risks exposed The structure of data is critically important to any Solvency II solution. Hence, insurance companies should start early to design a data management framework that is flexible enough to support Solvency II and…

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A new eLearning Platform will provide assistance for the insurance industry and its customers

The top provider of data and identity risk management services, Identity Theft 911, has revealed that it is offering a brand new eLearning Platform that has been created to provide personalized online training to enhance its data breach and identity theft avoidance and resolution services. The organization is demonstrating this new online solution at the 116th National Association of Mutual Insurance Companies (NMAIC) Annual Convention. The NMAIC convention is the biggest meeting of insurers in the United States and is being held from September 18 through September 21, 2011 in…

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