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Businesses & Cyber Insurance — The Reality of Underestimation

Posted By Administration, Tuesday, August 6, 2019

The latest data breach is Capital One. It impacted the U.S. and Canada. The U.S. had 140,000 — or more — Social Security numbers stolen and 80,000 linked bank account number grabbed. This impacted 100 million people in the U.S. and over six-million in Canada.

Also stolen were names, addresses, phone numbers, credit scores and credit limits.

The person responsible is a lady from Seattle who works for Amazon. She admits to stealing the data and has been charged. The woman has expressed regrets.

Capital One thinks the breach is going to cost it $100 million to $150 million. The company has $400 million in cyber insurance coverage and a $10 million deductible. While that seems like a decent amount of coverage, Capital One and its affiliates are being charged with negligence and breach of implied contract in the U.S. District Court for the District of Columbia.

Considering this suit and that regulators are now paying attention, the $400 million just might not be enough. The why of that statement comes from a FM Global survey of chief financial officers of U.S. companies with over $1 billion a year in income. The questions to the 100 CFOs involved cyber insurance and how much of the losses are actually covered by that insurance.

You’ll be shocked to learn that 70% — or seven in 10 senior financial execs — think their insurer covers most or almost all of the losses of an attack.

  45% say the insurer covers most losses

  26% say the insurer will cover all losses

As you know, most of the types of losses experienced in a cyber attack are not covered. Those losses typically not covered are here. Also included is the percentage of CFOs that believe they are covered:

  Degradation of the company’s brand or reputation — 46%

  Increased scrutiny of the investment community — 40%

  Decline in revenue & earnings — 38%

  Introduction of regulatory compliance problems — 35%

  Decline in market share — 24%

  Decline in share price — 24%

It must be noted that lost revenue will be recoverable during the disruption span but it will not cover lost growth revenue, market share, brand equity etc. after business operation returns to normal.

FM Global’s CFO Kevin Ingram said the executives the company talked with obviously have a false sense of security about the insurance they have and maybe need to pay closer attention to what it covers.

“While insurance is an essential part of the risk management formula, there are losses related to a cyber attack that insurance cannot cover — like damage to a company’s reputation, lost market share, missed growth opportunities, decreased valuation, and losses stemming from increased cost of capital,” Ingram said.

 

Source links: CNBC, Business Insurance, Insurance Journal

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The Nation’s Worst Drivers

Posted By Administration, Tuesday, August 6, 2019

A lot of us sit in traffic for long periods of time. Sometimes it flows. At other times it’s a parking lot. We deal with all kinds of issues in traffic. Bad drivers come to mind very quickly to many of us.

But who are those bad drivers?

Insurify — the auto rate comparison website — says it knows exactly who the people are that whip by us in the right lane at the speed of light when we’re doing 10 mph over the speed limit in the left lane. Or they’re the people that cut us off and nearly have us eating the steering wheel as they suddenly turn left from the far right lane.

They may also be the people that take 90-degree corners at 40 mph. These are turns that most of us worry about doing at 20 mph. And on it goes.

We also know these people are not law abiding citizens.

Insurify studied 1.6 million car insurance applications and said while many might be good citizens, they are sometimes not exactly law abiding. In its study, Insurify also looked at the professions that are most likely to have several moving violations like speeding, driving under the influence or driving with suspended licenses.

These worst possible drivers work hours considered unconventional. They involve labor that is exhausting and stressful.

Kacie Saxer Taulbee is a data scientist and writer for Insurify. She said the worse group is people in ticket and membership sales. In that group 43% had traffic violations. They also work 55 to 60 hours a week and sometimes work weekends, too.

“If you are putting in 60-hour weeks, it might spread your attention thinner and it might make you less attentive on the roads, and it might disrupt things like your sleep cycle,” she said. “If you have additional stress, you might be less able to respond to risks.”

She said others in the poorer driver circle are those working in the gig economy. They work irregular hours and do so at lower pay. People with gig jobs also work more than one job.

Other awful drivers are:

  Fitness club managers

  Film production crew workers

  Bartenders

  Chiropractors

  Welders

  Metal workers

  Masseuses

  Journalists

  Sales representatives

Who has the best driving records? Postmasters. Just 16% of them have experienced traffic violations. The rest:

  Fishermen

  Dry cleaners

  Park rangers

  Agricultural inspectors

  Federal agents

  Music composers or directors

  Police detectives

  Real estate appraisers

  Executives

So why do some people drive better — or if not better, at least they have better safety records — than others? Saxer-Taulbee said you don’t spend a lot of time in a vehicle with jobs like fishing or music composition and others. Many people have more predictable hours and fewer of them.

She said a lot of them have nicer cars. We’re not sure what that has to do with anything but she does.

Saxer-Taulbee also noted three factors make a good driver:

  Experience

  Aptitude

  Concentration

“Concentration is probably the biggest one under your control,” she said. “Try to be well-rested, try to make sure you’re alert. Varying your driving route can help as well. If you take the same route all the time, you’re more likely to go on autopilot.”

 

Source link: Chicago Tribune

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Millennials & Insurance — The Best Places to Work

Posted By Administration, Tuesday, August 6, 2019

Great Place to Work’s Best Workplaces for Millennials 2019 survey is out. It’s an annual survey. After having been thought of as dull, drab places by millennials, some insurers have managed to impress them and four insurance companies ended up on the top 75 companies in the country considered the best places for millennials to work.

Here’s how companies end up on that top 100 list.

  Over 4.5 million people were quizzed in an anonymous feedback survey

  To be considered, at least 50 millennials had to be employed by the company

  Company employees were asked more than 60 questions to determine how great it is

The millennial responses were then evaluated about how they trust the company and how they can reach their full potential in those jobs. Included in the evaluation is daily experiences of innovation, company values and leadership effectiveness.

Other factors:

  Opportunity

  Flexibility

  Culture

  Benefits

  People

  Diversity

That is what is considered by Great Place to Work. Here’s what millennials want:

  They want to feel welcomed

  They want to feel good about how they contribute to the organization

  They want to feel confident they have the tools and resources needed to perform well and to grow

Overall, 75 large companies — those with over 1,000 employees — and 25 small and medium sized companies with 10 to 999 employees were on the list.

Here are the four insurance companies and their ranks in the survey:

Progressive — Rank 18

Number of employees — 37,346

Percentage of millennials — N/A

 

American Fidelity — Rank 35

Number of employees — 1,841

Percentage of millennials — 31%

 

Allianz Life Insurance Company of North America — Rank 37

Number of employees — 1,989

Percentage of millennials — 39%

 

USAA — Rank 75

Number of employees — 33,786

Percentage of millennials — 41%

 

Source link: PropertyCasualty360.com

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Aliens Prove Insurance Can be & often is Fun & Funny

Posted By Administration, Tuesday, August 6, 2019

The story before this one — Millennials & Insurance — The Best Places to Work — said that most millennials think insurance is pretty dull stuff and working for an insurance company would be boring.

Tell that to Mike St. Lawrence of Saint Lawrence Agency in Altamonte Springs, Florida. He is now selling alien abduction policies. St. Lawrence says this insurance is a must for those wanting to be insured for any possible event.

The insurance is limited but comprehensive.

He also sells reincarnation insurance and asteroid insurance. The policies are good for life and each provides $10 million in coverage. In the case of alien insurance it covers outpatient psychiatric care, double-identity coverage and sarcasm coverage for any mockery tossed at claimants.

You can get a paper copy for $24.95 and a digital copy at $19.95.

There is — however — fine print. The payout is in installments of $1 per year over 10 million years. Hopefully, most people wanting the coverage will have a sense of humor.

“To people that come to me, if I don’t think they understand the terms and conditions, that this is tongue-in-cheek, I won’t sell it to them,” he said and noted he actually had one claim and he’s paid out on it.

A policyholder said an MIT professor examined him and found an implant that came from the person’s body that he claims should not have been there. So St. Lawrence paid out $1 a year for 10 years before he lost touch with the guy.

At this point, St. Lawrence won’t speculate whether he still lives on planet Earth.

Source link: Insurance Business America

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Around the PIA Western Alliance States

Posted By Administration, Tuesday, August 6, 2019

Alaska — From the Department of Insurance: Hearing Notice:  Workers’ Compensation Prospective Loss Cost Filing

Under AS 21.39.043, the director of the division of insurance is required to hold an administrative hearing to discuss whether a workers’ compensation prospective loss cost filing meets the requirements of AS 21.39 and whether the filing should be approved, disapproved, or modified, in whole or in part.

In accordance with AS 21.39.043, a hearing will be held on September 10, 2019 in conference room 102 (Ted Stevens room) located on the 1st floor of the Atwood Building, 550 West Seventh Avenue, Anchorage, Alaska. The hearing will begin at 1:30 p.m. and will end no later than 4:30 p.m. If you are unable to attend the hearing in person and would like to participate by teleconference, please call 1-800-315-6338 and enter the access code 42070 followed by the # (pound sign).

An interested party may participate in the hearing process as follows:

inspect the filing and supporting information and examine witnesses;

present written or oral testimony or evidence at the hearing;

apply for subpoenas to be issued by the director to compel attendance of witnesses and the production of evidence.

An interested party who plans to participate in the hearing should provide notice of participation to the division in advance of the hearing date. To assist in having a productive hearing, the division requests that written testimony and evidence or requests for modifications to the filing that will be presented at the hearing be submitted to the division and to the National Council on Compensation Insurance, Inc. (NCCI) on or before September 3, 2019.

Testimony or evidence presented at the hearing must be limited to whether the filing’s prospective loss costs meet the requirements of AS 21.39 and may include a recommendation for approval, disapproval, or modification.

After the hearing, the director will leave the hearing record open for 10 days, during which time interested parties may submit additional written testimony and documentary evidence concerning the loss cost filing and members or subscribers may submit proposed modifications to the filing.

All such correspondence and documentation must be received by the division no later than 5:00 p.m., September 20, 2019.

All comments, written testimony, requests for modification, notice of participation, and other communication with the division related to this hearing should reference the 2020 NCCI Loss Cost Filing, and be sent to Division of Insurance; Attention: Michael Ricker; P.O. Box 110805; Juneau, AK 99811-0805; fax to (907) 465-3422; or e-mail to michael.ricker@alaska.gov.

If you are a person with a disability who needs special accommodation in order to participate in the process, please contact Laura Watson at (907) 465-2597 no later than September 4, 2019, to ensure that any necessary accommodations can be provided.

After the hearing, subject to the procedures under AS 21.39.043, the director will issue an order regarding the filing.

Hearing Notice:  https://www.commerce.alaska.gov/web/Portals/11/Pub/INS_HearingNotice_2019.08.pdf

 

Idaho — Medicare Workshop to be Offered in Coeur d’Alene: A free Medicare Workshop for individuals turning 65 and those approaching Medicare eligibility will be held in Coeur d’Alene on Tuesday, August 27th from 1 p.m. to 3 p.m. at the Kroc Center, 1765 Golf Course Road.  Everyone, including caregivers, interested in learning how Medicare works is encouraged to attend.

Medicare workshops are designed to introduce the various parts of Medicare and to share some of the costs and benefits associated with the program.  Sessions cover enrollment timeframes for Medigap, Medicare Advantage, prescription drug plans, and how the different parts of Medicare work together.

Staff with the state’s Senior Health Insurance Benefits Advisors (SHIBA) program, a unit of the Idaho Department of Insurance, conduct the workshops.  To register for the upcoming session, please contact the SHIBA Helpline at 1-800-247-4422.

 

Idaho — Additional Special Enrollment Offered: Many Idaho consumers were misled into purchasing what they believed to be comprehensive health insurance plans from a company named “Simple Health”.  Due to the deceptive sales practices of Simple Health, these non-compliant ACA plans have left many without coverage.  Customers who purchased these Simple Health Plans are being notified that these plans were misrepresented and do not meet the minimum coverage requirements.

The Idaho Department of Insurance and Your Health Idaho, Idaho’s state-based health insurance marketplace, are granting a one-time Special Enrollment Period (SEP) for comprehensive health insurance plans for these Idahoans.  According to Your Health Idaho, notifications have also been sent to those affected Idahoans by the Centers for Medicaid and Medicare Services (CMS).

Important notes to consider:

SEP will be available for a limited time. The deadline to complete an application, select a plan, and enroll is September 4, 2019.

To apply for coverage with Your Health Idaho, you will need to provide a copy of the letter you received that states you are eligible for an SEP.

For questions, please contact Your Health Idaho by phone at 1-855-YH-IDAHO (1-855-944-3246); by email at support@yourhealthidaho.org; or by mail at Your Health Idaho, P.O. Box 943, Boise, ID  83701.

 

Montana — Work Comp Claim: The Montana Supreme Court says the state’s workers’ compensation court made the correct decision on Brian Richardson’s work comp claim. Richardson was injured in an altercation involving a psychiatric patient at an emergency department.

The date was November 29, 2006 when he was a security guard at the facility and worked for Securitas. The restraint of patients — the court ruled — was within his scope of employment. Richardson said he was hit several times during the altercation.

On June 17, 2008, Richardson learned he had broken his nose during the fight and it was causing him severe headaches. Surgery was required. After the surgery he learned his health insurance would not pay the full price of the operation.

He filed a work comp claim and was told it was too late to file one. He appealed and lost the appeal. The court agreed with the work comp court that Richardson needed to have filed his claim close to the time of the injury.

 

Source link: PropertyCasualty360.com

 

Oregon — Special Notice: Timely consumer disclosures regarding vehicle total loss:

TO: Insurers, insurance producers, and adjusters transacting auto insurance in Oregon

FROM: The Oregon Department of Consumer & Business Services Division of Financial Regulation

SUBJECT: Timely consumer disclosures regarding vehicle total loss

Introduction

The Department of Consumer and Business Services, Division of Financial Regulation (DFR) is issuing this memorandum to remind auto insurers of their responsibility to provide required disclosures1 regarding a vehicle total loss in a timely manner.

Background

ORS 742.554 states that:

When an insurer declares a motor vehicle a total loss and offers to make a cash settlement to an insured or third-party owner of the motor vehicle, the insurer shall provide the insured or third-party owner:

Any valuation or appraisal reports relied upon by the insurer to determine value; and

A written statement in a form provided by the Director of the Department of Consumer and Business Services that includes:

Information about total loss, vehicle valuation and the duties of the insurer; and

The manner in which and under what circumstances the insured may contact the Division of Financial Regulation of the Department of Consumer and Business Services.

The purpose of the statute is to provide transparency and give consumers the necessary tools to make informed decisions when faced with a vehicle total loss. Giving notice in a timely manner is an important element of the requirement. DFR has encountered instances where insurers failed to make the required disclosures until after the settlement offer. Such practices inhibit consumer choice and violate the insurance code.

Guidance to Insurers

ORS 742.554 requires that total loss disclosures be provided at the time “an insurer declares a motor vehicle a total loss and offers to make a cash settlement.” This means that when a settlement offer:

Is made in writing, the disclosure must be provided simultaneously.

Is communicated to the consumer orally, the disclosure must be provided in writing and mailed or delivered electronically within one business day.

Delaying the disclosure until after the settlement offer is a violation of 742.554 and may result in an enforcement action and civil penalties.

1 The total loss disclosure required under OAR 836-080-0240 can be found on the DFR website: https://dfr.oregon.gov/laws-rules/Documents/OAR/div80-0240_ex1.pdf.

Timely-Total-Loss-Notification.pdf — https://content.govdelivery.com/attachments/ORDCBS/2019/07/29/file_attachments/1256596/Timely-Total-Loss-Notification.pdf

 

Washington — From the Department of Insurance: Balance Billing Protection Act rule stakeholder draft posted

We are releasing a stakeholder draft of rules to implement the Balance Billing Protection Act (R 2019-04).

OIC is very interested in ensuring that consumers have notice of their rights under the Balance Billing Protection Act at a meaningful time and in a meaningful manner. We are specifically soliciting input on the provisions in the stakeholder draft intended to accomplish this at WAC 284-43B-060. If you have concerns regarding these provisions, please include proposed alternative means to accomplish the goal stated above in your comments.

Comments on the stakeholder draft are due August 16, 2019; please send them to the Rules Coordinator — https://www.insurance.wa.gov/contact-rules-coordinator?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

Stakeholder meeting:  August 12, 2019 at 11:00 at the Tumwater office located at 5000 Capital Blvd. SE, Tumwater, WA 98501. Call-in option: 360-407-3780  PIN Code: 734211#

For more information, including the text of the stakeholder draft, please visit the rule's webpage — https://www.insurance.wa.gov/balance-billing-protection-act-r2019-04?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

 

Confidential Communications stakeholder draft posted

We released a stakeholder draft for the Confidential Communications rule (R 2019-03). This rulemaking is in support of SSB 5889, requiring health carriers to direct all communications regarding sensitive services directly to the protected individual.

Comments on the stakeholder draft are due August 23, 2019; please send them to the Rules Coordinator — https://www.insurance.wa.gov/contact-rules-coordinator?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

For more information, including the text of the stakeholder draft, please visit the rule's webpage — https://www.insurance.wa.gov/contact-rules-coordinator?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

 

Notice of rulemaking on Confidential Communications (R 2019-03)

We are starting rulemaking on R 2019-03 to require health carriers to direct all communications regarding sensitive services directly to the protected individual.

Comments are due September 16, 2019; please send them to the Rules Coordinator  — https://www.insurance.wa.gov/contact-rules-coordinator?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

For more information, including the notice to start rulemaking (CR-101), please visit the rule's webpage — https://www.insurance.wa.gov/confidential-communications-r-2019-03?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

 

Washington — Kreidler seeks $1.1 million from sham health care sharing ministry for ripping off consumers: Insurance Commissioner Mike Kreidler is seeking a $1 million fine from Aliera Healthcare, Inc. (Aliera) (PDF, 439KB) and $100,000 from its partner, Trinity HealthShare, Inc. (Trinity) (PDF, 364KB) for selling sham health care sharing ministry memberships in Washington state.

Kreidler ordered the companies in May to immediately stop selling health insurance illegally and halt deceptive business practices. Since August 2018, Aliera and Trinity sold 3,058 policies to Washington consumers and collected $3.8 million in premium.

“Aliera and Trinity promised to provide people with coverage when they needed it only to leave consumers with huge medical bills,” said Kreidler. “I’m taking action today to send a message to all scam artists: if you harm our consumers, you will pay heavily.

“Shopping for health insurance can be very stressful – especially if you have to worry about being ripped off. True insurance companies have to meet rigorous standards before they can sell coverage to consumers. These companies are hiding behind a federal and state exemption that exists for legitimate health care sharing ministries and using it to rake in profit across the country on the backs of vulnerable consumers.”

Aliera, an unlicensed insurance producer in Washington, administered and marketed health coverage on behalf of Trinity HealthShare. Trinity represents itself as a health care sharing ministry. Such ministries are exempt from state insurance regulation and do not have to meet the same consumer protections guaranteed under the Affordable Care Act. This includes providing coverage for anyone with a pre-existing medical condition. 

A legal health care sharing ministry is a nonprofit organization whose members share a common set of ethical or religious beliefs and share medical expenses consistent with those beliefs.

Kreidler’s office has received more than 20 complaints from consumers about Aliera. Some believed they were buying health insurance without knowing they had joined a health care sharing ministry. Many discovered this when the company denied their claims because their medical conditions were considered pre-existing under the plan.

“Real health care sharing ministries can offer a valuable service to their members,” Kreidler said. “Unfortunately, we’re seeing players out there trying to use the exemptions for legitimate ministries to skirt insurance regulation and mislead trusting consumers. I want these outfits to know we’re on to them and we will hold them accountable.”

Kreidler’s investigation (PDF, 3.13MB) into Aliera found:

    It provides misleading training to sales agents about the nature of its products.

    It promotes misleading advertisements to consumers.

    It inaccurately represents Trinity’s statement of faith.

    It is operating both as an unregistered health care service contractor and an unlicensed discount plan organization.

    It is selling insurance without a Washington insurance producer license.

Kreidler’s investigation into Trinity found that it fails to meet key federal and state requirements:

    Trinity was formed on June 27, 2018, without any members. Federal and state laws require that health care sharing ministries be formed before Dec. 31, 1999, and their members to have been actively sharing medical costs.

    Trinity's bylaws require members to adhere to a Protestant expression of Christian faith. However, its website markets memberships to people of all faiths, and its training materials for producers note that Trinity simply requires a belief in a higher power and a healthy lifestyle.  

Both companies have 90 days to request a hearing and appeal Kreidler’s action.

Source link: Washington Department of Insurance

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Schwab Will Buy USAA — $1.8 Billion Price Tag

Posted By Administration, Tuesday, July 30, 2019

Last week it was a rumor. Weekly Industry News reported it as one. This week we have confirmation. Charles Schwab is buying the assets of the USAA Investment Management for $1.8 billion.

The cash sale was announced on Friday of last week and the boards of directors of both companies have approved the sale.

Most people in the insurance industry are familiar with the popularity of USAA’s insurance division. It provides insurance to the the families and members of the military or those who used to be members. USAA also helps with wealth management and investments.

Depending on the point of the survey, USAA is often rated as the best insurer in the country.

Stuart Parker is the CEO of USAA. He said the purchase of USAA will add to Schwab’s $1.9 trillion investor service business by giving it a million new customers and about $90 billion in assets.

“This agreement with Schwab can help enhance our members’ financial futures with a client-first approach that offers access to more choices in investment products,” Parker said.

Schwab CEO Walt Bettinger said his firm will keep a large number of USAA employees.

“We have long admired USAA’s mission to enhance the financial security of our country’s military service men and women and their families,” he said.

Source links: Insurance Journal, Insurance Business America

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Wildfire Prevention — Measures to Protect Your Business

Posted By Administration, Tuesday, July 30, 2019

It’s wildfire season. Again. For some of us, the season is now all year long. Last year’s fire season was the worst in history. Thousands of people lost homes, businesses and property.

Some lost their lives.

In an effort to help and do away with wildfire fuel, the Trump administration is proposing forest management along 11,000 miles of terrain in the West. The plan is to mow, bulldoze or revegetate that terrain.

They’re being called fuel breaks and will be done in the PIA Western Alliance states of California, Oregon, Washington, Idaho and Nevada and in parts of Utah. The cost will be $55 million to $192 million and — once done — there will be an annual cost of $107 million to maintain.

In the meantime, for you — and your business and personal lines customers — there are steps that can be taken to keep your property, employees and families safe. Those charged with fighting fires and preventing them — and researchers at FM Global — say these steps need to be a priority. You are encouraged to implement them and share them with your clients both commercial and personal lines:

1. Keep all gutters free of debris.

2. Cover vents with wire mesh to keep burning embers out.

3. Cover exterior walls made of wood with fire-retardant paint.

4. Develop a written contingency plan with the public fire service.

5. Remove all combustible yard storage.

6. Have an adequate and reliable water supply for automatic sprinklers and for outside hoses.

7. Create a clearance zone around buildings and structures. The zone should be a minimum of 100 feet from grasslands and 330 feet from woodlands or forests.

8. Replace asphalt roof shingles with tires or slate material.

9. Protect windows and frames with permanently fitted one-hour fire-rated shutters.

10. Protect combustible exterior walls with outside sprinklers.

And most importantly:

11. Have an emergency response plan and a protocol in place. Make sure your emergency response team has the training and necessary equipment to handle a wildfire

Source link: PropertyCasualty360.com, Insurance Journal

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A Federal Plan to Legalize & Tax Marijuana

Posted By Administration, Tuesday, July 30, 2019

The push to legalize the recreational and medical use of marijuana has reached the federal level. Bills have been introduced in the House and the Senate that will do that and give those who’ve been convicted of federal crimes related to pot a chance to clear their names and their records.

The bills are from California Sen. — and Democratic Party presidential hopeful — Kamala Harris and Rep. Jarrold Nadler of New York. He’s a Democrat and the chairman of the House Judicial Committee. 

Harris said, “Times have changed — marijuana should not be a crime. We need to start regulating marijuana, and expunge marijuana convictions from the records of millions of Americans so they can get on with their lives.”

The bills will create taxes. That money will be used for job training programs, substance abuse treatment, literacy programs and other services. The focus will be communities hardest hit by drugs.

Also in the plan is dollars to help economically and socially disadvantaged people start their own marijuana businesses.

It’s likely that Nadar’s committee will hear the issue. Even with a hearing, the bills probably won’t be passed this session. It is — however — a sign that Congress will eventually legalize the use of the drug for recreation and medicinal purposes.

Justin Strekal of the National Organization for the Reform of Marijuana Laws is ecstatic.

“Never in American history has the chairman of the Judiciary introduced a bill to end federal marijuana criminalization,” Strekal said. “At a time when the state you live in can determine whether cannabis can ruin your life or make you a millionaire, now more than ever we must end the national prohibition of marijuana.”

As you know 11 states and the District of Columbia have legalized the recreational use of pot. Among those are the PIA Western Alliance states of Oregon, Washington, California, Nevada and Alaska. Two-thirds of the states in the U.S. allow it to be used for medicinal purposes.

Opponents continue to warn this is legalizing an addictive, high potency drug.

Source link: Insurance Journal

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Insurance CEOs & Their Income

Posted By Administration, Tuesday, July 30, 2019

The publication Carrier Management looked at insurance company CEO salaries from 2018 and 2017.

AIG’s CEO Brian Duperreault tops the salary list with compensation close to $21 million. It’s quite a drop. In 2017 Duperreault made $43 million. While the salary is down, it still — at $21 million — puts him at the top of the CEO heap.

Ironically, AIG is third in terms of net premiums. AIG brought in $30.6 billion in 2018.

As a contrast, Progressive tops the list as the firm with the highest net premium income. The company’s income in 2018 was $33.7 billion yet its CEO, Susan Griffith had the fifth highest salary at $14.2 million.

Here’s the list:

1. Brian Duperreault — AIG

2018 —  $20,855,000

2017 — $43,087,000

 

2. Thomas Wilson II — The Allstate Corporation

2018 — $18,687,000

2017 — $18,757,000

 

3. Sean Downes — Universal Insurance Holdings

2018 — $17,923,000

2017 — $19,253,000

 

4. Alan Schnitzer Travelers Cos.

2018 — $14,173,000

2017 — $15,234,000

 

5. Susan Griffith — Progressive

2018 — $14,173,000

2017 — $9,274,000

 

6. Christopher Swift — Hartford Financial Services Group

2018 — $13,884,000

2017 — $13,115,000

 

7. Alan Colberg — Assurant

2018 — $13,617,000

2017 — $9,275,000

 

8. W. Robert Berkley — W.R. Berkley Corporation

2018 — $11,253,000

2017 — $10,280,000

 

9. Carl Lindner  — American Financial Group

2018 — $10,209,000

2017 — $9,773,000

 

9. S. Craig Lindner — American Financial Group

2018 — $10,191,000

2017 — $9,602,000

 

10. Dino Robusto CNA Financial Corporation

2018 — $10,109,000

2017 — $10,635,781

 

Here are the top-10 companies in terms of premiums written in the P&C lines in 2018:

 

1. Progressive — $33.75 billion

2. Allstate — $33.56 billion

3. AIG — $30.6 billion

4. Travelers Cos. — $29.3 billion

5. CNA Financial — $11.6 billion

6. Hartford Financial Services Group — $10.8 billion

7. W.R. Berkley — $7.7 billion

8. American Financial Group — $6.8 billion

9. Assurant — $2.6 billion

10. Universal Insurance Holdings — $1.2 billion

Source link: Carrier Management

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Tax Returns 2018 — Were Tax Cuts Actually Tax Cuts?

Posted By Administration, Tuesday, July 30, 2019

The Internal Revenue Service just put out a report on the bottom line of the Tax Cuts and Jobs Act (TCJA) passed in 2017. The department says most of us received a tax cut. However, the federal government picked up an extra $93 billion in tax income than it did in 2017.

Part of the reason — the IRS said — is a 1.5% jump in the number of tax returns filed in 2018 when compared to 2017.

The IRS collected a total $1.97 trillion. That’s the figure before refunds. In 2017 the dollar figure was $1.87 trillion. That’s not a huge change. Neither is the amount of money returned. In 2018 refunds totaled $398 billion.

Refunds in 2017 were $386 billion.

The $93 billion more from individual taxpayers is — ironically — close to the tax break figure for corporations. Big business paid $91 billion less in 2018 than it did in 2017.

Senate Democrats — after reading the report — criticized the Treasury Department for withholding this information for so long and for claiming most Americans got a windfall from the tax reforms.

Oregon Sen. Ron Wyden is the ranking member of the Senate Finance Committee. He said, “It looks like the Trump Treasury Department spent 2018, an election year, goosing people’s paychecks by under-withholding, and it should have been obvious that the bill would come due eventually.”

Senate Minority Leader Chuck Schumer agrees. He said, “Many Americans depend on their tax refund to pay bills and make ends meet — but this tax season, working families will see smaller than expected returns and surprise tax bills because the Trump administration used smoke and mirrors in a shallow attempt to exaggerate the impact of their tax law on middle class families for political reasons.” 

Looking at pure numbers, the Tax Policy Center said 65% of us got a tax cut from the TCJA. Around 6% of us paid more. Its analysis finds corporate tax rates dropped from 35% to 21% last year.

In a statement, the center said, “The lowest income households (those making less than about $25,000) got an average tax cut of about $40. Middle-income households (who made between about $48,000 and $86,000) paid about $800 less. Those in the top 1%, who made $733,000 or more, got an average tax cut of about $33,000.”

Source link: Yahoo Finance

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