Nevada — New State Law has Potential to Drive Insurers Away: Nevada Insurance Commissioner Scott Kipper has sent a letter to Governor Joe Lombardo. His concern is a new law that takes effect in October that prohibits insurers from writing policies that limit liability by reducing defense costs.
In his letter, Kipper told the governor that liability insurance, “must now include defense costs outside of the limits of liability and defense coverage must be available, but the law does not require unlimited defense costs.”
The outside the limits of liability is where insurers will balk.
This is going to affect most lines of insurance and insurers are likely to balk at the new regulation. Kipper says these lines will definitely be impacted and he’s worried they’re leave the market if the governor and the Legislature doesn’t do something to fix the issue.
- Medical malpractice
- Errors and omissions and other professional liability policies
- Directors and officers
- Cyber liability
- Employment practices liability
- Pollution
- Environmental impairment
- Fiduciary liability
- Construction defect
- Poducts and clinical trial liability
- Excess and umbrella policies
Kipper says if those insurers react negatively and limit what they write, it will cause huge problems.
“There is a potential for a lack of adequate capacity remaining with the carriers that choose to continue selling liability insurance in this state,” Kipper told the governor. “Additionally, this new legislation will most likely lead to significant increases in the cost of insuring businesses and, without clarification, the division is projecting even higher costs for liability insurance.”
It says also liability insurance “must now include defense costs outside of the limits of liability and defense coverage must be available, but the law does not require unlimited defense costs.”
Source link: Business Insurance — https://bit.ly/44Qd4NI
Oregon — Oregon Division of Financial Regulation to participate in Scam Jam Aug. 4 in The Dalles: The Oregon Division of Financial Regulation (DFR), the Oregon Attorney General, Oregon Construction Contractors Board, Oregon Department of Human Services, Federal Trade Commission, and AARP Oregon are joining forces on a fraud prevention workshop, Scam Jam, on Friday, Aug. 4, in The Dalles.
Those attending will hear from experts and learn how to spot scams and gain prevention tips and tools to protect against fraud.
Members of DFR’s outreach team will be presenting on the topic “Best steps to protect yourself from financial fraud.”
The event will be held at the Columbia Gorge Discovery Center and Museum, 5000 Discovery Drive in The Dalles.
A light breakfast will be provided free of charge, and pre-registration is encouraged. You can register for the event on the AARP events page or via Eventbrite.
The event will go from 9 a.m. to noon.
“There are more innovative and deceptive ways scammers are targeting people today, especially older adults, and we want to educate as many people as we can about these scams,” said TK Keen, administrator for DFR. “Many aren’t aware that an innocent looking email could scam them out of thousands of dollars, or more. Our goal is to educate and help people avoid those situations.”
If you believe you may have been scammed, DFR has resources to help you. Consumer advocates are available by calling 1-888-877-4894 (toll-free) or emailing dfr.financialserviceshelp@dcbs.oregon.gov. DFR’s website is also a good resource for information or help.
