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Refunding $27.6 million in workers comp premiums to about 13,000 policyholders participating in Florida Workers Compensation Joint Underwriting Association, created as a self-funding plan for businesses unable to get insurance on the voluntary market.
First state to adopt best interest rule for sales of annuities and other insurance products. Rule is based on model provided by NAIC, which says financial professionals must act in consumer’s best interest when recommending annuities.
Notifies federal government Kentucky plans to move back to state health insurance exchange beginning in 2022. It moved to federal exchange in 2015.
Agrees to begin releasing names of nursing homes and long-term care facilities testing positive for COVID-19 after chancery court judge ruled on May 26 the state Department of Health must either respond to a newspaper’s lawsuit demanding the information or cite an exemption in state law. Names of facilities are posted on Health Department’s website.
Issues bulletin instructing insurers that offer personal and commercial coverage to provide premium refunds or other relief to policyholders for premiums paid during public health emergency that began March 9, continuing for each month emergency order is in effect. Insurers were required to submit details of their remuneration plan to Department of Banking and Insurance within 15 days of implementing the program.
Department of Financial Services rolls out DFS FastForward, a program to support fintech, insurtech and health tech companies to develop innovative solutions to promote business recovery and meet healthcare needs of New Yorkers. New web page, DFS Next, provides details for innovators on rules, partnerships and upcoming events. >> Amendments to insurance regulations, effective June 3, allow superintendent of financial services to serve as regulatory supervisor of internationally active insurance groups (IAIGs) that do “substantial” business in New York. Covers affiliates of parent company qualifying as IAIG. >> Issues emergency regulation requiring expedited resolution and payment of claims for looting damages. Requires insurer-funded impartial mediation of small-business disputes over claims decisions.
Partners with Thimble, a small-business insurance provider, to offer short-term general and professional liability insurance. The flexible product doesn’t require annual contract. Policyholders can control policy through Thimble app to modify or pause coverage as needed, add insureds and print ACORD certificates.
Andrew Robinson named CEO, succeeding founder and outgoing CEO Stephen Way, who has also resigned as chairman but will remain as a director. Robinson moves from Oak HC/FT, where he was executive in residence and senior advisor.
Launches marine trades product, covering small recreational marine market in the U.K. Vickie Fox is product lead.
Closes transfer of Pioneer Underwriters underwriting portfolio and staff to K2. Transferred business comprises property catastrophe reinsurance, financial institutions, international property, facultative, and marine specialty underwriting with combined gross written premium of about £150 million ($188.6 million). Together the units will form the basis of K2 International, based in London. K2 International is led by CEO Bob Kimmel.
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