Winter is fast approaching, and since you may be out of practice when it comes to dealing with slippery driving conditions, we’ve put together some road safety suggestions to consider before getting behind the wheel.
One of the easiest ways to prepare for the drive ahead before hitting the road is checking the weather report for towns along your route. While it may not seem like the roadways are slick where you are, that doesn’t mean foul weather hasn’t affected, or will be affecting, areas you will be driving through. A storm anywhere along your intended route may make it necessary to re-evaluate your travel plans.
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Celent and Asia Insurance Review are proud to announce the Inaugural Asia Insurance Technology Awards. The awards will recognize excellence and innovation in the use of technology within the insurance industry.
Nominations are currently being accepted. To nominate an individual or firm, simply fill out the entry form (http://www.celent.com/system/files/asia_insurance_awards_entry_form_2.doc) and e-mail the completed form to Wenli Yuan at by October 14, 2011.
Awards will be given on Wednesday, 9 November 2011 during the Seventh Annual Insurance Executive’s Summit for Strategy, Operations and Technology at Seoul, South Korea.
Two more auto insurers have joined the growing ranks of companies declaring deep losses in recent months, with Infinity Property and Casualty announcing an 80 percent drop in profits and The Hartford reportedly breaking even during the third quarter of 2011.
Infinity officials said net earnings for July through September fell to $6.1 million, down from $30.8 million for the same period last year.
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The huge competition between different insurance organizations providing liability insurance resulted in a large gamma of contracts and in some great options for the clients. The advanced contracts are able to cover any kind of liability. In the case of extended contracts, the insured entity and the insurer must not sign a new insurance contract for each new transaction. One contract is signed for the start and every transaction or sale conducted by the respective company becomes insured automatically under the terms of the contract. Read more…
Uninsured motorists who crash their cars in Oklahoma will no longer be able to collect damages for pain and suffering starting next week, when a new “no pay, no play” vehicle insurance law goes into effect.
Under the law, which takes effect Nov. 1, uninsured drivers will still be able to recover economic damages for medical costs, property damage and loss of income. But they will be barred from receiving payment for pain and suffering, even if they did not cause the crash in which they were hurt.
The measure, which was endorsed by state Insurance Commissioner John Doak and signed into law in May, mirrors legislation in a handful of other states aimed at discouraging motorists from driving uninsured. The
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Several witnesses took the stand in a Virginia case against a Texas businessman who has been convicted of life insurance fraud. Adley Abdulwahab, a principal owner of A & O Investment Companies, has been found guilty of wire fraud, securities fraud, money laundering, and conspiracy for his role. Abdulwahab convinced investors to purchase life insurance policies from elderly individuals so that the investors could cash in on the policies once the original owner died. This practice is not illegal, but the way Abdulwahab and his associates handled the investments resulted in defrauding investors.
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A Democratic state lawmaker has entered the ongoing debate over proposed changes to Michigan’s no-fault auto insurance system, claiming that removing the legal requirement that insurers pay up to a lifetime of health care costs for serious accident victims would enrich coverage providers while overburdening the state’s taxpayers.
“No-fault insurance ensures that citizens get the care they need without wasting time and money fighting with the courts and lawyers,” state Rep. Jeff Irwin (D-Ann Arbor) said in a news release. “The sy
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Officials from the state Department of Insurance have stated that they need to clamp down on the medical benefits that are paid by the auto insurance companies after the accidents. They claim that this will prevent companies from fleeing N.J. However, the skeptics claim that its anti-fraud net has been cast too wide.
A series of changes have been planned for the PIP or Personal Injury Protection in auto insurance. About four hours of testimony was heard on Thursday by the Assembly Financial Institutions and Insurance Committee.
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