NAIC Releases 2020 Market Share Data
Targeted News Service (Press Releases)
The National Association of Insurance Commissioners (NAIC) released data today on life/fraternal and property/casualty insurers. The reports provide market share information and identify leading insurance writers in several key lines of business. The numbers in the reports will increase throughout the week and month as the report runs.
The 2020 market share data include countrywide direct written premiums for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC.
The Life/Fraternal Market Share report contains cumulative market share data for life insurance, annuity considerations, and an aggregate total of life insurance, annuity considerations, deposit-type contract funds, other considerations and accident/health insurance.
Date
03/03/2021
The New York State Department of Financial Services (DFS) announced today that Residential Mortgage Services, Inc. (“RMS”) will pay a $1.5 million penalty to New York State for violations of the Cybersecurity Regulation, Part 500 of Title 23 of the New York Codes, Rules, and Regulations.
“It is of paramount concern to protect all consumers as cyber threats continue to surge during a vulnerable time, said Superintendent of Financial Services Linda A. Lacewell. DFS will continue to take nation-leading actions to ensure that our licensees fulfill their cybersecurity duties, safeguarding the private data of their New York customers, and all of the customers they serve, no matter where they reside.
A new bill filed by state Rep. Dylan Fernandes, D-Woods Hole, would provide help to small businesses who’ve paid for business interruption insurance but haven’t been able to collect on it.
The bill, An Act Concerning Business Interruption Insurance, was filed Feb. 19. It would require insurance companies to honor legitimate claims of business interruption and do away with virus-exclusion clauses.
What does business interruption insurance cover?
Insurance companies have, for the most part, refused to pay interruption insurance, citing exclusions for viruses and pandemics. Many insurance companies claim that business losses must be due to physical loss or damage, not just closure, according to a report last month from the trade publication Business Insurance.
New bill seeks to help small businesses collect on insurance claims due to COVID orders insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
Maybe not now. But soon, thousands of Texas homeowners are going to understand for the first time just how well their home insurance coverage measures up to a winter storm like no other.
While insurance companies are forced now to weigh the cost of more intense and frequent natural disasters, few homeowners take catastrophic events, like the storms that walloped most of Texas this month, into account when buying home insurance.
A recent survey by the National Association of Insurance Commissioners found only 11% of respondents considered changing weather patterns in shopping for insurance and only 21% were influenced by the likelihood of wildfires, tornadoes or earthquakes.