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NY to Weigh AI Companion Chatbot Liability New York Assemblyman Clyde Vanel (D) is drafting a bill that would make developers of AI companion chatbots liable for harm those chatbots cause to minors....
AR Looks to Bar PBMs from Owning Pharmacies Arkansas Rep. Jeremiah Moore (R) has introduced a bill ( HB 1150 ) that would prohibit pharmacy benefit managers from owning pharmacies. Moore said the noncompetitive...
Just five months ago , we wrote about state legislators’ growing interest in pharmacy benefit managers . The issue is vital, as pharmacy benefit managers, also known as PBMs, contract with health...
Cost of LA Wildfires Could Reach $150B J.P. Morgan said last week that insured losses from the wind-driven wildfires in Los Angeles could reach $10 billion, according to reporting by Reuters. AccuWeather...
More Kids’ Online Safety Measures Expected in 2025 Despite legal challenges that have blocked new state laws aimed at protecting kids from the potential harms of social media from taking effect...
Federal regulators formally proposed significant changes to the rules governing how much capital larger banks must hold to cushion them from financial losses. The changes, which could increase the high-quality capital requirements for banks with $100 billion or more in total assets by 16 percent, are likely to draw significant industry pushback. (LAW360)
At a July 13 public workshop hosted by California’s insurance department to discuss the possibility of using catastrophe modeling in ratemaking, Parr Schoolman, chief risk officer for Allstate Property and Liability advocated for other changes, including speeding up the approval process for rate filings and letting insurers factor reinsurance costs into their rate indications.
“Without pricing enhancements, Allstate will remain closed to new business and will evaluate additional nonrenewals or the full withdrawal of property lines from the California market,” Schoolman said. (INSURANCE JOURNAL)
The 2022 Annual Report posted by the Florida Department of Financial Services’ Division of Rehabilitation and Liquidation in April identified 7 factors that contributed to the insolvency of 10 insurers in the state since early 2021. They include inadequate capitalization, improper management, natural disasters and reinsurance issues.
What wasn’t on the list was claims litigation, a glaring omission to south Florida plaintiff’s attorney Gina Clausen Lozier.
“That’s ridiculous,” she said. “You’d think with all the concerns about litigation in the last few years that would be number one on the list.” (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
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