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Life Insurance

Consumer Watchdog | February 19, 2022

The California Supreme Court has refused to review a lower court ruling that stripped the Insurance Commissioner of critical powers granted by California voters to protect against excessive insurance rates. In a challenge to State Farm's homeowners insurance rates originally brought by Consumer Watchdog in 2014, the state's Insurance Commissioner ordered the company to lower its rates by 7% and refund overcharges dating back to July 2015. State Farm sued, and last October,...

Insurance Technology

Damco Solutions, omni:us | December 07, 2020

Damco Solutions Inc., leading innovation solutions and digital services company, has announced the partnership with omni:us, an Artificial Intelligence as a Service (AIaaS) provider to fast-track insurers adoption of data-driven cognitive claims management. Backed with more than two decades of IT experience, profound insurance domain information, and industry-demonstrated ability in arising advancements, Damco Solutions would leverage omni:us remarkable capabilities to help insura...

Core Insurance

NAIC | December 06, 2023

The National Association of Insurance Commissioners (NAIC) Membership voted to adopt the Model Bulletin on the Use of Artificial Intelligence Systems by Insurers during the 2023 Fall National Meeting. The bulletin reflects the work of the NAIC Innovation, Cybersecurity, and Technology (H) Committee, chaired by Maryland Insurance Commissioner Kathleen A....

Core Insurance

BDA | July 25, 2022

The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida. The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart. Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent ...