Posts Tagged ‘insurance briefs’

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In Brief: USAA Clients Targeted by Internet Scammers

November 8th, 2010 by Iris | Comments Off | Filed in insurance facts, insurance fraud

While internet scams abound, the latest involves USAA, an insurance and banking company that caters to military personnel.

The company is currently investigating an email scam that attempts to gathering personal information from its customers.

The scheme in question is directed at a wide range of people, some of whom may be USAA clients, said a spokesperson for the San Antonio, TX-based insurer. Like other “phishing” scams it asks victims to visit a fake website designed to mimic USAA’s own website.

In a notice on the real USAA website, the company reminds customers that it never asks for personal information, including account information, by email. If you receive an email message from a site purporting to be USAA, and don’t believe it’s real, you can forward it to Abuse@USAA.com.

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Insurance Brief: Lloyd’s to Open Russian Office

November 4th, 2010 by Iris | Comments Off | Filed in business insurance, fire insurance, insurance facts, insurance news

Lloyd’s, the high-end insurance company known for covering things like the hands of concert pianists, announced recently that it has plans to open an office in Russia sometime in 2011.

According to the bulletin it released, the corporate office at has determined that, “…a dedicated country manager will enable Lloyd’s to better understand and explore opportunities in the Russian market; however the office will not be a base for underwriting.”

Expanding upon this, Jose Ribeiro, Director of International Markets for Lloyd’s added, “Now is the right time to develop a small presence in Moscow. The new Russia country manager will be well placed to make informed decisions on behalf of the Lloyd’s market as well as promoting and explaining it to local insurers and brokers.”

Subject to regulatory approvals, the Lloyd’s Russia office is expected to open around the middle of next year.

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Oklahoma Has New Insurance Commissioner

November 3rd, 2010 by Iris | Comments Off | Filed in insurance news, insurance specialists

Among several gubernatorial and congressional races that were decided in Tuesday’s election, there were also a few Insurance Commissioner positions up for grabs.

One such race was in Oklahoma, where insurance agent John Doak defeated incumbent Commissioner Kim Holland with approximately 54.5 percent of the vote.

Doak, a Republican who campaigned against the federal health insurance reforms which extend insurance coverage to millions more Americans than any plan his party had offered last year, cited his 20-year history as an agent and executive in the insurance industry as part of his campaign for this position.

The incumbent Holland, a Democrate, was appointed to her post by Governor Brad Henry in 2005, and won a full term the following year. She, too, was an insurance agent before becoming commissioner.

In part of the Republican sweep of the midwest, Oklahoma will also have a new governor next year. Mary Fallen will be the first women in Oklahoma’s history to serve in the governor’s office. Currently, she is a United States Representative from Edmond.

Her opponent, Jari Askins, a Democrat, currently serves as Oklahoma’s lieutenant governor.

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Five Bizarre Things People Insure

July 1st, 2010 by Iris | Comments Off | Filed in insurance facts, insurance news

It’s a new month, so we’re taking a break from talking about BP and healthcare and instead offering a lighter topic. We’ve all heard of insuring homes, cars, and boats, but what really odd things do people insure? Here are five:

  1. Specific Body Parts: We’ve all heard of concert pianists insuring their hands, but last December, pop singer Adam Lambert supposedly took out a $1,000,000 policy on his crotch, because the pelvic thrusts he does so often during his concerts can apparently lead to lower back issues and penile arthritis. (We suspect it might have been less expensive to hire a different choreographer.)
  2. Abuse by Ghosts: While bed and breakfasts here in the states – in cities like Charleston and New Orleans – advertise their ghosts, the Royal Falcon Hotel insures against them. Their policy (which smacks of a publicity stunt) protects employees and guests from improper poltergeists.
  3. Hunting Trophies: According to AXA Art, those of you who are big game hunters can actually insure the stuffed lions, tigers, and bears (oh, my) you’ve been collecting, in case they’re damaged or destroyed. Presumably you can also itemize them on your homeowners policy, as well, in case of something mundane, like theft.
  4. Wedding Insurance: Okay, we understand the concept of “Bridezilla,” but rather than insuring your wedding (sorry, it doesn’t find you a new groom if he backs out; it just covers any deposits and such), maybe you should consider having a back-up plan. Or save money, and elope.
  5. Alien Abduction: Apparently about 20,000 of your co-earthlings have taken out insurance policies in case they’re ever abducted by aliens. This might be wise – after all, flying saucers probably don’t have liability insurance – but we suspect it would be smarter to skip the insurance and invest in lots of aluminum foil. Less expensive anyway.

This list was fun, and all of these policies really exist, as well as many others. You can pretty much assume that if someone thought of it, someone else insured it.

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No Driving Record Fee in Ohio

June 9th, 2010 by Iris | Comments Off | Filed in auto insurance, insurance news

Auto insurance companies in Ohio can breathe a bit easier today. A judge struck down a proposed higher motor vehicle fee that was being charged to trucking companies and vehicle insurance companies, on the grounds that it violates the state constitution.

Last year, Ohio legislators raised the fee being charged for certified copies of driving records from $2 to $5, with the intent to use the funds to generate $10 million for homeland security and emergency medical services, but Franklin County common pleas judge Richard Frye ruled that the state constitution doesn’t allow for such a diversion of funds; they must go toward highway construction and safety.

Trucking companies and insurance agents, who banded together to file the lawsuit, and who pay the fees to verify licenses and driving records, see the ruling as a victory, though it will probably be appealed by state officials.

On June 18, Jude Frye will hear arguments on whether such fees collected over the last eleven months should be refunded.

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Pet Insurance Reform?

June 2nd, 2010 by Iris | Comments Off | Filed in insurance news, insurance specialists

Pet lovers will be pleased to hear about a new bill that just passed the California State Assembly.

According to the Insurance Journal, the bill, which was sponsored by Dave Jones (D-Sacramento), would require pet health insurers to disclose – on the main pages of their websites – any policy that limits coverage. In addition, insurers would also have to state explicitly whether they deny coverage based on pre-existing conditions.

Originally, the bill was written with a provision prohibiting pet insurers from denying coverage to animals with pre-existing conditions, but it was subsequently removed.

AB2411 passed the Assembly on a 43-16 vote and now moves to the Senate.

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Temp Agency Exec Charged with Insurance Flood

May 19th, 2010 by Iris | Comments Off | Filed in insurance specialists

One of the top executives of a temporary employment agency has been accused of scamming the New York State insurance Fund out of $25 million in workers’ compensation insurance premiums.

On Monday, Eric Goldstein pleaded not guilty to charges which included insurance fraud.

Prosecutors in Manhattan say Goldstein’s company, GT Systems, ran fifty temporary employment agencies. They also said that Goldstein had skipped out on the insurance premiums due to the state fund for years, while having employees make fake insurance certificates.

Goldstein, age 61, is also accused of under-reporting his payroll and mis-classifying his employees’ occupations, in order to reduce the workers’ compensation insurance rates he was charged.

Gerald Shargel, attorney for the defense, says that his client plans to fight the charges.

When representatives of the press attempted to contact GT Systems or its successor companies, calls were not returned.

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