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Wisconsin Wedding Barns Sue Over State’s New Liquor Law Requiring Licensing

Article 0 Comments MADISON, Wis. (AP) — A pair of Wisconsin wedding barns sued the state Tuesday seeking to block enactment of a new law that requires them to get liquor licenses similar to other establishments that host events. Owners and operators of wedding barns tried unsuccessfully last year to kill the law that overhauled regulation of the state’s multibillion-dollar liquor industry. The changes had been worked on for years, gaining buy-in from both Republicans and Democrats, large and small brewers, wholesalers and retailers. Farmview Event Barn, located in Berlin, and Monarch Valley Wedding & Events, in Blair, filed the lawsuit against the Wisconsin Department of Revenue. Patty Mayers, the assistant deputy revenue secretary, declined to comment on the lawsuit. The new law affects every level of the state’s alcohol industry, governing the licensing, producing, selling and distribution of beer, wine and liquor. That includes new requirements on predominantly rural facilities often located on farms that host wedding receptions and other events, but aren’t traditional bars, restaurants or entertainment venues. The new law requires such venues to either get a permit or license to sell or allow alcohol legally starting in 2026. Currently, wedding barns and other private event venues...

Get Ready for the 2024 Hurricane Season: IBC 0

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Get Ready for the 2024 Hurricane Season: IBC

Toronto, ON (May 8, 2024) – According to researchers at Colorado State University, record warm tropical and eastern subtropical surface temperatures in the Atlantic Ocean could result in 11 hurricanes this year, a significant increase over the average of 7.2 hurricanes a year recorded between 1991 and 2020. Insurance Bureau of Canada (IBC) notes that the research team’s forecast also predicts that five of those hurricanes will be major, having winds of about 180 kilometres per hour or stronger. A hurricane is a type of tropical cyclone that forms over tropical or subtropical waters. The National Oceanic and Atmospheric Administration considers the storm a hurricane when its maximum sustained winds reach 74 miles (119 kilometers) per hour. Warm water, moist air and converging winds are three of the main factors that cause a hurricane to form. Because heat acts as fuel for storms, this year’s warmer water can create bigger and stronger hurricanes. In February 2024, the Weather Network reported that temperatures in one part of the tropical Atlantic Ocean were already as warm as they usually are in the middle of July. Another factor that could contribute to this year’s hurricane season is the development of La Niña in...

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Google Fights $17 Billion UK Lawsuit Over Adtech Practices

Article 0 Comments Google parent Alphabet has urged a London tribunal to block a mass lawsuit which accuses it of abusing its dominance in the online advertising market, in the latest case to focus on the search giant’s business practices. The lawsuit seeks damages of up to 13.6 billion pounds ($16.9 billion) on behalf of publishers of websites and apps based in the United Kingdom, who say they have suffered losses due to Google’s allegedly anticompetitive behavior. Lawyers for Ad Tech Collective Action asked the Competition Appeal Tribunal (CAT) to certify the case to proceed towards a trial at the start of a three-day hearing on Wednesday [May 8]. Google Faces EU Antitrust Charges Over its Adtech Business Google, however, said the case was incoherent and did not explain how alleged anticompetitive conduct had supposedly caused losses to the publishers. Ad Tech Collective Action’s lawyer Robert O’Donoghue said the London lawsuit was “the latest in a series of major set-preferencing abuse cases involving Google.” The case comes amid ongoing probes by regulators into Google’s adtech business, including by Britain’s Competition and Markets Authority and the European Commission, which O’Donoghue said was concluding imminently. O’Donoghue also referred to two multibillion-euro fines...

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What Annuity Administrators Do

What You Need to Know Annuity sales are growing rapidly. Investors want to pull cash out on their schedule. Simply processing and the recording the payments is a big job. Annuities have increased in popularity for retirement planning given their reliable income streams and ability to deliver protection and floors that combat market volatility. Recent data from A.M. Best reveals that individual annuities accounted for $344 billion of life insurers’ $1.5 trillion in direct written premiums in 2023. Additionally, total annuity sales reaching a record-high of $385.4 billion, marking a 23% year-over-year increase. BlackRock forecasts a growing significance of annuities in retirement planning, anticipating an increase in clients with retirement accounts featuring annuitization options. Advisors and agents will play a crucial role in helping clients navigate in-plan annuitization options alongside conventional investments and alternatives. Making Annuities Work While annuities offer vital financial tools for retirees, the effective management of these investments relies heavily on annuity administrators who operate behind the scenes. These professionals oversee the intricacies of annuity contracts, managing tasks such as payment processing, record maintenance, and customer inquiries. Moreover, they serve as intermediaries between insurance companies and annuitants, ensuring compliance with regulations and contractual terms, thus safeguarding the...

Navacord doubles travel portfolio with landmark SécuriGlobe partnership 0

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Navacord doubles travel portfolio with landmark SécuriGlobe partnership

Toronto, ON (May 8, 2024) – Navacord is thrilled to announce their recent acquisition of SécuriGlobe assurance voyage, effective as of April 1. This is Navacord’s largest partnership of 2024 and its most substantial travel partnership to date. SécuriGlobe assurance voyage, founded in 1999, is one of the largest and premier travel insurance brokers in Canada. Headquartered in Montreal, the renowned travel protection and health insurance distributor doubles the size of Navacord’s travel portfolio while also expanding its presence in Quebec. Catered mainly towards the snowbird population, SécuriGlobe also specializes in products for visitors to Canada and emergency medical. “Joining forces with SécuriGlobe is a pivotal moment for Navacord as we enhance our travel offerings with a distinguished leader in the travel sector,” says Melanie Muise, President of Personal Lines and Travel, Navacord. “This partnership not only grows our travel portfolio; it also underscores our commitment to growth in this space, which we are actively pursuing.” Since she was appointed as President of PL and Travel last August, Muise has spearheaded Navacord’s efforts to build out national expertise and presence in both personal and travel insurance, and welcoming SécuriGlobe to Navacord serves as a tangible step forward in their growth...

The Impact of Generative AI on enterprises 0

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The Impact of Generative AI on enterprises

By Manav Gupta, CTO & VP, IBM Canada — 2023 was the year Generative AI made its way to the mainstream and rocketed up the business agenda. This year, almost two thirds (60 per cent) of C-suite leaders will be piloting Gen AI solutions, according to IBM’s Institute for Business Value. I had the pleasure of speaking to Anuja Sheth, SVP Network and Technology Services at Bell, to get her view on the enhancements AI is making. Anuja kicked off our discussion by explaining that Gen AI is an enabler for business transformation. When digital technology and AI is embedded into every function within an organization, and every business process, it can make an impact across every part of the business. I asked Anuja where AI is adding value at Bell: The first is in customer experience. The hyper-personalisation that is possible with AI is transformative, whether that’s a customer buying a service or seeking support for a service The other is within networking and technology services, and a few domains under this umbrella. These include the ability to properly capacity plan, optimise costs, and make use of automated incident detection and resolution. And finally, employee experience. AI can act...

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Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure

Article 0 Comments Three insurance companies have rejected Chevron’s claim over the seizure last year of an oil cargo by Iran, according to a complaint filed on Tuesday in a U.S. court in California. The Chevron-chartered tanker Advantage Sweet was boarded by Iranian military in the Gulf of Oman in April 2023 and its crude oil cargo confiscated and later transferred to an Iranian vessel. Zurich American Insurance, Liberty Mutual Insurance and Great American Insurance asked a U.S. District Court in San Francisco to uphold their rejection of Chevron’s $57 million claim under both marine cargo and war risks policies the company held. “The seizure of the crude oil and its later expropriation by Iran do not constitute ‘warlike operations,’” the companies said of their denial of war risks coverage. Chevron’s marine cargo policy also did not cover a seizure or confiscation, they told the court. A Chevron spokesperson said the company contests the denial of insurance coverage. “The military seizure by the Islamic Republic of Iran of the Advantage Sweet in international waters with Chevron’s cargo aboard was a hostile act plainly covered by our insurance policies. We look forward to proving this in court,” said Chevron spokesperson Christine...

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The DOL Retirement Security Rule Promotes a Narrow Worldview

What You Need to Know Robert Merton said retirement security is a function of income, not assets. In the new Retirement Security Rule, the Labor Department avoids mentioning retirement income. The author believes the wording reflects how department officials think. When the Labor Department wrote the document it used to describe its new Retirement Security Rule, department officials embraced the worldview of registered securities sales representatives and other investment advisors. Not the worldview of insurance agents, and certainly not the worldview of retirement income distribution planners. Investment advisors, insurance agents and income planners differ markedly in terms of perspectives, philosophies, product preferences, licensure, methodologies and priorities. In many ways, their worldviews are as incompatible as freshwater fish and saltwater fish. Nothing in the new DOL rule will support financial professional diversity in any meaningful sense. What’s Missing The DOL analysis of the new rule is 153,943 words long. That’s equal to the total word count of two average novels. But something important is missing: Not once in this mighty text do DOL officials use the two-word term “retirement income,” outside of references to the Employee Retirement Income Security Act, one direct quote from a Labor Department advisory opinion, and references...

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Markets/Coverages: Marsh Launches Insurance for EU Crypto-Asset Service Providers

Article 0 Comments Insurance broker Marsh announced the launch of MiCAssure, a proprietary insurance solution for crypto-asset service providers such as custodians, exchanges, and administrators operating within the European Union (EU), which are required to comply with the forthcoming Markets in Crypto-Assets Regulation (MiCA). Set to be introduced on Dec. 30, 2024, MiCA creates a comprehensive regulatory framework for the crypto-assets market within the EU and seeks to address the challenges associated with legal certainty, consumer protection, and regulatory fragmentation in the market for crypto-assets and services. It requires that regulated firms authorized under MiCA have in place prudential safeguards, either using their own funds or maintaining an insurance policy, to cover specific risks. Developed by Marsh Specialty in conjunction with both Lloyd’s and London market insurers, MiCAssure provides cover for third party claims arising from misrepresentations or misleading statements, obligations of confidentiality, business interruption, legal and regulatory obligation, and gross negligence in the safeguarding of clients’ crypto-assets and funds. MiCAssure provides protection for the risks detailed in MiCA’s prudential requirements and aids firms in the elimination or reduction of the need to set aside capital to meet their exposures in accordance with the regulation. “Regulatory advancements such as MiCA...

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Speed Up Life Settlements

What You Need to Know Most clients are in a hurry. Selling a life insurance policy can take months. The author says the firms in the life settlement sector can do better. In the early 1990s, as the life settlement industry was just beginning to emerge, United Parcel Service introduced its iconic slogan, “Moving at the Speed of Business.” This phrase, though initially aimed at securing more commercial shipping work, inadvertently captured the essence of the business landscape at the time — an environment where speed was becoming increasingly critical. Fast forward to today, and the urgency for businesses to operate swiftly has only intensified. However, it appears that a segment of the financial services sector, notably the life insurance settlement industry, has lagged, operating more at “the speed of molasses” than at the pace of contemporary business. The Need for Speed and Efficiency In today’s fast-paced world, businesses across various sectors have adapted to meet the demands for speed and efficiency. From instant online quotes for health, life and commercial insurance to the rapid responses expected in sectors like banking and automobile sales, speed and efficiency have become the benchmarks. Yet, the life insurance settlement industry, now roughly 35...