Featured Articles Blog

0

Uncategorized

SEC Bars Advisor for Working With Revoked Registration, Touting False Designation

The Securities and Exchange Commission has barred an investment advisor representative who was doing business despite having her registration revoked and for falsely stating she’d earned an “IRA Distribution Specialist” designation. According to the SEC order, since June 2005, Carla Lea Chastain, 56, was the principal of Chastain Financial LLC, through which she conducted investment advisory and insurance business. On May 25, 2005, Chastain agreed to a consent order issued by the Arkansas Securities Department revoking her registration as an IAR, and suspending her registration as an agent of a broker-dealer for 180 days based on suitability and churning violations, the SEC order states. Because Chastain failed to comply with the 2005 order’s conditions of reinstatement, the SEC said, “her registration as an agent of a broker-dealer has remained suspended.” On Dec. 13, 2016, Chastain agreed to a consent order issued by the Arkansas Securities Department, which found she committed securities fraud in violation of Arkansas law, “in connection with the offer of investment adviser services by making false and misleading statements of a material fact by holding herself out” as an IAR when her registration had been revoked.

0

Uncategorized

Potential of ‘Life-Threatening Flooding’ from Hilary in SoCal Mountains, Deserts and Southwest Nevada

Article 0 Comments AccuWeather on Friday issued an alert warning of the potential of a “life-threatening, flooding disaster” in the mountains and deserts of Southern California and far southwest Nevada due to Hurricane Hilary. In the area, primarily east of Palm Springs and north toward Death Valley, 4 to 8 inches of rain is expected, which can quickly cause washouts and mudslides, according to AccuWeather. AccuWeather said the rain has to potential to “fall rapidly at times, putting significant strain on infrastructure including interstates and rail lines.” That infrastructure may be unable to handle the historic rain amounts, the weather service added. “The impact from Hilary has the potential to be an extraordinary event, one that is rare and unprecedented,” AccuWeather Director of Forecasting Operations Dan DePodwin said in a statement. “In the interior of southern California, road closures due to washouts are likely. At the coast, coastal flooding can occur from Los Angeles to San Diego along with gusty winds that can cause power outages.” According to AM Best, the top homeowners multiperil insurers in California include: State Farm Group (20.6%) Farmers Insurance Group (14.5%) CSAA Insurance Group (6.7%) Liberty Mutual Insurance Cos. (6.4%) Allstate Insurance Group (6.3%) AccuWeather...

Applied Releases Commercial Lines Premium Rate Index Findings for Q2 2023 0

Uncategorized

Applied Releases Commercial Lines Premium Rate Index Findings for Q2 2023

Year-over-year and quarter-over-quarter average premium rates experienced variability across the most commonly placed commercial lines of business Mississauga, ON (Aug. 16, 2023) – Applied Systems is pleased to announce the second quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, rates saw an increase of 7.44% in Q2 2023, which is depressed relative to the rate increase of 8.95% in Q2 2022. Business & Professional Services, Construction, Retail Services and Real Estate Services saw decreases compared to the same quarter last year while Hospitality saw increases compared to Q2 2022. Quarter over quarter, Q2 2023 results showed average renewal rate change increased across nearly all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Business and Professional Services, and Hospitality Services. Average renewal rate change for Construction and Retail Services decreased in Q2 2023 compared to Q2 2022. Significant findings include: Business and Professional Services: Q2 2023 premium renewal rate change average was 7.42%, up from the Q1 2023 average of 6.99%. Construction, Erection, and Installation Services: Premium renewal rate change average was 7.24% for the quarter, down from the Q1 2023 average of 7.42%. Hospitality Services: Q2 2023...

0

Uncategorized

Raging Wildfires Prompt Evacuation of Northern Canadian City, Yellowknife

Article 0 Comments Wildfires have forced an evacuation of Yellowknife, the capital of Canada’s Northwest Territories. Officials with the territorial government told residents in the highest-risk areas to evacuate immediately. Other residents have until 12 p.m. local time on Friday to leave the city of about 20,000 Depending on smoke conditions, those leaving by car will be escorted through the active fire zone, officials said. Residents who can’t leave by road are being asked to register for evacuation flights. The fires were about 17 kilometers (10.6 miles) from the city, Shane Thompson, the territory’s environment minister, told reporters Wednesday evening. “Without rain, it is possible it will reach the city outskirts by the weekend,” he said. For some, it will be the second exodus in recent days. Evacuees from the remote communities of Hay River and Fort Smith were already being housed in Yellowknife, according to an update Tuesday. Yellowknife is about 1,400 kilometers north of Edmonton, Alberta. Canada is experiencing the worst wildfire season on record. More than 1,000 active fires are burning across the country of which more than 670 are out of control, according to the Canadian Interagency Forest Fire Centre. So far, 13.7 million hectares have...

0

Uncategorized

Wells Fargo Discriminated Against Older Advisor, Suit Claims

What You Need to Know Supervisors repeatedly discriminated against Valdez because of his age and disability, the suit claims. Valdez’s clients were being transferred to a younger advisor, according to the suit. Valdez’s attempts to resolve the issue with human resources were unsuccessful. A Wells Fargo advisor is suing the firm for allegedly engaging in a continuous course of discriminatory conduct toward him, which included transferring him to a “less desirable” branch and sending his clients to a younger advisor. Peter Valdez, a senior financial advisor at Wells Fargo in Dutchess County, New York, filed the suit on Wednesday in the U.S. District Court for the Southern District of New York. Valdez has been employed by Wells Fargo Advisors as a financial advisor since 2002 in Dutchess County, according to the suit. The advisor is 64 years old and suffers from disabilities, of which Wells Fargo “is aware,” the suit states, including an epileptic seizure disorder, anxiety and related mental health ailments. Wells Fargo Advisors, by and through its supervisors, engaged in a “continuous, and continuing, course of discriminatory conduct toward Plaintiff based upon Plaintiffs’ race, gender, disability, religion, national origin and/or ethnicity (Hispanic) and in retaliation for his opposition to discrimination...

Roam & Onlia Insurance team up to bring personalized insurance to car subscriptions in Ontario 0

Uncategorized

Roam & Onlia Insurance team up to bring personalized insurance to car subscriptions in Ontario

Toronto, ON (Aug. 16, 2023) – Onlia Insurance™, a foremost digital insurance provider in Ontario, is pleased to announce it has teamed up with Roam™, Canada’s premier car subscription service. The partnership aims to offer car subscribers personalized insurance rates and a streamlined checkout experience. Roam’s car subscriptions are a new, pay-as-you-go alternative to leasing or buying a car. In addition to a vehicle, subscribers get insurance, routine maintenance, roadside assistance, and other benefits included in their subscription plans. Until this partnership with Onlia, Roam subscribers paid a blanket insurance rate regardless of their driving and insurance history. Now rates will be personalized on Roam’s website during the subscription booking process. “Navigating the complexities of car insurance can be daunting, especially for those unfamiliar with the terms and conditions of insurance policies. Onlia simplifies this process by offering bespoke digital insurance that is easy to understand and tailored to the specific needs of Roam subscribers,” said Apoorv Gupta, Founder of Roam. “Through this partnership, Roam continues its mission of delivering best-in-class service thanks to Onlia’s digital-first approach and focus on simplifying insurance.” Onlia is excited by the relationship with Roam, adding that it is the perfect opportunity to expand the...

Red Rock Insurance Services Partners with ICPEI to Address Shortfalls in Canadian Trade Credit Insurance Market 0

Uncategorized

Red Rock Insurance Services Partners with ICPEI to Address Shortfalls in Canadian Trade Credit Insurance Market

Toronto, ON (Aug. 15, 2023) – Red Rock Insurance Services and The Insurance Company of Prince Edward Island (ICPEI) have announced a capacity partnership aimed at addressing the shortfalls in the Canadian Trade Credit Insurance Market. This groundbreaking collaboration brings together two industry leaders with a shared vision of enhancing financial security and supporting businesses across Canada. The partnership has been structured to revolutionize risk mitigation for Canadian businesses engaging in trade activities. By leveraging our combined expertise and resources, we are committed to providing tailored and innovative solutions to safeguard businesses against credit defaults and insolvencies. Peter Graham, President of Red Rock Insurance Services, explains “This partnership presents a remarkable opportunity for Red Rock Insurance Services to be aligned with a prominent Canadian insurance provider that is dedicated to serving the Canadian market. The underwriting authority granted through this agreement will allow Red Rock to have an immediate and meaningful impact. The Canadian Trade Credit Insurance market consists principally of multinational corporations with complex tiers of underwriting authority. There exist numerous gaps in coverage that we aim to address. We are excited by what we believe we can achieve together.” About Red Rock Insurance Services Red Rock Insurance Services...

0

Uncategorized

Umpire Hernandez Loses Again in Lawsuit Versus MLB

Article 0 Comments New You can now listen to Insurance Journal articles! Umpire Ángel Hernández lost again in his racial discrimination lawsuit against Major League Baseball when a federal appeals court refused to reinstate his case on Tuesday. The 2nd Circuit U.S. Court of Appeals upheld a 2021 District Court decision that granted MLB a summary judgment. The Cuba-born Hernández, hired as a big league umpire in 1993, sued in 2017. He alleged he was discriminated against because he had not been assigned to the World Series since 2005 and had been passed over for crew chief. “Hernández has failed to establish a statistically significant disparity between the promotion rates of white and minority umpires,” the 2nd Circuit said in an 11-page decision. “MLB has provided persuasive expert evidence demonstrating that, during the years at issue, the difference in crew chief promotion rates between white and minority umpires was not statistically significant. Hernández offers no explanation as to why MLB’s statistical evidence is unreliable.” The decision was made by Circuit Judges Susan L. Carney and Steven J. Menash, who heard oral arguments on June 8. The court said the third member of the panel, Circuit Judge Rosemary S. Pooler, died...

0

Uncategorized

BNY Mellon’s Wealth Unit Names Next CIO

Grohowski has been CIO of BNY Mellon Wealth Management for 16 years and has over four decades of asset and wealth management industry experience, the company said. “He played a pivotal role in shaping investment strategy and execution, and successfully guided clients through multiple business cycles,” according to the firm. As part of the transition, Chris Vella, CIO for Investor Solutions, will lead the Investor Solutions business. Before joining BNY Mellon, Vella spent 20 years at Northern Trust Asset Management, including as CIO of Multi-Manager Solutions, overseeing investment strategy, manager selection and portfolio construction. BNY Mellon Wealth Management had $286 billion in total client assets as of June 30, it said. Parent company BNY Mellon, meanwhile, had $46.9 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of June 30, the firm said. Pictured: Sinead Colton Grant

Canadian Broker Network announces PI Excellence Award Recipients 0

Uncategorized

Canadian Broker Network announces PI Excellence Award Recipients

Toronto, ON (Aug. 15, 2023) – Canadian Broker Network (CBN), Canada’s leading network of independent insurance brokers, is pleased to announce its PI Excellence award recipients recognizing the outstanding achievements of CBN Member’s Top Personal Insurance Performers. Congratulations to the following individuals on their significant achievements: Acera Insurance: Donna-Lea Billesberger, Leanne Lawson, Carol Moeller, Sheralea Moon Raymond AIM Insurance: Teresa Culver Cal LeGrow Insurance: Danielle O’Neill FCA Insurance Brokers: Greg Purkis Lawrie Insurance Group: Devon Bestard, Mark Poce MacLeod Lorway Insurance: Laurie MacKinnon Sharp Insurance: Nick Owen Vienneau Insurance: Tracy Boudreau About the Canadian Broker Network Canadian Broker Network (CBN) is an alliance of leading independent insurance brokerages representing more than $2 billion in property casualty premiums, as well as employee benefits and life and financial services, with over 100 offices across Canada and more than 2,000 employees. CBN provides independent, employee-owned brokerages a unique way to grow and innovate their businesses by leveraging its collective wisdom, experience and connections and helping members gain the scale and benefits needed for future success. Maturing out of a forum dating back to 2002 originally designed to exchange best practices, today CBN’s guiding principles of innovation, collaboration, commitment to growth and independence help...