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People Moves: Benefield Joins B&R as SVP and Broker

Article 0 Comments Wes Benefield Brown & Riding, headquartered in Dallas, named Wes Benefield to its national management and professional liability practice as senior vice president and broker, D&O, E&O and cyber. Based in Fort Worth, Benefield has over 11 years of combined retailer, carrier and wholesale experience in the executive lines space. He most recently served as senior wholesale broker at U.S. Risk, LLC and previously served as assistant vice president at Zurich North America and vice president at Marsh. Topics Agencies Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Agencies? Get automatic alerts for this topic.

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New Social Security Bill Phases Out Payroll Tax Cap

What You Need to Know The bill phases out the cap on wages subject to the FICA taxes that fund Social Security. It also would use the Consumer Price Index for the Elderly (CPI-E) to calculate the relevant COLA. Under the bill, the Social Security system would pay scheduled benefits in full and on time for an additional 19 years, lawmakers said. New legislation would phase out the wage cap on the payroll taxes that fund Social Security over the next seven years and encourage contributions “above the cap in exchange for additional benefits.” Phasing out the cap on wages subject to Social Security contributions would ensure “that all benefits can be paid in full and on time for the foreseeable future,” according to Sen. Mazie K. Hirono and Rep. Jill Tokuda, the Hawaii Democrats co-sponsoring the Protecting and Preserving Social Security Act, introduced on Aug. 2. The Hirono-Tokuda bill would also use the index formerly known as the Consumer Price Index for the Elderly (CPI-E) to calculate the relevant cost-of-living adjustment (COLA), rather than the more generic Consumer Price Index for Urban Wage Earners (CPI-W). Sen. Bob Casey, D-Pa., chairman of the Senate Special Committee on Aging, introduced similar legislation in March, the Boosting...

Insured losses from 2023 Nova Scotia wildfires and flooding now approaching half-billion dollars 0

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Insured losses from 2023 Nova Scotia wildfires and flooding now approaching half-billion dollars

Toronto, ON (July 25, 2024) – A new report from Insurance Bureau of Canada (IBC) reveals that one year after consecutive devastating wildfires and flooding in Nova Scotia, the total insured losses now stand at $490 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ noted that more than 88% of insurance claims related to the Tantallon wildfire as well as 90% of the claims from the July 2023 atmospheric river flooding have been resolved. In addition to this new insured loss data, IBC’s report, One-Year Update Following 2023 Nova Scotia Wildfires and Flooding, provides unique insights into the factors impacting the claims response as well as recommendations on how governments, regulators and the property and casualty (P&C) insurance industry can work together to improve the claims and recovery process. Specifically, the report notes that a scarcity of skilled labour, shortage of building materials and a lack of adjuster capacity were significant hurdles in the claims process. Stakeholder feedback suggested the need to improve information flow as crucial to successful disaster management and to enhance response efficiency and effectiveness. “The purpose of this report is to identify lessons learned – including opportunities for improvement – to help inform...

MyChoice Releases First Publicly Available AI with Real-Time Life Insurance Quotes 0

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MyChoice Releases First Publicly Available AI with Real-Time Life Insurance Quotes

Toronto, ON (Jul. 24, 2024) – MyChoice, a Toronto-based Insurtech company, has released an insurance assistant that allows users in the US and Canada to receive real-time life insurance quotes while interacting with an insurance AI assistant through their website. Watch the company’s demo video to see how the bot works. This seamless insurance shopping experience is also available through the GPT store in the US and Canada. In 2023, MyChoice was part of the Google for Startups Accelerator, enhancing the company’s AI capabilities with access to top talent and cutting-edge technologies. The company’s newly released assistant, integrated with MyChoice’s API, represents a significant leap in customer service for insurance. This AI bot is designed to address the need of customers seeking a more personalised insurance shopping experience outside of the broker serviced hours of 9-5. When a customer interacts with the bot, their information is automatically logged into MyChoice’s CRM, ensuring a seamless follow-up process by MyChoice’s broker partners. While this AI bot significantly enhances the efficiency of obtaining life insurance quotes, it is not intended to replace licensed professionals. It offers a faster, more convenient alternative to filling out forms where user can ask questions prior to connecting with a...

Canadian executives see operational gains from generative AI, but integration lags: RSM Canada Survey 0

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Canadian executives see operational gains from generative AI, but integration lags: RSM Canada Survey

84% of Canadian middle market business leaders surveyed are already seeing positive returns from generative AI integration, though many lack the resources to maximize its potential Toronto, ON (Jul. 23, 2024) – Seventy-four per cent of midsize Canadian organizations are already adopting generative AI into their business operations, according to a new survey from RSM Canada LLP – a leading global provider of assurance, tax and consulting services. However, the survey found that only 49 per cent of these companies have full or partial integration of AI technologies. “Middle market companies are quickly grasping the potential of AI, which is poised to significantly impact how companies handle numerous critical functions in the years ahead,” said Rhys Morgan, RSM Canada consulting leader. “Yet, businesses are also facing the challenges that come with integrating breakthrough technologies into their operations, leading many to face a shortage of experienced staff and a need for external assistance, particularly as AI-driven processes become increasingly vital for growth.” A strong majority (84 per cent) indicated that generative AI has impacted their organization more positively than expected. However, 58 per cent said the technology has also been harder than expected to implement, and 76 per cent said they...

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CarShield to Pay $10M Settlement Over Deceptive Advertising Charges

Article 0 Comments CarShield will pay $10 million to settle charges that its advertisements and telemarketing for its extended auto warranty plans are deceptive and misleading, the Federal Trade Commission said. Many customers found that repair claims were often not covered despite making payments of up to $120 per month, the FTC said. The FTC also alleged that CarShield’s celebrity and consumer endorsers made false statements in its ads. The FTC complaint states that Saint Peters, Missouri-based CarShield advertises and sells vehicle service contracts in a monthly price range of about $80 to $120. Its ads have featured celebrities including sports commentator Chris Brown and actor and rapper Ice-T. The complaint alleges many CarShield ads claim that all repairs or repairs to “covered” systems, such as the engine and transmission, will be covered and they use language that make consumers believe CarShield will pay for all necessary repairs. But the FTC alleged that consumers often didn’t receive the services they thought were covered under their payments, such as using the repair facility of their choice. Many consumers also found that repairs they thought were covered were not. “Instead of delivering the ‘peace of mind’ promised by its advertisements, CarShield left...

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4 Ways to Help Clients With Digital Assets

What You Need to Know Clients need to begin by taking inventory of their digital assets Laws governing such assets vary by jurisdiction. Having a plan in place can make life easier for those left behind. Considering the deepening extent to which we live our lives online, we can no longer exclude digital assets from estate planning. To do so would risk clients losing priceless family photos and videos, financial and tax records, and even money. Our digital footprint has become a significant part of our overall legacy.  As incorporating digital assets has become more common in estate planning, the U.S. Congress in 2014 passed the Uniform Fiduciary Access to Digital Assets Act, which was revised in 2015. The legislation ensures that the “management and disposition of their digital assets” is comparable to plans for tangible property through a will, trust or power of attorney document. 1. Create a Plan. The first step in creating a digital estate plan is to guide clients to take inventory of their digital assets, defined as any material owned by an enterprise or individual including text, graphics, audio, video and animations.  Such an asset is any item that has been formatted into a binary...

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As SEC Onsite Exams Hit Fever Pitch, Here’s What RIAs Need to Know

What You Need to Know The onsite portion of SEC exams are back in full swing, says Amy Lynch. There’s an uptick in such exams overall, the industry expert noted. What’s triggering more exams? An election year urgency by Gary Gensler, the agency chair. Exams by the Securities and Exchange Commission that include an onsite portion “are back in full swing,” according to Amy Lynch, founder of FrontLine Compliance. RIAs should expect the SEC to visit “as it aggressively pursues its goal of conducting more exams,” Lynch said. What’s triggering more exams? “An election year urgency and unprecedented new and proposed rules,” according to Lynch. “Plus, firms not having an SEC exam within the last four years should expect one.” In March, the SEC said that it would start returning to onsite exams. “We have been seeing an uptick in SEC exams overall,” Lynch told ThinkAdvisor on Friday. “All SEC exams now have an onsite component. The only question is when and for how long they are onsite.” SEC Chairman Gary Gensler ”is feeling the pressure now since his term could be ending, which is why recent staff changes were made in the Division of Exams,” Lynch said in an email. “The pressure...

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Hawaii Governor Says a $4B Settlement for 2023 Maui Wildfire Coming Soon

Article 0 Comments The parties involved in Lahaina wildfire lawsuits against the state of Hawaii, Maui County and utilities are close to a global settlement of claims that will be worth a little over $4 billion, Gov. Josh Green told The Associated Press. Green said he’s hoping to finalize the details in coming days, perhaps as soon as Aug. 6, which would be two days before the one-year anniversary of the fire that killed 102 people and wiped out historic Lahaina. “If that could happen, it would be great. I humbly invite all the parties to finalize the agreement,” Green said in an interview at his office. “It appears that we are almost there, and we only have a very tiny holdout remaining.” He said all the plaintiffs and defendants have agreed to the global settlement number but final details are pending. More than 600 lawsuits have been filed over the deaths and destruction caused by the fires. In the spring, a judge appointed mediators and ordered all parties to participate in settlement talks. “Then on July 18, 2024, the Court, along with undoubtedly many others, learned for the first time details of what media reports purported to be a...

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JPMorgan, Citi Predict Two Supersized Fed Cuts This Year

“With the benefit of hindsight, it’s easy to say the Fed should have cut this week,” JPMorgan’s Feroli wrote. “Even if the softening in labor market conditions moderates from here going forward, it would seem the Fed is at least 100 basis points offsides, probably more.” Interest-rate swaps show that traders see a more-than-70% chance of half-point move in September, and are pricing in a total of about 115 basis points of reductions by year-end. In fed funds futures, a wave of buying swept the market Friday, consistent with bank calls for aggressive easing. The price action harkens back to the divide that existed at the start of the year, when forecasts for as many as six quarter point cuts this year mirrored market-implied expectations. Fed policymakers at that point were anticipating easing by 75 basis points, based on their median forecast, which in June changed to 25 basis points. Speaking on Bloomberg Television Friday afternoon, Chicago Fed President Austan Goolsbee said the central bank won’t overreact to any one piece of economic data, echoing comments by Powell on Wednesday. Goldman economists led by Jan Hatzius added a third quarter-point rate cut, in November, to their previous 2024 forecast for September and...