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Captive Owners Sue Legal Advisors After IRS Levies Penalties

The owners of an 831(b) captive that the Internal Revenue Service ruled did not qualify for various tax benefits is now suing the lawyer who allegedly advised them to establish the microcaptive, Business Insurance reports. Last month, Benyamin and Orna Avrahami, the owner of a jewelry firm and various other businesses in Phoenix, last month…

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California Legislative Panel Approves PTSD Coverage for Firefighters, Police

Certain first responders with post-traumatic stress disorder will be able to obtain workers’ compensation benefits, according to a recent report. Current law provides benefits for workers with psychiatric injuries only if the condition causes disability or requires medical treatment, and they must prove work is a substantial cause of the injury. The new legislation, largely…

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Fewer P&C Agents on the Horizon?

The property and casualty industry will see a change in the distribution channel, namely fewer agents, says an insurance advisor for EY.  During a recent Insurance Journal “On Point” podcast with Peter van Aartriik, an insurance industry marketing and communications specialty company, EY’s Ed Makowski noted that those agents that remain will be larger and…

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Workers’ Comp Professionals Share Challenges

At the mid-year point between the 2018 and 2019 National Workers’ Compensation and Disability Conferences, the predictions made by several workers’ comp professionals are still relevant.  Risk & Insurance Magazine queried 512 of these professionals to discover the trends that are important to them, as well as the challenges they believe lie ahead. The respondents,…

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Senior Leaders Offer 5 Lessons on AI Adoption

Many small- to medium-sized insurers are still grappling with the concepts of artificial intelligence (AI) and its power to transform the business.  Some are beginning to incorporate big data into workflows, and others are using AI to increases outreach, customize customer service efforts, improve processes and boost productivity. It’s clear that some are farther along…

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NRRA Helps Risk Retention Groups Attract Talent

Risk Retention Groups, like other smaller insurance companies, face an uphill battle when it comes to finding great talent.  In an article published on the National Risk Retention Association (NRRA) site, Joe Deems, the group’s executive director, laments the fact that young people have little or no interest in starting and building a career in…

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IASA’s Virtual Roundtable Tests Digital Transformation’s Reality

Because all insurers are using some form of digital technology, we can agree that Digital Transformation is less about the technology itself, but more about the way insurers are innovating to solve their business problems.  That said, digital transformation refers to any use of digital technology that enables new types of innovation to enhance and…

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Insurance Digital Transformation Takes Shape

The insurance industry is the in middle of a seismic technology shift, with carriers adopting an abundance of new tools to drive insights on decades of customer data at their disposal. This revolution is transparent across companies of all sizes—from large property and casualty carriers with billion-dollar IT budgets that are rolling out drone inspection…

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ADA Claims Against Public Entities “Exploding”

It’s well known that public entities offering insurance operate with a number of inherent challenges: dated technology, complex reporting structures, regulatory reporting burdens and more.  But now public entities have an additional challenge.  According to an article written by Jerry Stovall, Jr., an attorney with Breazeale Sachse & Wilson LLP, claims against public entities under…

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Overexertion Tops Priciest Workers’ Compensation Claims: Report

Liberty Mutual says that a group of injuries involving lifting, pushing, pulling, holding, carrying or throwing cost employers and payers $13.1 billion. The insurer released its list of workplace injuries and their related costs based on its Workplace Safety Index in which overexertion, as it is presently classified with the injuries above, represents the costliest…

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