Homeowners, government agencies and even attorneys are paying closer attention to financial institutions these days as more and more are being accused of receiving illegal kickbacks for force-placing insurance for their clients. While it is required for homeowners to have insurance coverage, and it is legal for lenders to force-place insurance if their coverage lapses… Read more »
Wells Fargo just can’t seem to stay out of trouble these days. Separate from other recent settlements over the years, the latest allegations have cost them not only money, but their license in California as well. For the next 3 years, the Bank will be prohibited from selling or brokering personal insurance in the State… Read more »
Cyber Insurance, a term that didn’t even exist until the 1990’s, has been developed, studied, transformed and expanded to meet the needs of businesses facing cyber threats, since its inception not all that long ago. As dot-com businesses began to surface, and companies were growing faster than the technology was able keep up with, systems… Read more »
The Consumer Financial Protection Bureau (CFPB) has undergone major changes this past year under the Trump Administration. The Bureau was originally created in 2008 to act as an independent agency to protect consumers from any unfair and fraudulent acts from financial institutions. Although recent attempts to dismantle the independence of the CFPB were not brought… Read more »
Advances in technology have opened doors and created so many opportunities for financial institutions to thrive, succeed, and grow. With these advances, however, those doors are also opening wide for hackers to step in and wreak havoc and for security breaches to occur. It has become more than a full-time job to keep up with… Read more »
Fall is here and many of you are in budget planning mode for the upcoming year. While some things have remained constant this past year, it may be beneficial to take note of what has changed as you consider your insurance budget plans going forward. The most logical place to start is your current portfolio…. Read more »
With the ever-changing and ever-growing factors that are taken into consideration when calculating fair and profitable rates, underwriters do not have an easy job these days. Underwriting gap insurance seems to change on a daily basis, and factors that never existed in past years are starting to lead the pack when determining accurate rates. Performance… Read more »
From super-sized meals at the drive-thru to the cars on the road, super-sized everything has been and continues to be the trend. Whether it’s a status symbol or the feeling of getting more for your money, “bigger is better” seems to be the mentality these days. But is bigger always better? Some vehicles are getting… Read more »
The Wells Fargo scandal last year that resulted in thousands of their customers being wrongly force-placed into auto insurance they already possessed, is still in the news, and Wells Fargo is still enduring the ramifications of their actions. A recent article on CNN Money stated that the Consumer Financial Protection Bureau and the Office of… Read more »
Let’s be honest – insurance policies are long and cumbersome, and with the mountains of paperwork on your desk and in your inbox, the thought of reading through yours is most likely not at the top of your list. However, setting aside some time to review and really understand it at a deeper level could… Read more »
