Articles by Young Ha

N.Y.’s Lawsky: Cybersecurity Likely Most Important Issue DFS Will Face in 2015

Cybersecurity is likely the most important issue that the New York Department of Financial Services (DFS) will face in 2015, and perhaps for many years to come after that, New York Financial Services Superintendent Benjamin Lawsky said in a speech …

N.Y. MTA’s Captive to Lead Coverage in Fatal Train-SUV Crash

New York Metropolitan Transportation Authority’s (MTA) captive insurer and wholly owned insurance subsidiary First Mutual Transportation Assurance Company (FMTAC) will lead coverage for liability for third party claims and property losses stemming from the fatal MTA Metro-North Railroad train-SUV crash …

Fatal Work Injuries in N.Y. Metro Area Declined in 2013: BLS

Work-related fatal injuries in the New York metropolitan area (the New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. Metropolitan Statistical Area) totaled 152 in 2013, according to preliminary data from the U.S. Bureau of Labor Statistics (BLS). The 2013 figure was down …

New York MTA’s Captive Insurer to Provide Coverage in Fatal Train-SUV Crash

New York Metropolitan Transportation Authority’s (MTA) captive insurer and wholly owned insurance subsidiary First Mutual Transportation Assurance Company (FMTAC) will lead coverage for liability for third party claims and property losses stemming from last week’s fatal MTA Metro-North Railroad train-SUV …

Conn. Urges Feds Not to Preempt States on Reducing Foreign Re Collateral

Connecticut Gov. Dannel P. Malloy, a vocal proponent of state-based insurance regulation in the U.S., sent a letter to U.S. Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman, urging them not to preempt states’ regulations in reducing collateral …

N.Y., Mass. Adopt Certificates of Insurance Law

New York and Massachusetts in January became the latest states to enact laws to prohibit improper use of certificates of insurance. On Jan. 28, New York Gov. Andrew Cuomo signed into law a bill (A.9590/S.6545-A) that would standardize the practice …

Hanover Insurance Group Q4 Profit Rises 28%

The Hanover Insurance Group Inc. in Worcester, Massachusetts, reported $89.9 million net income for the 2014 fourth quarter, a 28 percent rise from $70.1 million income during the 2013 fourth quarter. The net income also increased on a full-year basis. …

N.Y., Mass. Adopt Certificates of Insurance Law

New York and Massachusetts in January became the latest states to enact laws to prohibit improper use of certificates of insurance. On Jan. 28, New York Gov. Andrew Cuomo signed into law a bill (A.9590/S.6545-A) that would standardize the practice …

Few Claims Reported From Winter Storm Juno

Winter Storm Juno — a blizzard that swept through the Northeast during the last week of January and brought record and near-record snowfalls and high winds — has resulted in relatively few insurance claims so far, according to industry participants. …

Chubb Reports Q4 Net Income Falls 2%; Says No Fear of ACE, Google

The Chubb Corp. in Warren, New Jersey, reported net income of $558 million for the 2014 fourth quarter, a 1.9 percent decrease from $569 million net income during the prior year fourth quarter. The operating income, which Chubb defines as …