June 2, 2014

Sandy Recovery Program Scams

“Our Statewide Sandy Fraud Working Group is pursuing aggressive criminal and civil actions against those who allegedly sought illegal profits in the wake of this national disaster.”

—New Jersey’s Acting Attorney General John J. Hoffman on Superstorm Sandy recovery program scams. Authorities said last month they received several reports from Sandy recovery program participants who said they received home visits, phone calls, or emails from individuals who claimed to be program representatives and who asked for money transfers or personal financial information.

Sweet Kentucky Home

“Lloyd’s has a unique and long-standing relationship with Kentucky, now in its 77th year, and the market is committed to delivering top insurance solutions to the industry on both an admitted and surplus lines basis.”

—Pat Talley, Lloyd’s director, after Kentucky enacted a law giving Lloyd’s surplus lines eligibility and clearing way for Lloyd’s underwriters to place multistate surplus lines risks in all 50 states.

Late to Update

“The law had not been updated in many years, and the penalties were not actually in line with the cost of workers’ comp insurance coverage.”

—Laura Collins, Virginia Workers’ Compensation Commission. Beginning July 1, Virginia employers who fail to provide workers’ comp will be assessed a penalty of up to $250 per day for each day of noncompliance, subject to a maximum penalty of $50,000.

Staying Power

“Some of you may be disappointed to hear this, but when it comes to insurance regulation, we, the states, are here to stay.”

—Connecticut Gov. Dannel P. Malloy at the National Association of Insurance Commissioners’ International Insurance Forum in May.


“Should we have certificates of need that deny people in a free country like ours the opportunity to earn a living? It’s absurd.”

—Missouri Lt. Gov. Peter Kinder urging the St. Louis Metropolitan Taxicab Commission not to regulate Lyft as if it is a taxi service.

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Insurance Journal West June 2, 2014
June 2, 2014
Insurance Journal West Magazine

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