Regulation & Compliance
California Department of Insurance May Revoke Tesla Insurance Licenses
Elon Musk once promised that the "nightmare" experience of auto accident claimants would turn into a dream with Tesla Insurance. It hasn't, according to California's insurance regulator. Alleging ...
7 Years of Double-Digit Growth; New Players on Top 25 E&S Insurers List
2024 marked the 7th straight year of double-digit growth for the U.S. excess and surplus lines market, but the top 25 players no longer command 70 percent of the pie, according to a new report. AM ...
Two Upgrades and a Downgrade: Rating Actions on CinFin, Next, Erie
Actions announced by credit rating agencies early this month included Fitch's upgrade of Cincinnati Financial Corporation's ratings, AM Best's upgrade of Next Insurance US and downgrade of Erie ...
‘Double-Edged Sword’: S&P Scrutinizes Reinsurer Reliance on MGAs
Reinsurers that rely too heavily on managing general agents to access specialized underwriting expertise and distribution are facing scrutiny from analysts at S&P Global Ratings as the market ...
How Gen AI Is Transforming NAIC Reporting Compliance
U.S. insurers face significant operational and compliance challenges as they adapt to evolving NAIC reporting requirements. With updates to the regulator's standards introduced throughout 2024 and ...
Crum & Forster Upgraded to A+; Aspen, Sompo Ratings Under Review
Notable announcements on insurance company financial strength ratings last week included AM Best's upgrade of Crum & Forster Insurance Group, and various rating agency announcements about a ...
Reinsurers Have Made Major Structural Changes to Improve Profits. Will Discipline Last?
Reinsurance underwriting remains disciplined, with terms and conditions and attachment points largely intact, despite signs of rate moderation, according to an AM Best market segment report. During ...
Another Downgrade for State Farm General: S&P Lowers Rating to A-
Earlier this month, Standard & Poor's Global Ratings announced another downgrade for State Farm General Insurance Co., lowering the California company's financial strength rating to A- in spite ...