Latest Insurance industry News

Judge OKs $5.4M settlement over Transamerica retirement plan

Nov. 23, 2021 18:30 PM EST

A federal judge has approved a $5.4 million settlement between Transamerica and its current and former employees who accused the company of offering several poor performing investments in its employee retirement plan. The money will be divided up between roughly 24,000...

Liz Weston: 3 times you need money advice from a human

Nov. 22, 2021 08:19 AM EST

You can now manage most aspects of your money without ever consulting another human being. You can budget, borrow, save, invest, buy insurance, prepare your tax return and create a will — among many other tasks — by using apps, websites and software. But technology...

Kansas to phase out some free testing for COVID-19 next year

Nov. 19, 2021 18:01 PM EST

TOPEKA, Kan. (AP) — Kansas will start next year to require employers, individuals and health insurance companies to pay some costs associated with COVID-19 testing. The state Department of Health and Environment announced Friday that it will start phasing out free...

Court largely upholds North Dakota law regulating PBMs

Nov. 19, 2021 14:19 PM EST

BISMARCK, N.D. (AP) — A federal appeals court has largely upheld a North Dakota law aimed at regulating companies that are hired to hold down prescription costs for insurers and employers. A three-judge panel of the 8th U.S. Circuit Court of Appeals ruled on Wednesday,...

CVS Health to close hundreds of drugstores over next 3 years

Nov. 18, 2021 15:47 PM EST

CVS Health will close hundreds of drugstores over the next three years, as the health care giant adjusts to changing customer needs and converts to new store formats. The company said Thursday that it will close about 300 stores a year for the next three years, nearly a...

Audit: Michigan unemployment error overpaid $3.9 billion

Nov. 18, 2021 15:06 PM EST

LANSING, Mich. (AP) — Shortcomings in the Michigan Unemployment Insurance Agency Office caused $3.9 billion in overpayments during the processing 5.4 million unemployment claims amid the COVID-19 pandemic, according to a state audit released Thursday. The agency's...

Company sues mom of dead boys over husband's life insurance

Nov. 16, 2021 18:18 PM EST

GAINESVILLE, Fla. (AP) — An insurance company is suing the mother of two boys killed by her estranged husband over a $4 million life insurance payout which claims she may not have been legally entitled to receive. Meanwhile, she is trying to collect $10 million from her husband’s estate....

Louisiana seeks take-over of failing insurers after Ida

Nov. 11, 2021 13:43 PM EST

BATON ROUGE, La. (AP) — The Louisiana insurance commissioner is seeking a government takeover of two regional insurance companies that are facing insolvency due to losses from Hurricane Ida to ensure the company’s policyholders are paid what they are owed, officials said. ...

2020 hurricane season costs insurers $10B-plus in Louisiana

Nov. 07, 2021 10:18 AM EST

BATON ROUGE, La. (AP) — Insurance companies are on track to pay at least $10.6 billion to cover Louisiana claims for damage caused by Hurricanes Laura, Delta and Zeta, according to Insurance Commissioner Jim Donelon. Donelon released the latest data Friday. ...

Boeing settles with funds that sued after 737 Max crashes

Nov. 05, 2021 19:32 PM EDT

NEW YORK (AP) — Insurers for several current and former Boeing board members will pay more than $230 million to settle a lawsuit that accused the directors of failing to address safety warning signs before two of the company’s Max jetliners crashed. Boeing and the...