New York Insurance Coverage Law Update – February 2024 | Rivkin Radler LLP

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The New York Supreme Court has ruled that restaurants’ business losses from the coronavirus are not covered Consolidated Restaurant Operations, a company that owns and operates dozens of restaurants, has acquired a commercial property policy from Westport Insurance Company. Subject to certain exclusions, the policy covers “all risks of direct physical loss or damage to … Read more

Illinois Secretary of State Alexi Giannolia targets car insurance rate discrimination

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Finally, someone is hiring the insurance companies. Illinois Secretary of State Alexi Gianolias has drafted a bill that would base car insurance rates on driving records and not socioeconomic factors that could discriminate against consumers. Under current state law, insurance companies can use data from sources like social media to charge higher insurance premiums based … Read more

A lawyer for FTX founder Sam Bankman-Fried asked the judge to reject the recommended sentence of 100 years

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NEW YORK — Sam Bankman-Fried’s attorney said Tuesday that the court’s one-handed sentence of 100 years in prison for the FTX founder is “ironic” and “barbaric” and that a sentence of a few years at most is appropriate. For cryptocurrency crimes that California individuals are still in dispute with. In arguments presented minutes before Tuesday’s … Read more

Insurance copilots can assist in underwriting, claims

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Underwriters often have hundreds of pages of documents to sort through but probably not for long. Insurance carriers are using generative AI as copilots in back-office operations. Copilots can act as chatbots, virtual assistants, search engines and productivity tools. Deloitte principal Sandi Suhrada said the technology can be used across the value chain in insurance, … Read more

Lawmakers link changes to CBO scoring for preventive health

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Almost every lawmaker remembers their first “bad” score from the Congressional Budget Office, the nonpartisan organization that estimates the budget and economic effects of legislation. Rep. Diana Daggett, D-Colo. For, when she tried to pass a bill mandating Medicare and Medicaid coverage of tobacco cessation services, including counseling and drugs. At the time, the CBO … Read more