Insurance
Top stories summarized by our editors
2/21/2020

Life insurance can help people shift and preserve IRA assets to remedy the loss of the "stretch" IRA provision under the Setting Every Community Up for Retirement Enhancement Act of 2019, write Ann Marie Liotta and Michael Padon of Cohn Financial Group. A case study illustrates how life insurance might work in an estate-planning scenario.

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WealthManagement
2/21/2020

Drug distributors McKesson, AmerisourceBergen and Cardinal Health are offering to cover $1 billion in legal fees that state and local governments have incurred in opioid-related lawsuits against the companies, said people with knowledge of the matter. The distributors, which have proposed an $18 billion settlement of more than 2,000 opioid lawsuits, said the legal-fee fund would allow for more money to go toward social services hindered by the opioid crisis, the sources said.

2/21/2020

A California Superior Court judge has blocked a mandate for the California Fair Access to Insurance Requirements, or FAIR, Plan to offer coverage for hazards other than fire. State Insurance Commissioner Ricardo Lara recently directed the insurer of last resort to offer comprehensive plans in addition to basic property coverage.

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The Associated Press
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Ricardo Lara, Superior Court
2/21/2020

Uber insurer James River Insurance has filed a lawsuit accusing 52 people of making claims against the ride-sharing company in South Carolina for accidents that were caused deliberately or never occurred. Payouts for the claims would total more than $75,000, the insurer says.

2/21/2020

The Department of Homeland Security will use Dallas/Fort Worth International Airport as a field site to study ways to respond to potential threats to airports from unmanned aircraft systems. The goal is to provide DHS more information on how to handle drone interference at airports.

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Worth International Airport
2/21/2020

Public-private partnerships designed to mitigate wildfire risk also have benefits that include increasing jobs and economic output, according to a US Geological Survey report. The Trump administration has proposed reducing federal spending on forest-protection measures, and The Nature Conservancy said such public-private collaboration might become more common.

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The Associated Press
2/21/2020

Cyberinsurance coverage was in place for about half of state governments in 2019, and many of those states are covering more agencies under their policies. Georgia, Texas and Wisconsin provide local governments with access to cybersecurity response and remediation through master contracts with cyberinsurers.

2/21/2020

A sheriff's deputy in Arizona can pursue workers' compensation coverage after being diagnosed with post-traumatic stress disorder because of an incident involving a man with a shotgun, the Arizona Court of Appeals has held. Law-enforcement officers seeking workers' compensation in such cases must demonstrate that an incident resulted in the mental injury they are claiming, the court said.

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The Associated Press
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PTSD
2/20/2020

Minutes from January's Federal Open Market Committee meeting indicate that officials are confident the economy will continue to grow at a "moderate pace" and that they expect interest rates to remain unchanged. However, officials have raised the possibility of tweaking monetary policy if US-Chinese trade tensions increase and have said they want inflation "returning to" 2%, instead of "near" that level.

2/20/2020

Legislation that would prohibit most handheld cellphone use while driving has passed in the South Dakota House and now advances to the Senate. Exemptions would include cellphone use during an emergency and when navigating via GPS app.

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South Dakota House, Senate