Drug Enforcement Administration data show that OxyContin accounted for 27% of oxycodone sold to pharmacies from 2006 to 2012, based on a Wall Street Journal analysis that factored in the dosage strength of opioid pain pills. In other opioid-related news, a bankruptcy court judge has approved the sale of Insys Therapeutics' Subsys to BTcP Pharma, which has agreed to sell the fentanyl-based drug only to physicians providing cancer treatment.
Florida's Citizens Property Insurance, an insurer of last resort, said a legislative overhaul of assignment of benefits has led to fewer cases involving AOB. Jay Adams, Citizens' chief of claims, said the company has received 165 AOB agreements so far in September, compared with 471 in August and 708 in July.
Wildfire victims and Pacific Gas and Electric bondholders are seeking approval to put forth their restructuring plan for the California utility to emerge from bankruptcy. Their plan would involve $24 billion to settle wildfire-related claims, while a PG&E proposal would provide $17.9 billion.
Insurance payouts related to wildfires and other catastrophes in 2017 and 2018 were about $26 billion, surpassing the previous record of $2.7 billion in 1991, APCIA's Nicole Mahrt-Ganley said. The industry is adjusting to the state's increased wildfire risk, and Mahrt-Ganley noted that insurers have to justify any rate increases when seeking the California Department of Insurance's approval for higher rates.
Life insurance is a valuable financial-planning tool that has benefits beyond estate planning, writes Salene Hitchcock-Gear of Prudential Financial. She discusses six ways to use life insurance, including creating additional retirement income, transferring business ownership and reducing estate tax.
Two lawsuits have been brought asking judges to strike down the Securities and Exchange Commission's Regulation Best Interest. A number of legal and industry experts offer their opinions on the merit of the suits, with Robert Lavigne, managing director at Bates Group, noting firms should continue to prepare for the implementation of Reg BI regardless of the court challenges.
Eastern Texas and parts of Louisiana experienced heavy rain and flooding as Tropical Storm Imelda prompted tornado warnings in some areas on Thursday. Flooded homes and businesses have been reported in Texas' Chambers County, and flooding has stranded some drivers in the Houston area.
Swiss Re data show that secondary perils, which include wildfires, flash floods and hail, are generating average insured losses almost twice those resulting from hurricanes, earthquakes and other primary perils. Insurers say they are taking such steps as reconsidering how they model risk and develop hazard maps to address the shift in risk.
Only $4.4 billion of guaranteed money would be available through a settlement reached by Purdue Pharma, said people with knowledge of the matter. The company's bankruptcy protection filing projects a $10 billion settlement, more than half of which is based on expected insurance payouts and upcoming OxyContin sales over seven years, sources said.
A University of Michigan study involving nearly 900 parents of teenagers found about 60% of respondents reporting that their children have told them about a friend becoming distracted while driving. About 40% of the parents said a major concern is two or more teens in a vehicle being operated by a new driver.
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