A tornado in Missouri on Wednesday caused property damage in Jefferson City, while another killed at least three people near Joplin, which experienced a tornado that killed more than 150 people eight years ago. Officials also reported weather-related deaths amid severe storms in Iowa and Oklahoma.
A measure that has gained Texas Senate approval would allow people alleging childhood sexual abuse to file litigation within 30 years of turning 18 years old. The bill would allow lawsuits against individuals and institutions.
Ambiguous comments from Labor Secretary R. Alexander Acosta have led to speculation that his department might resurrect the failed fiduciary rule. Pam Heinrich, general counsel for the National Association for Fixed Annuities, says she expects no attempt to revive the rule but adds that "we've got to keep it dead."
Matt Oechsli relays stories of two sales rainmakers and discusses marketing lessons financial advisors can learn from them. The lessons include leveraging connections, working outside one's comfort zone and staying away from cold calls.
A report from real estate data firm CrediFi says that commercial real estate lenders have much more debt on their books than thought. CrediFi said it documented more than $925 billion in loan originations last year, much more than the $574 billion the Mortgage Bankers Association reported.
The southern Plains were hit with major storms and more than 30 tornadoes Monday and Tuesday that resulted in two fatalities. Missouri Gov. Mike Parson has declared a state of emergency, with more storms and heavy rainfall expected across the area today and tomorrow.
The North American Securities Administrators Association has made public a model cybersecurity rule for investment advisors registered with state regulators. The proposed rule would require advisors to adopt written cybersecurity and physical-security policies to safeguard clients' information.
Michigan legislators crafting revisions to the state's no-fault auto-insurance law should take care not to make coverage less affordable, writes Jeffrey Junkas, vice president of state government relations for the American Property Casualty Insurance Association. Junkas recommends solutions that provide broader coverage choices and impose a fee schedule for auto medical costs while reining in "rampant fraud and excessive litigation."
A joint effort between private insurers and the National Flood Insurance Program is needed to address the flood protection gap and boost the insurance penetration rate, say Santiago Noriega and Alexa Wiese of Swiss Re. "The collaboration between all the different players in the flood insurance sector will make our society more resilient," says Noriega.
A voluntary standard for hurricane- and hail-resistant homes created by the Insurance Institute for Business & Home Safety has been used for at least 8,000 homes in the US. The additional cost incurred to build to the standard depends on which of the three protection levels a builder chooses and whether a state's building codes already factor in any degree of hurricane resistance.