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New Guidance on Applicability of ACA’s Market Reforms to Family HRAs

Non-Compliant HRAs May Be Subject to Significant Penalties The U.S. Departments of Labor, Health and Human Services, and Treasury have published new FAQs clarifying how family HRAs (HRAs available to reimburse the medical expenses of an employee’s spouse and/or dependents) can be integrated with other group health plan coverage to satisfy the market reforms of […]

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15 costliest U.S. winter weather events by insured losses, 1980-2015

Blizzards, cold temperatures, icy roads and major winter storms often result in heavy property damage. Businesses, homeowners and vehicle owners can suffer expensive losses when snow and cold weather hit. According to data from Munich Re, winter storms caused an estimated $3.5 billion in insured losses in 2015, up from $2.6 billion in 2014. From 1995 to […]

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3 keys to calculating loss adjustment expenses

The property and casualty insurance industry has been slow to automate its practices and reporting structures. Today’s reliance on broad or uneven historical planning is being replaced with data-driven precision forecasting. As advancements in technology and software solutions become more readily available, adoption of precision reporting tools is becoming easier and more cost-efficient than ever […]

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DOL Issues Final Rule for Disability Benefits Claims Process

Final Rule Strengthens Protections for Workers Requesting Disability Benefits The U.S. Department of Labor (DOL) has issued a final rule requiring employee benefit plans offering disability benefits to provide additional procedural protections to claimants. Background Section 503 of the Employee Retirement Income Security Act (ERISA) generally requires employee benefit plans that provide disability insurance benefits […]

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First MiCRO natural catastrophe business interruption coverage launched in Guatemala

Guatemala is highly exposed to natural disasters. Hurricanes, landslides and volcanic activity are hazards that often impact the country. In 2010 alone, two consecutive disasters — Tropica Storm Agatha and the eruption of the Pacaya volcano — caused an estimated $1.55 billion of damage, accounting for 4.1 percent of the country’s gross domestic product. Each […]

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Insurers absorb the risk when entertainers can’t go on

Late last fall, Kanye West cancelled the balance of his tour dates from mid-November through New Year’s Eve, citing exhaustion. For promoters, ticket agents, venues and anyone else involved with the tour, the cancellation meant a major drop in revenue. Concerts are very big business these days and cancelling a single event can cost a […]

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California Releases Minimum Wage FAQs

FAQs Address Various Topics The California Division of Labor Standards Enforcement has released FAQs addressing the new minimum wage requirements. Background Effective as of January 1, 2017, California’s minimum wage rate is $10.00 per hour for employers with 25 or fewer employees. For employers with 26 or more employees, the minimum wage is $10.50 per […]

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Is that claim covered?

The concept of commercial general liability insurance first arose in 1940, and since then has undergone many revisions. Formerly known as the comprehensive general liability policy, it was designed to protect an insured against certain losses arising out of business operations. Today, most policies follow a standard form that the Insurances Services Office, Inc. (ISO) […]

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USCIS Reaches H-2B Cap for First Half of Fiscal Year 2017

Certain Petitions Continue to Be Accepted U.S. Citizenship and Immigration Services (USCIS) has announced that it has received a sufficient number of petitions to reach the congressionally mandated H-2B cap for the first half of Fiscal Year 2017. Background The H-2B non-agricultural temporary worker program allows U.S. employers to bring foreign nationals to the United […]

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California: Prevailing Wage Determinations for Certain Public Works Projects May Not Be Below $10.50 Per Hour

Prevailing Wage Rates Apply to Public Works Projects of More than $1,000 The California Department of Industrial Relations (DIR) has released a notice stating that the prevailing wage determinations for workers on certain public works projects may not be below $10.50 per hour. Background The prevailing rate is generally defined as the basic hourly rate […]

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