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Archive: September 2022

California Doctor Prescribing Unneeded Drugs Guilty of Insurance Fraud
Insurance Journal | September 30, 2022
California Doctor Prescribing Unneeded Drugs Guilty of Insurance Fraud
A physician pleaded guilty to defrauding California’s Medi-Cal system by prescribing unnecessary drugs to more than 1,000 patients, prosecutors said. Dr. Mohammed El-Nachef entered pleas in Orange County to one count of insurance fraud and one count of aiding and …
California Governor Approves Farmworker Unionization Law
Insurance Journal | September 30, 2022
California Governor Approves Farmworker Unionization Law
A broadly smiling California Gov. Gavin Newsom joined about two dozen jubilant, cheering farmworkers camped outside the state Capitol this week to sign one of the most contentious bills before him this year, reversing course on a measure to help …
178 Medical Providers from California’s Workers’ Comp System
Insurance Journal | September 30, 2022
178 Medical Providers from California’s Workers’ Comp System
The California Department of Industrial Relations’ Division of Workers’ Compensation and DIR’s Anti-Fraud Unit suspended 178 medical providers during the first eight months of 2022. Providers are suspended from the workers’ compensation system when they have been convicted of fraud-related …
India Regulator to Restart Review Process for IPO of Fairfax’s Digit Insurance: Sources
Insurance Journal | September 30, 2022
India Regulator to Restart Review Process for IPO of Fairfax’s Digit Insurance: Sources
India’s markets regulator will restart a review of a $440 million initial public offering of Digit Insurance after the company resolved certain compliance issues that had led to the regulator putting the process on hold, two sources told Reuters on …
Storm Noru Brings Floods to Thailand, Forcing 5,000 People to Seek Shelter
Insurance Journal | September 30, 2022
Storm Noru Brings Floods to Thailand, Forcing 5,000 People to Seek Shelter
Water up to waist-high flooded some riverfront neighborhoods and other areas of Thailand on Thursday after a tropical depression dumped heavy rains and knocked down trees, causing at least one death. The heaviest rainfall, about 22 centimeters (8.5 inches) in …
Allianz’s Digital Investments Arm Acquires German Insurtech simplesurance
Insurance Journal | September 30, 2022
Allianz’s Digital Investments Arm Acquires German Insurtech simplesurance
Allianz X, the digital investments arm of Allianz Group, will acquire 100% of the shares in Berlin-based simplesurance. Allianz X has been a strategic investor in the Berlin-based insurtech company since 2016 and most recently expanded its involvement in 2019. …
Arthur J. Gallagher to Acquire M&T Bank’s Insurance Agency of Buffalo
Insurance Journal | September 30, 2022
Arthur J. Gallagher to Acquire M&T Bank’s Insurance Agency of Buffalo
Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corp. In connection with the transaction, Gallagher said it will become the preferred insurance …
Florida Ian Losses Could Reach $47B, Sinking More Insurers, CoreLogic Calculates
Insurance Journal | September 30, 2022
Florida Ian Losses Could Reach $47B, Sinking More Insurers, CoreLogic Calculates
Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new analysis. “This is the costliest Florida …
Australian Police Aim to Protect 10,000 Optus Customers After Cyber Attack
Insurance Journal | September 30, 2022
Australian Police Aim to Protect 10,000 Optus Customers After Cyber Attack
Australian authorities said on Friday they have commenced an operation to protect the personal information of 10,000 people whose data may have been shared online after a cyber attack on Optus, the country’s second-largest telco. The efforts come three days …
Hospitals, Utilities Face Highest Exposure to Risk of Cyber Attacks: Moody’s
Insurance Journal | September 30, 2022
Hospitals, Utilities Face Highest Exposure to Risk of Cyber Attacks: Moody’s
Around $22 trillion of global debt rated by Moody’s has a “high” or “very high” exposure to the risk of cyber attack, the ratings agency said in a report on Thursday, with hospitals and utilities seen at the greatest risk. …